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<SEC-DOCUMENT>0001047469-06-014065.txt : 20061113
<SEC-HEADER>0001047469-06-014065.hdr.sgml : 20061113
<ACCEPTANCE-DATETIME>20061113173403
ACCESSION NUMBER:		0001047469-06-014065
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20061113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE TOTAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001379400
		IRS NUMBER:				205785181
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-138664
		FILM NUMBER:		061210403

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE., SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BRAODWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE TOTAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001379400
		IRS NUMBER:				205785181
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21980
		FILM NUMBER:		061210404

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE., SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BRAODWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>a2174449zn-2.htm
<DESCRIPTION>N-2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg1813_table_of_contents">  TABLE OF CONTENTS</A> <BR>
<A HREF="#bg1818_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>
<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on November&nbsp;13, 2006  </B></FONT></P>


<P><FONT SIZE=2><hr
noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>Registration File No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Registration File No.&nbsp;811-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>FORM N-2  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF&nbsp;1933 <FONT FACE="WINGDINGS">&#253;</FONT><BR>
PRE-EFFECTIVE AMENDMENT NO.<BR>
POST-EFFECTIVE AMENDMENT NO.<BR>
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF&nbsp;1940 <FONT FACE="WINGDINGS">&#253;</FONT><BR>
AMENDMENT NO.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND<BR>  </B></FONT><FONT SIZE=2><I>(Exact Name of Registrant as Specified in Charter)</I></FONT><FONT SIZE=2><BR>
2500&nbsp;Westchester Avenue, Suite&nbsp;215<BR>
Purchase, New&nbsp;York, 10577<BR></FONT> <FONT SIZE=2><I>(Address of Principal Executive Offices&nbsp;&#151;&nbsp;Number, Street, City, State, Zip&nbsp;Code)  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>Registrant's telephone number, including area code: (914)&nbsp;251-0880</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Alpine
Woods Capital Investors,&nbsp;LLC<BR>
2500&nbsp;Westchester Avenue, Suite&nbsp;215<BR>
Purchase, New&nbsp;York, 10577 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>(Name and Address&nbsp;&#151;&nbsp;Number, Street, City, State, Zip Code&nbsp;&#151;&nbsp;of Agent
for&nbsp;Service)</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Copies
of information to: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>Thomas R. Westle, Esq.<BR>
Blank Rome&nbsp;LLP<BR>
405&nbsp;Lexington Avenue<BR>
New&nbsp;York, NY 10174<BR>
(212)&nbsp;885-5239</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>Sarah E. Cogan, Esq.<BR>
Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP<BR>
425&nbsp;Lexington Avenue<BR>
New&nbsp;York, NY 10017-3954<BR>
(212)&nbsp;455-2000</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Approximate Date of Proposed Public Offering:</B></FONT><FONT SIZE=2> As soon as practicable after the effective date of this Registration
Statement. </FONT></P>

<P><FONT SIZE=2>If
any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under the Securities Act of 1933, other than securities offered in
connection with a dividend reinvestment plan, check the following&nbsp;box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=2>It is proposed that this filing will become effective (check appropriate box): </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></DT><DD><FONT SIZE=2>when
declared effective pursuant to section&nbsp;8(c). </FONT></DD></DL>

<P><FONT SIZE=2>If appropriate, check the following box: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>This
post-effective amendment designates a new effective date for a previously filed registration statement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>This
form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act of&nbsp;1933
and the Securities Act registration number of the earlier effective registration statement for the same offering
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT"><FONT SIZE=1><B>Title of Securities Being Registered<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Amount Being Registered(1)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Offering Price Per Share(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price(1)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount of Registration Fee</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>Common shares, no par value</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>107.00</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Estimated solely for the purpose of calculating the registration fee, in accordance with Rule&nbsp;457(o) of the Securities Act of&nbsp;1933.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Includes
Shares that may be offered to the underwriters pursuant to an option to cover over-allotments. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file&nbsp;a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with section&nbsp;8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date
as the commission, acting pursuant to section&nbsp;8(a), may&nbsp;determine.</B></FONT></P>

<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=496214,FOLIO='blank',FILE='DISK121:[06DEN8.06DEN1818]BA1818A.;14',USER='DSCHWAR',CD='13-NOV-2006;15:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT COLOR="#FF4040" SIZE=2>The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and
Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="33%" VALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2><B>PRELIMINARY PROSPECTUS</B></FONT></TD>
<TD WIDTH="67%" ALIGN="RIGHT" VALIGN="CENTER"><FONT COLOR="#FF4040" SIZE=2><B>SUBJECT TO COMPLETION, DATED NOVEMBER 13, 2006</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Shares  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2>
<BR>
[LOGO] </FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=5><B>Alpine Total Dynamic Dividend Fund  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>Common Shares of Beneficial Interest  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B> $20.00 per share  </B></FONT></P>

<HR NOSHADE COLOR="#0019C5">

<P><FONT COLOR="#0019C5" SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives.</I></FONT><FONT COLOR="#0019C5" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Alpine Total Dynamic Dividend Fund (the&nbsp;"Fund") is a
newly-organized, diversified, closed-end management investment company. The Fund's primary investment objective is to seek high current dividend income. The Fund also focuses on
long-term growth of capital as a secondary investment objective. The Fund expects to invest at least 80% of its net assets in the equity securities of domestic and foreign corporations
that pay dividends. Under normal circumstances, the Fund expects to invest in securities of both U.S. and non-U.S.&nbsp;issuers. </FONT></P>

<P><FONT COLOR="#0019C5" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Prior Trading History.</I></FONT><FONT COLOR="#0019C5" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Because the Fund is newly organized, its
shares have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value and initial offering prices. The risks
associated with this characteristic of closed-end investment companies may be greater for investors expecting to sell their shares in a relatively short period after completion of the
initial public offering. The Fund anticipates that its common shares will be listed on the New&nbsp;York Stock Exchange, subject to notice of issuance, under the
symbol&nbsp;"[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]." </FONT></P>

<P ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=1><I>(continued on following page)  </I></FONT></P>

<HR NOSHADE COLOR="#0019C5">

<P><FONT COLOR="#0019C5" SIZE=4><B>Investing in our common shares involves risks. See "Risk Factors" on page&nbsp;26 of this
prospectus.</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="LEFT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2><B>Per Share</B></FONT><HR NOSHADE COLOR="#0019C5"></TH>
<TH WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2><B>Total(1)</B></FONT><HR NOSHADE COLOR="#0019C5"></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="48%"><FONT COLOR="#0019C5" SIZE=2>Public Offering Price</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>20.00</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="48%"><FONT COLOR="#0019C5" SIZE=2>Sales Load(2)</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="48%"><FONT COLOR="#0019C5" SIZE=2>Estimated Offering Expenses(3)</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="48%"><FONT COLOR="#0019C5" SIZE=2>Proceeds, After Expenses, to the Fund</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="90" COLOR="#0019C5">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT COLOR="#0019C5" SIZE=2>(1)</FONT></DT><DD><FONT COLOR="#0019C5" SIZE=2>The
underwriters are offering the common shares as set forth in "Underwriting". The Fund has granted the underwriters a 45-day option to
purchase up to an
additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares at
the public offering price, less underwriting discounts and commissions. If the over-allotment option is exercised in
full, the total public offering price will be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and the total underwriting
discount (sales load) will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
The proceeds to the Fund would be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, after
deducting expenses payable by the Fund
of&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT COLOR="#0019C5" SIZE=2>(2)</FONT></DT><DD><FONT COLOR="#0019C5" SIZE=2>Alpine
Woods Capital Investors,&nbsp;LLC (and&nbsp;not the Fund) will pay a structuring fee to Wachovia Capital Markets,&nbsp;LLC. The total amount of this compensation plus the
amounts paid by the Fund for payment of certain expenses of counsel will not exceed 4.5% of the total price to the public of the common shares of beneficial interest sold in this offering. See
"Underwriting."
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT COLOR="#0019C5" SIZE=2>(3)</FONT></DT><DD><FONT COLOR="#0019C5" SIZE=2>[In
addition to the sales load, the Fund's offering expenses are to be paid by the Fund. These offering expenses, which are estimated to total
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(or&nbsp;$0.04 per Common Share), include
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as reimbursement to ALPS
Distributors,&nbsp;Inc. for distribution assistance, of which approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;represents the
compensation paid to wholesalers registered through ALPS Distributors,&nbsp;Inc.] The Adviser or an affiliate has agreed to pay the amount, if any, by which the Fund's offering costs
(other than sales load) exceed $0.04 per share. The Adviser or an affiliate has also agreed to reimburse the Fund's organizational expenses. </FONT></DD></DL>


<P><FONT COLOR="#0019C5" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
COLOR="#0019C5" SIZE=2><B>Neither the Securities and Exchange Commission (the&nbsp;"SEC") nor any state securities commission has approved or disapproved these
securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P><FONT COLOR="#0019C5" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters expect to deliver the shares to purchasers on or
about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2007. </FONT></P>

<HR NOSHADE COLOR="#0019C5">
<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B> Wachovia Securities  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_be1813_1_2"> </A>

<P><FONT SIZE=1><I>(continued from previous page)  </I></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Contents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to invest primarily in a managed portfolio of U.S. and
non-U.S.&nbsp;equity securities that Alpine Woods Capital Investors,&nbsp;LLC (the&nbsp;"Adviser") believes at the time of investment are eligible to pay dividends. The equity
securities in which the Fund will invest will include primarily common stocks, although the Fund may, from time to time, also invest in real
estate investment trusts, preferred stocks, master limited partnerships, exchange-traded funds and securities convertible into or exchangeable for common stocks, such as convertible&nbsp;debt. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Leverage.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund may seek to enhance its total returns through the use of leverage. The Fund currently expects to
use leverage in an aggregate amount up to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets (including the amount obtained from leverage) through issuing preferred shares, commercial paper and other
borrowings. See "Effects of Leverage" and "Risk Factors&nbsp;&#151;&nbsp;Leverage Risk." </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Alpine Woods Capital Investors,&nbsp;LLC is the Adviser. See "Management of the
Fund&nbsp;&#151;&nbsp;Investment Adviser." As of September&nbsp;30, 2006, Alpine and entities owned by its officers, together, had approximately $4.1&nbsp;billion of assets
under management, approximately $3.4&nbsp;billion of which was managed directly by the Adviser. The Adviser's address is 2500&nbsp;Westchester Avenue, Suite&nbsp;215, Purchase,
New&nbsp;York&nbsp;10577. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus sets forth concisely the information about the Fund that you ought to know before deciding whether to invest in the common shares, and you should retain this prospectus
for future reference. A Statement of Additional Information,
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the&nbsp;"Statement of
Additional Information"), and other materials, containing additional information about the
Fund, have been filed with the SEC. The Statement of Additional Information is incorporated by reference in its entirety into this prospectus, which means that it is considered to be part of this
prospectus. You may request a free copy of the Statement of Additional Information, the table of contents of which is on page&nbsp;41 of this prospectus, and other information filed with the SEC, by
calling (800)&nbsp;617-7616 (toll-free) or by writing to ALPS Fund Services,&nbsp;Inc., 1625&nbsp;Broadway, Suite&nbsp;2200, Denver, Colorado 80202. Upon completion of
this offering, the Fund will file annual and semi-annual shareholder reports, proxy statements and other information with the SEC. To obtain this information or the Fund's Statement of
Additional Information electronically, please visit the Fund's web site (http://www.alpinecef.com) or call (800)&nbsp;617-7616 (toll-free). You may also call this number to
request additional information or to make other inquiries pertaining to the Fund. You may also obtain a copy of any information regarding the Fund filed with the SEC from the SEC's web site
(http://www.sec.gov). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's common shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any governmental agency. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<P style='page-break-before:always'></p>
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<P><FONT SIZE=2><B>You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information. We
are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this
prospectus. The Fund will amend this prospectus if, during the period this prospectus is required to be delivered, there are any material changes to the facts stated in this prospectus subsequent to
the date of this prospectus.</B></FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1813_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>
<A NAME="BG1813_TOC"></A> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="100%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#ca1813_summary"><FONT SIZE=2>Summary</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#de1813_summary_of_fund_expenses"><FONT SIZE=2>Summary Of Fund Expenses</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dg1813_the_fund"><FONT SIZE=2>The Fund</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dg1813_use_of_proceeds"><FONT SIZE=2>Use Of Proceeds</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dg1813_investment_objectives_and_policies"><FONT SIZE=2>Investment Objectives And Policies</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dg1813_effects_of_leverage"><FONT SIZE=2>Effects Of Leverage</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_risk_factors"><FONT SIZE=2>Risk Factors</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_listing_of_shares"><FONT SIZE=2>Listing Of Shares</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_management_of_the_fund"><FONT SIZE=2>Management Of The Fund</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_determination_of_net_asset_value"><FONT SIZE=2>Determination Of Net Asset Value</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_distribution_policy"><FONT SIZE=2>Distribution Policy</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#di1813_dividend_reinvestment_plan"><FONT SIZE=2>Dividend Reinvestment Plan</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dk1813_federal_income_tax_matters"><FONT SIZE=2>Federal Income Tax Matters</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dk1813_description_of_capital_structure"><FONT SIZE=2>Description Of Capital Structure</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dk1813_anti-takeover_provisions_in_the_declaration_of_trust"><FONT SIZE=2>Anti-Takeover Provisions In The Declaration Of Trust</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dk1813_potential_conversion_to_open-end_fund"><FONT SIZE=2>Potential Conversion To Open-End Fund</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dm1813_underwriting"><FONT SIZE=2>Underwriting</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dm1813_legal_matters"><FONT SIZE=2>Legal Matters</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dm1813_reports_to_shareholders"><FONT SIZE=2>Reports To Shareholders</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dm1813_independent_registered_public_accounting_firm"><FONT SIZE=2>Independent Registered Public Accounting Firm</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dm1813_additional_information"><FONT SIZE=2>Additional Information</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#do1813_table_of_contents_of_th__do102494"><FONT SIZE=2>Table Of Contents Of The Statement Of Additional Information</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#do1813_the_fund_s_privacy_policy"><FONT SIZE=2>The Fund's Privacy Policy</FONT></A></TD>
</TR>
</TABLE>
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<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25&nbsp;days
after the date of the final prospectus), all dealers that buy, sell or trade our common shares of beneficial interest, whether or not participating
in this offering, may be required to deliver a prospectus when acting as underwriters and with respect to their unsold allotments and subscriptions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1813_forward-looking_statements"> </A>
<BR></FONT><FONT SIZE=2><B>FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains or incorporates by reference forward-looking statements, within the meaning of the federal securities laws, that involve risks and
uncertainties. These statements describe our plans, strategies and goals and our beliefs and assumptions concerning future economic or other conditions and the outlook for the Fund, based on currently
available information. In this prospectus, words such as "anticipates," "believes," "expects," "objectives," "goals," "future," "intends," "seeks," "will," "may," "could," "should," and similar
expressions are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in
the section headed </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<A NAME="page_bg1813_1_4"> </A>
<BR>

<P><FONT SIZE=2>"Risk
Factors" below and elsewhere in this prospectus. You should consider carefully the discussions of risks and uncertainties in the "Risk Factors" section and elsewhere in this prospectus and in
the Statement of Additional Information. The forward-looking statements contained in this prospectus are based on information available to the Fund on the date of this prospectus, and the Fund assumes
no obligation to update any such forward-looking statements, except as required by&nbsp;law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_ca1813_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1813_summary"> </A>
<A NAME="toc_ca1813_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary does not contain all of the information that you should consider before investing in the common shares. You should review the
more detailed information contained or incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set forth under the heading
"Risk&nbsp;Factors."</I></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> The Fund</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Alpine Total Dynamic Dividend Fund (the&nbsp;"Fund") is a newly organized, diversified, closed-end management investment company. See "The Fund."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> The Offering</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund is offering [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] common
shares of beneficial interest, no par value per share, through a group of underwriters led by Wachovia Capital Markets,&nbsp;LLC. The initial public offering price is $20.00 per common share. You must purchase at least 100&nbsp;common shares
($2,000.00) if you wish to participate in this offering. The underwriters have been granted an option to purchase up to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] additional common shares to
cover overallotments at the public offering price, less the sales load, within 45&nbsp;days from the date of this prospectus. The Adviser has agreed to pay all organizational expenses of the Fund. The Adviser or an affiliate has also agreed to pay
the amount, if any, by which the Fund's offering costs (other than sales load) exceed $0.04 per share.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Listing and Symbol</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund anticipates that its common shares will be listed on the New&nbsp;York Stock Exchange, subject to notice of issuance, under the symbol
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Investment Objectives and Policies</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund's primary investment objective is high current dividend income. The Fund also focuses on long-term growth of capital as a secondary investment objective. The Fund expects to invest at least 80% of its net assets in the equity securities of
domestic and foreign corporations that pay dividends.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
There is no assurance that the Fund will achieve its investment objectives. The Fund's investment objectives and some of its investment policies are considered fundamental policies and may not be changed without shareholder approval. The Statement of
Additional Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading "Additional Investment Information and Restrictions."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its assets in cash or cash equivalents.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Investment Strategies</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund combines three research-driven investment strategies&nbsp;&#151;&nbsp;dividend capture, value and growth&nbsp;&#151;&nbsp;to maximize the amount of distributed dividend income and to identify companies globally with the potential for
dividend increases and capital appreciation. The Fund uses a multi-cap, multi-sector, multi-style approach to invest in the securities of issuers of any capitalization level (small, mid or large) and in any sector of industry. The Fund's dividend
capture strategy has two facets. The first facet is "rotation" strategy, in which the Fund would sell a stock on or shortly after the stock's ex-dividend date and use the sale proceeds to purchase one or more other stocks that are expected to pay
dividends before the next dividend payment on the stock being sold. Through this practice, the Fund may receive more dividend payments over a given period of time than if it held a single stock. The second facet is to capture special dividends where
a company decides to return large cash balances to shareholders as a one-time dividend payment, for instance due to a restructuring or recent strong operating performance.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund expects to invest at least 80% of its net assets in equity securities, primarily common stocks, issued by domestic and foreign companies whose equity securities are readily traded on an established U.S. or foreign securities market. Under
normal circumstances, the Fund intends to, although it is not required to, invest in the securities of issuers located in approximately 10 to 30&nbsp;countries. However, the Fund may invest in domestic and foreign issuers without respect to any
percentage limitation on how much may be invested in any single country or internationally generally, provided that the Fund will limit its investments in countries that are considered emerging markets to no more than 25% of the Fund's assets at any
one time. The Fund screens the U.S. and foreign companies in which it considers investing using the same criteria, including, generally, high dividend yield, sufficiently liquid trading in an established market, and also its judgment that the issuer
may have good prospects for earnings growth or may be undervalued.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund anticipates selling securities short up to 20% of the Fund's total assets. The Fund expects it would sell shares of portfolio securities short through a pair trade system, where it would be long a basket of dividend-paying stocks and short
an index which the Fund expects to be outperformed by the dividend-paying stocks it owns. The Fund may also sell short individual stocks that the Fund expects to underperform other stocks which the Fund holds. For hedging purposes, the Fund may
purchase or sell short futures contracts on global equity indexes. Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund
is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. See "Investment Objectives and Policies&nbsp;&#151;&nbsp;Investment Techniques&nbsp;&#151;&nbsp;Short Sales" and "Risk
Factors&nbsp;&#151;&nbsp;Short Sale Risk."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Investment Adviser and Fee</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Alpine Woods Capital Investors,&nbsp;LLC (the&nbsp;"Adviser"), the investment adviser of the Fund, is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. As&nbsp;of&nbsp;September&nbsp;30, 2006, the
Adviser and entities owned by its officers, together, had approximately $4.1&nbsp;billion of assets under management, approximately $3.4&nbsp;billion of which was managed directly by the&nbsp;Adviser.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Adviser is entitled to receive a monthly fee at the annual rate of 1.0% of the Fund's average daily total assets. See "Management of the Fund&nbsp;&#151;&nbsp;Investment Adviser." When the Fund is utilizing leverage, the fee paid to the Adviser
for investment advisory services will be higher than if the Fund did not use leverage because the fees paid will be calculated based on the Fund's total assets, which include the principal amount of outstanding borrowings used for
leverage.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<A NAME="page_ca1813_1_3"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Administrator</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
ALPS Fund Services,&nbsp;Inc. ("ALPS"), located at 1625&nbsp;Broadway, Suite&nbsp;2200, Denver, Colorado 80202, serves as administrator to the Fund. Under the Administration Agreement, ALPS is responsible for calculating the net asset value of the
common shares and generally managing the administrative affairs of the Fund. ALPS is entitled to receive the greater of a monthly fee at the annual rate of 0.13% of the Fund's average daily total assets subject to a minimum annual fee of $300,000,
plus out of pocket expenses. See "Management of the Fund&nbsp;&#151;&nbsp;Administrator." When the Fund is utilizing leverage, the fee paid to ALPS will be higher than if the Fund did not use leverage because the fees paid will be calculated based on
the Fund's total assets, which include the principal amount of outstanding borrowings used for leverage.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Closed-End Fund Structure</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the shareholder and generally list their shares for trading on a
securities exchange. By comparison, mutual funds issue securities that are redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset
in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with the closed-end fund's investment objectives and policies. In addition, in comparison to
open-end funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types of investments, including investments in illiquid securities. However, shares of closed-end funds frequently
trade at a discount from their net asset value. In recognition of the possibility that the Fund's shares might trade at a discount to net asset value and that any such discount may not be in the interest of shareholders, the Fund's Board of Trustees,
in consultation with the Adviser, from time to time may review possible actions to reduce any such discount. The Board of Trustees might consider open market repurchases or tender offers for Fund shares at net asset value. There can be no assurance
that the Board of Trustees will decide to undertake any of these actions or that, if undertaken, such actions would result in the Fund's shares trading at a price equal to or close to net asset value per share. The Board of Trustees might also
consider the conversion of the Fund to an open-end mutual fund. The Board of Trustees believes, however, that the closed-end structure is desirable, given the Fund's investment objectives and policies. Investors should assume, therefore, that it is
highly unlikely that the Board of Trustees would vote to convert the Fund to an open-end investment company. See "Description of Capital Structure."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=206230,FOLIO='3',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<A NAME="page_ca1813_1_4"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Leverage</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund may seek to enhance its total returns through the use of leverage, which may include the issuance of preferred shares or commercial paper and other borrowings. There is no assurance that the Fund will utilize leverage or, if leverage is
utilized, that it will be successful in enhancing the level of its total return. The net asset value of the Fund's common shares may be reduced by the issuance costs of any leverage. If the Fund does choose to use leverage, depending on market
conditions, the Fund currently expects to use leverage in an aggregate amount up to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets, which includes assets obtained through such leverage. Through leveraging, the Fund will seek to obtain a higher
return for holders of common shares than if the Fund did not use leverage. Leverage is a speculative technique and there are special risks and costs associated with leverage. There can be no assurance that a leveraging strategy will be successful
during any period in which it is employed. See "Effects of Leverage" and "Risk Factors&nbsp;&#151;&nbsp;Leverage Risk."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Summary of Risks</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Therefore, before investing you should consider carefully the following
risks that you assume when you invest in the Fund's common shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>No Operating History</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a closed-end investment company with no history of operations. It is designed for long-term investors and not as a
trading vehicle.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Investment and Market Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount
invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market
investments, may move up or down, sometimes rapidly and unpredictably. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Issuer Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The value of an issuer's securities that are held in the Fund's portfolio may decline for a number of reasons which directly relate to the
issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Dividend Strategy Risks</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Adviser may not be able to anticipate the level of dividends that companies will pay in any given timeframe. The
Fund's strategies require the Adviser to identify and exploit opportunities such as the announcement of major corporate actions, that may lead to high current dividend income. These situations are typically not recurring in nature or frequency, may
be difficult to predict and may not result in an opportunity that allows the Adviser to fulfill the Fund's investment objective. In addition, the dividend policies of the Fund's target companies are heavily influenced by the current economic climate
and the favorable federal tax treatment afforded to dividends. A change in the favorable provisions of the federal tax laws may limit your ability to benefit from dividend increases or special dividends, may effect a widespread reduction in announced
dividends and may adversely impact the valuation of the shares of dividend-paying companies.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=9,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=641545,FOLIO='4',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<A NAME="page_ca1813_1_5"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Common Stock and Other Equity Securities Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund will invest primarily in common stocks. Common stocks represent an ownership interest in a
company. The Fund can also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and more risky than some other forms of
investment. Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer, the
general condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise for issuers. Because convertible
securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Foreign Securities Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Foreign issuers are subject to risks of possible adverse political and economic developments abroad. Investing in foreign
issuers also involves risks of change in foreign currency exchange rates.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Emerging Market Securities Risk.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest up to 25% of its assets in securities of issuers located in emerging markets. The risks of foreign
securities set forth above apply to an even greater extent to investments in emerging markets.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Small and Medium Cap Company Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Compared to investment companies that focus only on large capitalization companies, the Fund's share price may be
more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i)&nbsp;more limited product lines or markets and less mature
businesses, (ii)&nbsp;fewer capital resources, (iii)&nbsp;more limited management depth and (iv)&nbsp;shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to
experience sharper swings in market values, be harder to sell at times and at prices that the Adviser believes appropriate, and offer greater potential for gains and losses.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Portfolio Turnover</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in
the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. Higher rates of portfolio turnover would likely result in higher brokerage
commissions and may generate short-term capital gains taxable as ordinary income.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=10,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=254612,FOLIO='5',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<A NAME="page_ca1813_1_6"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Defensive Positions</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its
assets in cash or cash equivalents. The Fund will not be pursuing its investment objective in these circumstances and could miss favorable market developments.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Market Price of Shares</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The shares of closed-end management investment companies often trade at a discount from their net asset value, and the Fund's
common shares may likewise trade at a discount from net asset value. The trading price of the Fund's common shares may be less than the public offering price. The returns earned by the Fund's shareholders who sell their common shares below net asset
value will be reduced. The Fund may utilize leverage, which magnifies the market risk. See "Effects of Leverage."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Management Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Adviser's securities selections and other investment decisions might produce losses or cause the Fund to underperform when
compared to other funds with similar investment goals. If one or more key individuals leaves the employ of the Adviser, the Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund
from achieving its investment objectives.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Leverage Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Leverage creates three major types of risks for shareholders:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&#149;&nbsp;&nbsp;the likelihood of greater volatility of net asset value and market price of common shares because changes in value of the Fund's portfolio (including changes in the value of any interest rate swap, if applicable) are borne entirely
by the common shareholders;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&#149;&nbsp;&nbsp;the possibility either that share income will fall if the interest rate on any borrowings or the dividend rate on any preferred shares issued rises, or that share income and distributions will fluctuate because the interest rate on
any borrowings or the dividend rate on any preferred shares issued varies; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&#149;&nbsp;&nbsp;if the Fund leverages through issuing preferred shares or borrowings, the Fund may not be permitted to declare dividends or other distributions with respect to its common shares or purchase its capital stock, unless at the time
thereof the Fund meets certain asset coverage requirements.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Adviser in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><BR><FONT SIZE=2><I>Short Sale Risk.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When transacting a short sale, the Fund must borrow&nbsp;the stock sold to make delivery to the buyer. The Fund is then obligated to
replace the stock borrowed by purchasing the stock at the market price at the time of replacement. The price at such time may&nbsp;be&nbsp;higher or lower than the price at which the stock was sold by the&nbsp;Fund.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=11,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=733064,FOLIO='6',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<A NAME="page_ca1813_1_7"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The risk on a short sale is unlimited because the Fund must buy the shorted stock at the higher price to complete the transaction. The Fund will also incur increased transaction costs associated with selling securities short. In addition, when the
Fund is selling stocks short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i)&nbsp;the greater of the current market value of the stocks sold short or the market value of such securities
at the time they were sold short, less (ii)&nbsp;any collateral deposited with the Fund's broker (not&nbsp;including the proceeds from the short sales). As a result, the Fund may maintain higher levels of cash or liquid assets
(e.g.&nbsp;U.S.&nbsp;Treasury bills, repurchased agreements, high quality commercial paper and long equity positions) for collateral needs thus reducing its overall assets available for trading purposes.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Distribution Policy</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund intends to make a level dividend distribution each month to its shareholders after payment of Fund operating expenses including, interest on any outstanding borrowings. The level dividend rate may be modified by the Board of Trustees from
time to time. If, for all monthly distributions, investment company taxable income, if any (which term includes net short-term capital gain), and net tax-exempt income, if any, as determined as of the close of the Fund's taxable year, is less than
the amount of the sum of all of the distributions for the taxable year, the difference will generally be a tax-free return of capital distributed from the Fund's assets. The Fund's final distribution for each calendar year will include any investment
company taxable income and net tax-exempt income undistributed during the year, as well as all net capital gain, if any, realized during the year. In general, the total distributions made in any taxable year (other than distributions of net capital
gain) would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted
tax basis in the shares. After such adjusted tax basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital assets). This distribution policy may, under certain circumstances, have certain
adverse consequences to the Fund and its shareholders. The initial distribution is expected to be declared approximately 45&nbsp;days after the completion of this offering and paid approximately 60&nbsp;days after the completion of this offering,
depending on market conditions. The initial distribution may consist principally of a return of capital if the Fund's investments are delayed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The level dividend distribution described above would result in the payment of approximately the same amount or percentage to the Fund's shareholders each month. Section&nbsp;19(a) of the 1940 Act and Rule&nbsp;19a-1&nbsp;thereunder require the Fund
to provide a written statement accompanying any such payment that adequately discloses its source or sources. Thus, if the source of the dividend or other distribution were the original capital contribution of the shareholder, and the payment
amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are
receiving net profits when they are not. Shareholders should read any written disclosure provided pursuant to Section&nbsp;19(a) and Rule&nbsp;19a-1&nbsp;carefully, and&nbsp;should not assume that the source of any distribution from the Fund is net
profit. See "Distribution Policy."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=12,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=809282,FOLIO='7',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<A NAME="page_ca1813_1_8"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Dividend Reinvestment Plan</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Unless a shareholder elects otherwise, the shareholder's distributions will be reinvested in additional common shares under the Fund's dividend reinvestment plan. Shareholders who elect not to participate in the Fund's dividend reinvestment plan will
receive all distributions in cash paid by check mailed directly to the shareholder of record (or, if the common shares are held in street or other nominee name, then to such nominee). See "Dividend Reinvestment Plan."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Stock Purchases and Tenders</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Fund's Board of Trustees currently contemplates that the Fund, at least once each year, may consider repurchasing common shares in the open market or in private transactions, or tendering for shares, in an attempt to reduce or eliminate a market
value discount from net asset value, if one should occur. There can be no assurance that the Board of Trustees will determine to effect any such repurchase or tender or that it would be effective in reducing or eliminating any market value
discount.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="29%"><BR><FONT SIZE=2><B> Custodian and Transfer Agent</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
The Bank of New&nbsp;York serves as the Fund's custodian and transfer agent. See "Management of the Fund&nbsp;&#151;&nbsp;Custodian and Transfer Agent."</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=13,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=954893,FOLIO='8',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;26',USER='EPEREZ',CD='13-NOV-2006;16:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1813_1_9"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1813_summary_of_fund_expenses"> </A>
<A NAME="toc_de1813_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY OF FUND EXPENSES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table assumes that the Fund issues
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] common shares and shows Fund
expenses as a percentage of net assets
attributable to common&nbsp;shares. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>Shareholder Transaction Expenses (as&nbsp;a percentage of offering price)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Sales load</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(1)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Offering expenses borne by the Fund</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Dividend Reinvestment Plan fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>None</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(2)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>Annual Expenses (as&nbsp;a percentage of net assets attributable to common shares)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Investment Advisory fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.0%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Administration fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.13%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(4)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Interest payments on borrowed funds and dividends paid on preferred shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.0%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(5)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Other expenses(6)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Total Annual Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="90">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
Adviser has agreed to pay all the Fund's organizational expenses. Total offering costs in connection with the common shares are estimated to be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which represents
$0.04 per common share. The Adviser or an affiliate has agreed to pay the amount, if any, by which the Fund's offering costs (other than sales load) exceed $0.04 per share
(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the
offering price). [To the extent that aggregate offering expenses are less than $0.04 per Common Share, up to 0.10% of the amount of the offering up to such expense limit will be paid to
ALPS Distributors,&nbsp;Inc., an affiliate of ALPS, as compensation for the distribution services it provides to the Fund. See "Underwriting-Other Relationships and Additional Underwriting
Compensation."] Offering costs borne by the Fund will result in a reduction of capital of the Fund attributable to common&nbsp;shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>There
will be no brokerage charges with respect to common shares issued directly by the Fund under its dividend reinvestment plan. You will pay brokerage charges in connection with
open market purchases or if you direct the plan administrator to sell your common shares held in a dividend reinvestment account.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>The
Investment Advisory Agreement between the Fund and the Adviser obligates the Fund to pay the Adviser an annual investment advisory fee equal to 1.0% of the average daily total
assets of the Fund. Total assets include assets purchased with borrowed amounts, commonly referred to as leverage. For purposes of this table, we have assumed that the Fund has not incurred any
indebtedness. However, the Fund intends to use leverage of up to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets through borrowings. In that case, the annual investment advisory fee when calculated based
upon net assets would be greater than 1.0%. See footnote 5&nbsp;below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>The
Administration Agreement between the Fund and ALPS obligates the Fund to pay ALPS an administration fee of 0.13% of the Fund's average daily total assets for providing
administration, bookkeeping and pricing services to the Fund. Total assets include the principal amount of outstanding borrowings used for leverage. For purposes of this table, we have assumed that
the Fund has not incurred any indebtedness by issuing preferred shares, commercial paper or through other borrowings. However, the Fund intends to use leverage in an aggregate amount up to
33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets through borrowings. In that case, the annual administration fee when calculated based upon net assets would be greater than 0.13%. See footnote
5&nbsp;below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Assumes
the Fund has not issued preferred shares or made other borrowings. However, assuming that (i)&nbsp;the Fund utilizes such leverage in an aggregate amount equal to
33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Fund's total assets and (ii)&nbsp;the annual interest rate on the amount borrowed or dividend rate on the preferred </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<UL>

<P><FONT SIZE=2>shares
issued is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, the Fund's estimated annual expenses (as&nbsp;a percentage of net assets attributable to
common shares) would&nbsp;be: </FONT></P>

</UL>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2><B>Annual Expenses (as&nbsp;a percentage of net assets attributable to common shares)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2>Investment Advisory fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2>Administration fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2>Interest payments on borrowed funds and dividends paid on preferred shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2>Other expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="91%"><FONT SIZE=2>Total Annual Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>"Other
Expenses" are based on estimated amounts for the current fiscal year and include costs associated with the Fund's short sales on equity securities (see&nbsp;"Investment
Objectives and Policies&nbsp;&#151;&nbsp;Investment Techniques&nbsp;&#151;&nbsp;Short Sales") estimated to
be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the Fund's net assets.
This percentage represents an estimate for the Fund's initial year of operations, assuming that the Fund maintains short equity positions equal to 20% of its total assets (i.e.,&nbsp;based on the
Fund's initial expected short equity exposure). When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that
dividend to the lender of the shorted security. Thus, the estimate for dividend expenses paid is also based on the dividend yields of stocks that would be sold short as part of anticipated trading
practices (which may involve avoiding dividend expenses with respect to certain short sale transactions by closing out the position prior to the underlying issuer's ex-dividend date). The
Fund's actual dividend expenses paid on securities sold short may be significantly higher or lower than the estimates above due to, among other factors, the actual extent of the Fund's short positions
(which may range from 0% to 30% of total assets), the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund's short sale transactions, each of
which is expected to vary over time and from time to&nbsp;time. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of the above table is to help a holder of common shares understand the fees and expenses that such holder would bear directly or&nbsp;indirectly. </FONT></P>

<P><FONT SIZE=2><B>Example  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example illustrates the hypothetical expenses (including the sales load of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and estimated offering expenses of this offering of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) that you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;annual expenses
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of net assets attributable to common shares and (ii)&nbsp;a 5%
annual&nbsp;return: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>1&nbsp;Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>3&nbsp;Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>5&nbsp;Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>10&nbsp;Years</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="54%"><FONT SIZE=2>You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund uses leverage, you would pay the following expenses (including the estimated offering costs of using leverage assuming we use leverage representing 33<SUP>1</SUP>/<SMALL>3</SMALL>% of
the Fund's total assets (including the proceeds from the leverage) based on the assumptions in the example: 1&nbsp;Year, $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; 3&nbsp;Years,
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; 5&nbsp;Years,
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; and 10&nbsp;Years,
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2><B>The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown.</B></FONT><FONT SIZE=2> The example
assumes that the estimated "Other Expenses" set forth in the Annual Expenses table remain the same each year and that all dividends and distributions are reinvested at net asset value. Actual expenses
may be greater or less than those assumed. Moreover, the Fund's actual rate of return will vary and may be greater or less than the hypothetical 5% annual&nbsp;return. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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NAME="page_dg1813_1_11"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1813_the_fund"> </A>
<A NAME="toc_dg1813_1"> </A></FONT> <FONT SIZE=2><B>THE FUND    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a newly organized, diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on
October&nbsp;27, 2006 and has no operating history. The Fund's principal office is located at 2500&nbsp;Westchester Avenue, Suite&nbsp;215, Purchase, NY, 10577, and its telephone number is
(800)&nbsp;617-7616 (toll-free). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1813_use_of_proceeds"> </A>
<A NAME="toc_dg1813_2"> </A></FONT> <FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds of this offering of common shares will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the underwriters exercise the
overallotment option
in full) after payment of the sales load and organizational and offering costs (other than the sales load) expected to be approximately $0.04 per share. The net proceeds of the offering will be
invested in accordance with the Fund's investment objectives and policies (as&nbsp;stated below) as soon as practicable after completion of the offering. The Fund currently anticipates being able to
do so within three months after the completion of the offering. Pending investment of the net proceeds in accordance with the Fund's investment objectives and policies, the Fund will invest in money
market securities or money market mutual funds. Investors should expect, therefore, that before the Fund has fully invested the proceeds of the offering in accordance with its investment objectives
and policies, the Fund's net asset value would earn interest income at a modest rate. If the Fund's investments are delayed, the first planned distribution could consist principally of a return
of&nbsp;capital. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1813_investment_objectives_and_policies"> </A>
<A NAME="toc_dg1813_3"> </A></FONT> <FONT SIZE=2><B>INVESTMENT OBJECTIVES AND POLICIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's primary investment objective is to seek high current dividend income. The Fund also focuses on long-term growth of capital as a secondary
investment objective. There is no assurance that the Fund will achieve its investment objectives. </FONT></P>


<P><FONT SIZE=2><B>Investment Strategies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund combines three research-driven investment strategies&nbsp;&#151;&nbsp;dividend capture, value and
growth&nbsp;&#151;&nbsp;to maximize the amount of distributed dividend income and to identify companies globally with
the potential for dividend increases and capital appreciation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund expects to invest at least 80% of its net assets in equity securities, primarily common stocks, issued by domestic and foreign companies whose equity securities are readily
traded on an established U.S. or foreign securities market. The Board of Trustees may change this 80% policy on not less than 60&nbsp;days' notice to shareholders. Under normal circumstances, the
Fund intends to, although it is not required to, invest in the securities of issuers located in approximately 10 to 30&nbsp;countries. However, the Fund may invest in domestic and foreign issuers
without respect to any percentage limitation on how much may be invested in any single country or internationally generally, provided that the Fund will limit its investments in countries that are
considered emerging markets to no more than 25% of the Fund's assets at any one time. The Adviser believes that this flexibility will allow it to continuously pursue high current dividend income in
countries where the Adviser perceives the best opportunities to&nbsp;exist. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser believes that dividend paying stocks have the potential for superior total return performance, as compared to non-dividend paying stocks. According to
Standard&nbsp;&amp; Poor's Index Services, for the period from 1979 to 2005, an investment in dividend paying constituents of the S&amp;P&nbsp;500 Index would have appreciated more than the same amount
invested in non-dividend paying constituents of the S&amp;P&nbsp;500 Index. The Adviser believes that global diversification may provide to investors in the Fund the benefit of generally
higher dividend yields in some countries outside the United&nbsp;States. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will invest in equity securities issued by U.S.&nbsp;corporations, and foreign issuers whose equity securities are readily traded on an </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<A NAME="page_dg1813_1_12"> </A>
<BR>

<P><FONT SIZE=2>established
U.S. or foreign securities market, that pay dividends. The Fund screens the U.S. and foreign companies in which it considers investing using the same criteria, including, generally, high
dividend yield, sufficiently liquid trading in an established market, and also its judgment that the issuer may have good prospects for earnings growth or may be undervalued. The equity securities in
which the Fund will invest will include primarily common stocks. The Fund may, from time to time, also invest a portion of its assets in preferred stocks, REITs (real estate investment trusts), master
limited partnerships, exchange-traded funds ("ETFs") and securities convertible into or exchangeable for common stocks, such as convertible&nbsp;debt. </FONT></P>


<P><FONT SIZE=2><B><I>Dividend Capture Strategy  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's dividend capture strategy seeks to maximize the level of dividend income that the Fund receives by engaging in dividend capture trading and by
identifying special dividend situations. </FONT></P>

<P><FONT SIZE=2><B><I>Rotation Strategy (Dividend Capture Trading).</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In a dividend capture trade, the Fund sells a stock on or shortly
after the stock's ex-dividend date and uses the sale proceeds to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being
sold. Through this rotation practice, the Fund may receive more dividend payments over a given period of time than if it held a single stock. Receipt of a greater number of dividend payments during a
given time period could augment the total amount of dividend income the Fund receives over this period. For example, during the course of a
single year it may be possible through dividend capture trading for the Fund to receive five or more dividend payments with respect to Fund assets attributable to dividend capture trading where it may
only have received four quarterly payments in a hold only strategy. The use of dividend capture strategies will expose the Fund to increased trading costs and potential for capital loss or gain,
particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. </FONT></P>

<P><FONT SIZE=2><B><I>Special Dividends.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Special dividend situations may include those where companies decide to return large cash
balances to shareholders as one-time dividend payments, for instance due to a restructuring or recent strong operating performance. Other special dividends may arise in a variety
of&nbsp;situations. </FONT></P>

<P><FONT SIZE=2><B><I>Value Strategy  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In managing the assets of the Fund, the Adviser generally pursues a value-oriented approach. The Adviser seeks to identify investment opportunities in equity
securities of dividend paying corporations that it believes are undervalued relative to the market and to the securities' historical valuations, including turnaround opportunities with a catalyst,
depressed earnings that may be poised to recover or where a restructuring or major corporate action may add value. The Fund will invest in stocks among all capitalization levels (small, mid and
large), using a multi-cap, multi-sector, multi-style approach when selecting the stocks of companies in which the Fund invests. The average capitalization of issuers are not intended to be
static and will vary over time. Factors that the Adviser will consider include fundamental factors such as earnings growth, cash flow and historical payment of dividends. The Fund's investments in
common stocks will emphasize stocks that (at&nbsp;the time of purchase) pay dividends and have capital appreciation potential. </FONT></P>

<P><FONT SIZE=2><B><I>Growth Strategy  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's growth strategy seeks to identify issuers with lower, but still attractive, current dividend yields, but that have the potential for higher earnings
growth through capital appreciation or increasing dividend payments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market,
economic, political or other conditions. During such times, the Fund may temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial
paper, repurchase agreements, Treasury bills and other short-term obligations of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<A NAME="page_dg1813_1_13"> </A>
<BR>

<P><FONT SIZE=2>the
U. S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objectives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
securities will be purchased or sold by the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may
be purchased or sold in private transactions, including securities that are not publicly traded or that are otherwise illiquid. The Adviser does not expect investments in illiquid securities to
comprise more than 10% of the Fund's total assets (determined at the time the investment is&nbsp;made). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser may invest the Fund's cash balances in any investments it deems appropriate, including, without limitation and as permitted under the 1940 Act, money market funds, including
Alpine Municipal Money Market Fund,
repurchase agreements, U.S.&nbsp;Treasury and U.S.&nbsp;agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in
accordance with its investment program. Many of the considerations entering into the Adviser's recommendations and the portfolio managers' decisions are&nbsp;subjective. </FONT></P>

<P><FONT SIZE=2><B>Portfolio Investments  </B></FONT></P>

<P><FONT SIZE=2><B><I>Common Stocks  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will invest primarily in common stocks. Common stocks represent an ownership interest in an issuer. While offering greater potential for
long-term growth, common stocks are more volatile and more risky than some other forms of investment. Common stock prices fluctuate for many reasons, including adverse events, such as an
unfavorable earnings report, changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events
affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs&nbsp;increase. </FONT></P>

<P><FONT SIZE=2><B><I>Preferred Stocks  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend
payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock. Although they
are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed. Like common stock, they do not have rights to
precipitate bankruptcy proceedings or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer's capital structure and that
their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash&nbsp;flows. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
on preferred stock must be declared by the board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the board or otherwise made payable, or they may be non-cumulative, so that skipped
dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Adviser would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such
securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by
favorable and unfavorable changes impacting the issuers' industries or sectors, including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock.
They may also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in
corporate and individual income tax rates, and in the dividends </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>received
deduction for corporate taxpayers or the lower rates applicable to certain dividends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the claim on an issuer's earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer
may redeem preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund's holdings
of higher dividend-paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds. </FONT></P>

<P><FONT SIZE=2><B><I>Foreign Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund expects to, although it is not required to, invest a significant portion of its assets in securities of issuers located in
foreign countries. The Fund will invest in foreign securities, including direct investments in securities of foreign issuers and investments in depository receipts (such as American Depository
Receipts) that represent indirect interests in securities of foreign issuers. The Fund is not limited in the amount of assets it may invest in such foreign securities. These investments involve risks
not associated with investments in the United&nbsp;States, including the risk of fluctuations in foreign currency exchange rates, unreliable and untimely information about the issuers and political
and economic instability. These risks could result in the Adviser's misjudging the value of certain securities or in a significant loss in the value of those securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding tax), government policies (in&nbsp;this country or abroad), relations
between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United&nbsp;States, and foreign securities
markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United&nbsp;States. As an alternative to holding foreign-traded securities, the Fund may
invest in dollar-denominated securities of foreign companies that trade on U.S.&nbsp;exchanges or in the U.S.&nbsp;over-the-counter market (including depositary receipts as
described below, which evidence ownership in underlying foreign securities, and ETFs as described above). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to
U.S.&nbsp;companies, there may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the
United&nbsp;States and securities of some foreign companies are less liquid and more volatile than securities of comparable U.S.&nbsp;companies. There is generally less government supervision and
regulation of securities exchanges, broker-dealers and listed companies than in the United&nbsp;States. Mail service between the United&nbsp;States and foreign countries may be slower or less
reliable than within the United&nbsp;States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before
delivery may be required. In addition, with respect to certain foreign countries,
there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments, which could affect investments in those countries. Moreover, individual
foreign economies may differ favorably or unfavorably from the U.S.&nbsp;economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource
self-sufficiency and balance of payments position. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the
United&nbsp;States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable
U.S.&nbsp;companies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund may purchase ADRs, EDRs and GDRs, which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign
securities in their national markets and currencies. However, such depository receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks
include foreign exchange risk as well as the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>political
and economic risks associated with the underlying issuer's country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the
issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid. Less information is normally available
on unsponsored receipts. </FONT></P>

<P><FONT SIZE=2><B><I>Emerging Market Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest up to 25% of its assets in securities of issuers located in emerging markets. The risks of foreign investments described above apply to an
even greater extent to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets
of the United&nbsp;States and developed foreign markets. Disclosure and regulatory standards in many respects are less stringent than in the United&nbsp;States and developed foreign markets. There
also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations has
been extremely limited. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates
have had and may continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging markets generally are heavily dependent upon
international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist
measures imposed or negotiated by the countries with which they trade. The economies of these countries also have been and may continue to be adversely affected by economic conditions in the countries
in which they trade. The economies of countries with emerging markets may also be predominantly based on only a few industries or dependent on revenues from particular commodities. In addition,
custodial services and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many developed foreign markets, which could reduce the Fund's income from
such securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
many cases, governments of emerging countries continue to exercise significant control over their economies, and government actions relative to the economy, as well as economic
developments generally, may affect the Fund's investments in those countries. In addition, there is a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes
on interest payments, or other similar developments that could affect investments in those countries. There can be no assurance that adverse political
changes will not cause the Fund to suffer a loss of any or all of its investments. </FONT></P>

<P><FONT SIZE=2><B><I>Real Estate Investment Trusts  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in real estate investment trusts ("REITs"). REITs are financial vehicles that pool investors' capital to purchase or finance real estate. The
market value of REIT shares and the ability of REITs to distribute income may be adversely affected by numerous factors, including rising interest rates, changes in the national, state and local
economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate
management, maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increasing competition and compliance with environmental laws, changes in real estate taxes and
other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the issuers. In addition, distributions
received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends than most other operating companies, to the extent
application of the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of
the Fund's portfolio that is comprised of REIT&nbsp;shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><B><I>Master Limited Partnerships  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A master limited partnership ("MLP") is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for
federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil,
or products thereof), or the marketing of any mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. When investing in an MLP, the Fund
intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner of an MLP is typically owned by one or more of the following: a major energy company, an
investment fund, or the direct management of the MLP. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the
operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the
partnership, through ownership of common units, and have a limited role in the partnership's operations and&nbsp;management. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLPs
combine the tax advantages of a partnership with the liquidity of a publicly traded stock. MLP income is generally not subject to entity-level tax. Instead, an MLP's income, gain,
loss, deductions and other tax items pass through to common unitholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLPs
are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount
("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests
have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and
subordinated units is distributed to both common and subordinated units generally on a pro&nbsp;rata basis. The general partner is also eligible to receive incentive distributions if the general
partner operates the business in a manner which results in
distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher
percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and
subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash
flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the&nbsp;MLP. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLP
common units represent limited partnership interests in the MLP. Common units are listed and traded on U.S.&nbsp;securities exchanges, with their value fluctuating predominantly
based on prevailing market conditions and the success of the MLP. The Fund intends to purchase common units in market transactions. Unlike owners of common stock of a corporation, owners of common
units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not debt or preferred units, to
the remaining assets of the MLP. The Fund intends to invest in MLPs only to an extent and in a manner consistent with the Fund's qualification as a regulated investment company. </FONT></P>

<P><FONT SIZE=2><B><I>Exchange Traded Funds  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in ETFs, which are investment companies that aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are
passively managed and their shares are traded on a national exchange or NASDAQ. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation
units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no
assurance that an ETF's investment objective will be achieved, as ETFs based on an index may </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<BR>

<P><FONT SIZE=2>not
replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a holder of
the securities of the ETF, will bear its pro&nbsp;rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's
own&nbsp;operations. </FONT></P>

<P><FONT SIZE=2><B><I>Convertible Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined
number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary
widely, which allows
convertible securities to be employed for a variety of investment strategies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objectives. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Adviser evaluates
the investment characteristics of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these
matters with respect to a particular convertible security, the Adviser considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer's profits, and the issuer's management capability and&nbsp;practices. </FONT></P>

<P><FONT SIZE=2><B><I>Corporate Bonds, Government Debt Securities and Other Debt Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay fixed or variable rates of
interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and
normally must repay the amount borrowed on or before maturity. Certain debt securities are "perpetual" in that they have no maturity&nbsp;date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will invest in government debt securities, including those of emerging market issuers or of other non-U.S.&nbsp;issuers. These securities may be
U.S.&nbsp;dollar-denominated or non-U.S.&nbsp;dollar-denominated and include: (a)&nbsp;debt obligations issued or guaranteed by foreign national, provincial, state, municipal or
other governments with taxing authority or by their agencies or instrumentalities; and (b)&nbsp;debt obligations of supranational entities. Government debt securities include: debt securities issued
or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned, controlled or sponsored entities; interests in entities
organized and operated for the purpose of restructuring the investment characteristics issued by the above-noted issuers; or debt securities issued by supranational entities such as the World Bank or
the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of
recognized credit rating agencies or are unrated and considered to be of comparable quality to lower rated debt securities. A non-U.S.&nbsp;issuer of debt or the
non-U.S.&nbsp;governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources
in the event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund
invests significantly in one&nbsp;country. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will not invest more than 20% of its total assets in debt securities rated below investment grade (</FONT><FONT SIZE=2><I>i.e.,</I></FONT><FONT SIZE=2>&nbsp;securities rated
lower than Baa by Moody's Investors Service,&nbsp;Inc. ("Moody's") or lower than BBB by Standard&nbsp;&amp; Poor's Rating Services, a division of The McGraw-Hill </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>Companies,&nbsp;Inc.
("S&amp;P")), or their equivalent as determined by the Adviser. These securities are commonly referred to as "junk bonds." The foregoing credit quality policy applies only at the
time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of
a&nbsp;rating. </FONT></P>

<P><FONT SIZE=2><B><I>Illiquid Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illiquid securities include securities that have legal or contractual restrictions on resale, securities that are not readily marketable, and repurchase
agreements maturing in more than seven days. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired or at prices approximating the value at which the
Fund is carrying the securities. The Fund may invest up to 10% of the value of its net assets in illiquid securities. </FONT></P>

<P><FONT SIZE=2><B><I>Rule&nbsp;144A Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in restricted securities that are eligible for resale pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended,
(the&nbsp;"1933 Act"). Generally, Rule&nbsp;144A establishes a safe harbor from the registration requirements of the 1933 Act for resale by large institutional investors of securities that are not
publicly traded. The Adviser determines the liquidity of the Rule&nbsp;144A securities according to guidelines adopted by the Board of Trustees. The Board of Trustees monitors the application of
those guidelines and procedures. Securities eligible for resale pursuant to Rule&nbsp;144A, which are determined to be liquid, are not subject to the Fund's 10% limit on investments in illiquid
securities. </FONT></P>

<P><FONT SIZE=2><B><I>Warrants  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in equity and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the
obligation, to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes in the value of a warrant do not
necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater
potential for capital appreciation as well as capital&nbsp;loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants
do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant
ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments. The sale of a warrant results in a long- or
short-term capital gain or loss depending on the period for which the warrant is&nbsp;held. </FONT></P>


<P><FONT SIZE=2><B><I>Other Investments  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may use a variety of other investment instruments in pursuing its investment programs. The investments of the Fund may include fixed income securities,
sovereign debt, options on foreign currencies and forward foreign currency contracts. </FONT></P>

<P><FONT SIZE=2><B>Investment Techniques  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, but is under no obligation to, from time to time employ a variety of investment techniques, including those described below, to hedge against
fluctuations in the price of portfolio securities, to enhance total return or to provide a substitute for the purchase or sale of securities. Some of these techniques, such as purchases of put and
call options, options on stock indices and stock index futures and entry into certain credit derivative transactions, may be used as hedges against or substitutes for investments in equity securities.
Other techniques such as the purchase of interest rate futures and entry into transactions involving interest rate swaps, options on interest rate swaps and certain credit derivatives are hedges
against or substitutes for investments in debt securities. The Fund's ability to utilize any of the techniques described below may be limited by restrictions imposed on its operations in connection
with obtaining and maintaining its qualification as a regulated investment company under the Code. Additionally, other factors (such as cost) may make it impractical or undesirable to use </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<BR>

<P><FONT SIZE=2>any
of these investment techniques from time to&nbsp;time. </FONT></P>

<P><FONT SIZE=2><B><I>Short Sales  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that the
Adviser believes possess volatility characteristics similar to those being hedged. The Fund expects it would sell shares of portfolio securities short through a pair trade system, where it would be
long a basket of dividend-paying stocks and short an index which the Fund expects to be outperformed by the dividend-paying stocks it owns. For hedging purposes, the Fund may purchase or sell short
futures contracts on global equity indexes. The Fund may also sell short individual stocks that the Fund expects to underperform other stocks which the Fund holds. In addition, the Fund intends to use
short sales for non-hedging purposes to pursue its investment objective. The requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect
to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets; however, the Fund anticipates that it will generally not make a short sale if,
after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 20% of the value of its total&nbsp;assets. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it
must borrow the security sold short from a broker-dealer and deliver it to the buyer upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated
to pay over any payments received on such borrowed securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S.&nbsp;government securities or other liquid
securities. The Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all
times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any
payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund
will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's
gain is limited to the price at which it sold the security short, its potential loss is&nbsp;unlimited. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security
sold short without payment of further compensation (a&nbsp;short sale against-the-box). In a short sale against-the-box, the short seller is exposed
to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered
stock. The Fund expects normally to close its short sales against-the-box by delivering newly acquired&nbsp;stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to
unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, and currently
intends to utilize short sales, the Adviser is under no obligation to utilize short sales at&nbsp;all. </FONT></P>

<P><FONT SIZE=2><B><I>Options on Securities  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to hedge against adverse market shifts, the Fund may utilize up to 5% of its total assets (in&nbsp;addition to the 10% limit applicable to options on
stock indices described below) to purchase put and call options on securities. The </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<BR>

<P><FONT SIZE=2>Fund
will also, in certain situations, augment its investment positions by purchasing call options, both on specific equity securities, as well as securities representing exposure to equity sectors or
indices and fixed income indices. In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing
(</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, selling) covered put and call options. A put option embodies the right of its purchaser to compel the writer of the option to purchase from the
option holder an underlying security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying
security or its equivalent covered by the option or its equivalent from the writer of the option at the stated exercise price. Under interpretations of the SEC currently in effect, which may change
from time to time, a "covered" call option means that so long as the Fund is obligated as the writer of the option, it will own (1)&nbsp;the underlying instruments subject to the option,
(2)&nbsp;instruments convertible or exchangeable into the instruments subject to the option or (3)&nbsp;a call option on the relevant instruments with an exercise price no higher than the exercise
price on the call option&nbsp;written. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
the SEC currently requires that, to "cover" or support its obligation to purchase the underlying instruments if a put option is written by the Fund, the Fund must
(1)&nbsp;deposit with its custodian in a segregated account liquid securities having a value at least equal to the exercise price of the underlying securities, (2)&nbsp;continue to own an
equivalent number of puts of the same "series" (that is, puts on the same underlying security
having the same exercise prices and expiration dates as those written by the Fund), or an equivalent number of puts of the same "class" (that is, puts on the same underlying security) with exercise
prices greater than those it has written (or, if the exercise prices of the puts it holds are less than the exercise prices of those it has written, it will deposit the difference with its custodian
in a segregated account) or (3)&nbsp;sell short the securities underlying the put option at the same or a higher price than the exercise price on the put option&nbsp;written. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will receive a premium when it writes put and call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed
out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying security above the exercise price of the option for as long as
the Fund's obligation as the writer of the option continues. Upon the exercise of a put option written by the Fund, the Fund may suffer an economic loss equal to the difference between the price at
which the Fund is required to purchase the underlying security and its market value at the time of the option exercise, less the premium received for writing the option. Upon the exercise of a call
option written by the Fund, the Fund may suffer an economic loss equal to an amount not less than the excess of the security's market value at the time of the option exercise over the Fund's
acquisition cost of the security, less the sum of the premium received for writing the option and the difference, if any, between the call price paid to the Fund and the Fund's acquisition cost of the
security. Thus, in some periods the Fund might receive less total return and in other periods greater total return from its hedged positions than it would have received from leaving its underlying
securities unhedged. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund may purchase and write options on securities that are listed on national securities exchanges or are traded over the counter, although it expects, under normal circumstances, to
effect such transactions on national securities exchanges. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a holder of a put option, the Fund will have the right to sell the securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the
securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may choose to exercise the options it holds, permit them to expire or
terminate them prior to their expiration by entering into closing sale transactions. In entering into a closing sale transaction, the Fund would sell an option of the same series as the one it has
purchased. The ability of the Fund to enter into a closing sale transaction with respect to options purchased and to enter into a closing purchase transaction with respect to options sold depends on
the existence of a liquid secondary market. There can be no assurance that a closing purchase </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<A NAME="page_dg1813_1_21"> </A>
<BR>

<P><FONT SIZE=2>or
sale transaction can be effected when the Fund so desires. The Fund's ability to terminate option positions established in the over-the-counter market may be more limited
than in the case of exchange-traded options and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the&nbsp;Fund. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
purchasing a put option, the Fund will seek to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit
from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining value, or if the market price of the underlying security remains
equal to or greater than the exercise price, in the case of a put, or remains equal to or below the exercise price, in the case of a call, during the life of the option, the option will expire
worthless. For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price, in the case of a put, and must increase
sufficiently above the exercise price, in the case of a call, to cover the premium and transaction costs. Because option
premiums paid by the Fund are small in relation to the market value of the instruments underlying the options, buying options can result in large amounts of leverage. The leverage offered by trading
in options could cause the Fund's net asset value to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest in&nbsp;options. </FONT></P>

<P><FONT SIZE=2><B><I>Options on Stock Indices  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may utilize up to 10% of its total assets (in&nbsp;addition to the 5% limit applicable to options on securities) to purchase put and call options on
domestic stock indices to hedge against risks of market-wide price movements affecting its assets. The Fund will also, in certain situations, augment its investment positions by purchasing
call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices. In addition, the Fund may write covered put and
call options on stock indices. A stock index measures the movement of a certain group of stocks by assigning relative values to the common stocks included in the index. Options on stock indices are
similar to options on securities. Because no underlying security can be delivered, however, the option represents the holder's right to obtain from the writer, in cash, a fixed multiple of the amount
by which the exercise price exceeds (in&nbsp;the case of a put) or is less than (in&nbsp;the case of a call) the closing value of the underlying index on the exercise date. The advisability of
using stock index options to hedge against the risk of market-wide movements will depend on the extent of diversification of the Fund's investments and the sensitivity of its investments
to factors influencing the underlying index. The effectiveness of purchasing or writing stock index options as a hedging technique will depend upon the extent to which price movements in the Fund's
securities investments correlate with price movements in the stock index selected. In addition, successful use by the Fund of options on stock indices will be subject to the ability of the Adviser to
predict correctly changes in the relationship of the underlying index to the Fund's portfolio holdings. No assurance can be given that the Adviser's judgment in this respect will be&nbsp;correct. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Fund writes an option on a stock index, it will establish a segregated account with its custodian in which the Fund will deposit liquid securities in an amount equal to the
market value of the option, and will maintain the account while the option is&nbsp;open. </FONT></P>

<P><FONT SIZE=2><B><I>Portfolio Turnover  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the
Adviser, investment considerations warrant such action. These policies, together with the ability of the Fund to effect short sales of securities and to engage in transactions in options and futures,
may have the effect of increasing the Fund's annual rate of portfolio turnover. It is expected that the annual portfolio turnover rate of the Fund will likely exceed 100%. A high turnover rate (100%
or more) necessarily involves greater trading costs to the Fund and may result in the realization of net short term capital gains. If securities are not held for the applicable holding </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>periods,
dividends paid on them will not qualify for the advantageous federal tax rates. See "Federal Income Tax Matters" and "Taxes" in the Fund's Statement of Additional Information. </FONT></P>


<P><FONT SIZE=2><B><I>Foreign Currency Transactions  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may engage in foreign currency exchange transactions in connection with its
investments in foreign securities. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e.,&nbsp;cash) basis at the spot rate prevailing in the foreign currency
exchange market or through forward contracts to purchase or sell foreign currencies, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Fund securities. </FONT></P>


<P><FONT SIZE=2><B><I>Forward Foreign Currency Exchange Contracts  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into forward foreign currency exchange contracts in order to protect against possible losses on foreign investments resulting from adverse
changes in the relationship between the U.S.&nbsp;dollar and foreign currencies. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a
future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts
are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has a deposit requirement, and no
commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the&nbsp;spread) between the
price at which they are buying and selling various currencies. However, forward foreign currency exchange contracts may limit potential gains which could result from a positive change in such currency
relationships. The Fund does not speculate in foreign currency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for cross-hedges, the Fund will not enter into forward foreign currency exchange contracts or maintain a net exposure in such contracts when they would be obligated to deliver an
amount of foreign currency in excess of the value of their portfolio securities or other assets denominated in that currency or, in the case of a "cross-hedge," denominated in a currency or currencies
that the Adviser believes will tend to be closely correlated with that currency with regard to price movements. At the consummation of a forward contract, the Fund may either make delivery of the
foreign currency or terminate their contractual obligation to deliver the foreign currency by purchasing an offsetting contract obligating them to purchase, at the same maturity date, the same amount
of such foreign currency. If the Fund chooses to make delivery of the foreign currency, they may be required to obtain such currency through the sale of portfolio securities denominated in such
currency or through conversion of other assets of the Fund into such currency. If the Fund engages in an offsetting transaction, the Fund will incur a gain or loss to the extent that there has been a
change in forward contract prices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
should be realized that this method of protecting the value of the Fund's portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the
underlying prices of the securities. It simply establishes a rate of exchange which can be achieved at some future point in time. Additionally, although such contracts tend to minimize the risk of
loss due to a decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result should the value of such currency increase. Generally, the Fund
will not enter into a forward foreign currency exchange contract with a term longer than one&nbsp;year. </FONT></P>


<P><FONT SIZE=2><B><I>Foreign Currency Options  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and write options on foreign currencies to protect against declines in the U.S.&nbsp;dollar value of foreign securities or in the
U.S.&nbsp;dollar value of dividends or interest expected to be received on these securities. These transactions may also be used to protect against increases in the U.S.&nbsp;dollar cost of
foreign securities to be acquired by the Fund. Writing an option on foreign currency is only a partial hedge, up to the amount of the premium received, and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<A NAME="page_dg1813_1_23"> </A>
<BR>

<P><FONT SIZE=2>the
Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The Fund may not purchase a foreign currency option if, as a result,
premiums paid on foreign currency options then held by the Fund would represent more than 5% of the Fund's net&nbsp;assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
foreign currency option provides the option buyer with the right to buy or sell a stated amount of foreign currency at the exercise price on a specified date or during the option
period. The owner of a call option has the right, but not the obligation, to buy the currency. Conversely, the owner of a put option has the right, but not the obligation, to sell the currency. When
the option is exercised, the seller (i.e.,&nbsp;writer) of the option is obligated to fulfill the terms of the sold option. However, either the seller or the buyer may, in the secondary market,
close its position during the option period at any time prior to&nbsp;expiration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
call option on a foreign currency generally rises in value if the underlying currency appreciates in value, and a put option on a foreign currency generally rises in value if the
underlying currency depreciates in value. Although purchasing a foreign currency option can protect the Fund against an adverse movement in the value of a foreign currency, the option will not limit
the movement in the value of such currency. For example, if the Fund was holding securities denominated in a foreign currency that was appreciating and had purchased a foreign currency put to hedge
against a decline in the value of the currency, the Fund would not have to exercise its put option. Likewise, if the Fund were to enter into a contract to purchase a security denominated in foreign
currency and, in conjunction with that purchase, were to purchase a foreign currency call option to hedge against a rise in value of the currency, and if the value of the currency instead depreciated
between the date of purchase and the settlement date, the Fund would not have to exercise its call. Instead, the Fund could acquire in the spot market the amount of foreign currency needed
for&nbsp;settlement. </FONT></P>


<P><FONT SIZE=2><B><I>Foreign Currency Futures Transactions  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By using foreign currency futures contracts and options on such contracts, the Fund may be able to achieve many of the same objectives as they would through the
use of forward foreign currency exchange contracts. The Fund may be able to achieve these objectives possibly more effectively and at a lower cost by using futures transactions instead of forward
foreign currency exchange contracts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
foreign currency futures contract sale creates an obligation by the Fund, as seller, to deliver the amount of currency called for in the contract at a specified future time for a
specified price. A currency futures contract purchase creates an obligation by the Fund, as purchaser, to take delivery of an amount of currency at a specified future time at a specified price.
Although the terms of currency futures contracts specify actual delivery or receipt, in most instances the contracts are closed out before the settlement date without the making or taking of delivery
of the currency. Closing out of currency futures contracts is affected by entering into an offsetting purchase or sale transaction. An offsetting transaction for a currency futures contract sale is
effected by the Fund entering into a currency futures contract
purchase for the same aggregate amount of currency and same delivery date. If the price of the sale exceeds the price of the offsetting purchase, the Fund is immediately paid the difference and
realizes a loss. Similarly, the closing out of a currency futures contract purchase is affected by the balance Fund entering into a currency futures contract sale. If the offsetting sale price exceeds
the purchase price, the Fund realizes a gain, and if the offsetting sale price is less than the purchase price, the Fund realizes a&nbsp;loss. </FONT></P>

<P><FONT SIZE=2><B><I>Defensive Positions  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its assets in cash or cash equivalents.
The Fund will not be pursuing its investment objectives in these circumstances. Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits,
certificates of deposit, short-term notes and short-term U.S.&nbsp;government obligations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1813_effects_of_leverage"> </A>
<A NAME="toc_dg1813_4"> </A></FONT> <FONT SIZE=2><B>EFFECTS OF LEVERAGE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund expects to use leverage through issuing preferred shares, commercial paper or other borrowings. The Fund currently intends to use leverage in an
aggregate amount up to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets (including the amount obtained from leverage), the maximum permitted by the 1940 Act. The Fund also may borrow money as a temporary
measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund
securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in the value of the Fund's portfolio (including investments bought with amounts borrowed) will be borne entirely by the shareholders. If there is a net decrease
(or&nbsp;increase) in the value of the Fund's investment portfolio, the leverage will decrease (or&nbsp;increase) the net asset value per share to a greater extent than if the Fund were not
leveraged. During periods in which the Fund is using leverage, the fees paid to the Adviser for investment advisory services and to ALPS for administrative services (which are effectively borne by the
common shareholders and not holders of the Fund's leverage) will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund's total assets,
including the amount obtained from leverage, which may create an incentive to leverage the Fund. The Adviser intends to leverage the Fund only when it believes that the potential return on additional
investments acquired with the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings. The Fund will pay, and common shareholders will effectively bear, any costs
and expenses related to any borrowings and to the issuance and ongoing maintenance of preferred shares or commercial paper. Such costs and expenses include the higher management fee resulting from the
use of such leverage. See "Risk Factors&nbsp;&#151;&nbsp;Leverage." The terms of the preferred shares, including their dividend rate, voting rights, liquidation preference and
redemption provisions, will be determined by the Board of Trustees (subject to applicable law and the Fund's Declaration of Trust) if and when it authorizes the preferred shares. See "Description of
Capital Structure&nbsp;&#151;&nbsp;Preferred Shares." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
raised through leverage will be subject to dividend or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares
or entering into a borrowing program involves expenses and other costs and may limit the Fund's freedom to pay dividends on common shares or to engage in other activities. The issuance of a class of
preferred shares or the incurrence of other borrowings creates an opportunity for greater return per common share, but at the same time such leveraging is a speculative technique in that it will
increase the Fund's exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with leverage proceeds exceed the associated costs of such borrowings (and&nbsp;other
Fund expenses), the use of leverage will diminish the investment performance of the Fund's common shares compared with what it would have been without leverage. See "Risk
Factors&nbsp;&#151;&nbsp;Leverage Risk." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after the issuance the value of the Fund's assets is at least 200% of the liquidation value of
the outstanding preferred shares (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, such liquidation preference may not exceed 50% of the Fund's assets less liabilities other than borrowings). In
addition, the Fund is not permitted to declare any cash dividend or other distribution on its Shares unless, at the time of such declaration, the value of the Fund's total assets less liabilities
other than borrowings is at least 200% of such liquidation value. If Fund preferred shares are issued, the Fund intends, to the extent possible, to purchase or redeem Fund preferred shares from time
to time to the extent necessary in order to maintain coverage of any Fund preferred shares of at least 200%. If the Fund has Fund preferred shares outstanding, two of the Fund's directors will be
elected by the holders of Fund preferred shares, voting separately as a class. The remaining directors of the Fund will be elected by holders of Shares and Fund preferred shares voting together as a
single class. In the event the Fund failed to pay dividends on Fund preferred shares for two years, Fund preferred stockholders would be entitled to elect a majority of the directors of the Fund. The
failure to pay dividends or make </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1813_1_25"> </A>
<BR>

<P><FONT SIZE=2>distributions
could result in the Fund ceasing to qualify as a regulated investment company under the Code, which could have a material adverse effect on the value of the Shares. See "Description of
Capital Structure&nbsp;&#151;&nbsp;Preferred Shares." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 1940 Act, the Fund generally is not permitted to borrow unless immediately after the borrowing the value of the Fund's assets less liabilities other than the borrowings is at
least 300% of the principal amount of such borrowing (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, such principal amount may not exceed 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Fund's total assets). In
addition, the Fund is not permitted to declare any cash dividend or other distribution on its shares unless, at the time of such declaration, the value of the Fund's total assets, less liabilities
other than the borrowings, is at least 300% of such principal amount. If the Fund borrows, the Fund intends, to the extent
possible, to prepay all or a portion of the principal amount of the borrowing to the extent necessary in order to maintain the required asset coverage. Failure to maintain certain asset coverage
requirements could result in an event of default and entitle the debt holders to elect a majority of the board of directors. The Fund may be subject to certain restrictions imposed by either
guidelines of one or more rating agencies which may issue ratings for borrowings or, if the Fund borrows from a lender, by the lender. These restrictions may impose asset coverage or portfolio
composition requirements that are more stringent than those currently imposed on the Fund by the 1940 Act. It is not anticipated that these restrictions will impede the Investment Adviser from
managing the Fund's portfolio in accordance with the Fund's investment objectives and policies. In addition to other considerations, to the extent that the Fund believes that the guidelines required
by the rating agencies would impede its ability to meet its investment objectives, or if the Fund is unable to obtain the expected rating on the borrowings, the Fund will not use&nbsp;borrowings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table is designed to illustrate the effect on the return to a holder of the Fund's common shares of leverage in the amount of approximately 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the
Fund's total assets, assuming hypothetical annual returns of the Fund's portfolio of minus 10% to plus 10%. As the table shows, leverage generally increases the return to shareholders when portfolio
return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are
hypothetical and actual returns may be greater or less than those appearing in the&nbsp;table. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="52%"><FONT SIZE=2>Assumed portfolio return (net&nbsp;of expenses)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>(10</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>(5</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="52%"><FONT SIZE=2>Corresponding common share return</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>(17</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>(10</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>(2</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful
use of a leveraging strategy may depend on the Adviser's ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy
will be successful during any period in which it is&nbsp;employed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to borrowing, the Fund may use a variety of additional strategies that would be viewed as potentially adding leverage to the portfolio, subject to rating agency limitations.
These include the sale of credit default swap
contracts and the use of other derivative instruments and reverse repurchase agreements. By adding additional leverage, these strategies have the potential to increase returns to shareholders, but
also involve additional risks. Additional leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if the strategies were not used. However, to
the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized or&nbsp;eliminated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the time in which the Fund is utilizing leverage, the fees paid to the Adviser and the Administrator for services will be higher than if the Fund did not utilize leverage because
the fees paid will be calculated based on the Fund's total&nbsp;assets. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_risk_factors"> </A>
<A NAME="toc_di1813_1"> </A></FONT> <FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in the Fund's common shares is subject to risks. The value of the Fund's investments will increase or decrease based on
changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. You could lose money by investing in the Fund. By itself, the Fund does not
constitute a balanced investment program. You should consider carefully the following risks before investing in the Fund. There may be additional risks that the Fund does not currently foresee or
consider material. You may wish to consult with your legal or tax advisors, before deciding whether to invest in the&nbsp;Fund.</I></FONT></P>

<P><FONT SIZE=2><B><I>No Operating History.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a closed-end investment company with no history of operations and is
designed for long-term investors and not as a trading vehicle. During a fund's start-up period, the fund may not achieve the desired portfolio composition. If the fund
commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective. </FONT></P>

<P><FONT SIZE=2><B><I>Investment and Market Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An investment in common shares is subject to investment risk, including the possible
loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange
or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The common shares at
any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions. </FONT></P>

<P><FONT SIZE=2><B><I>Issuer Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The value of an issuer's securities that are held in the Fund's portfolio may decline for a number of
reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and&nbsp;services. </FONT></P>


<P><FONT SIZE=2><B><I>Dividend Strategy Risks.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund's pursuit of its investment objective depends upon the Adviser's ability to
anticipate the dividend policies of the companies in which it chooses to invest. It is difficult to anticipate the level of dividends that companies will pay in any given timeframe. The Fund's
strategies require the Adviser to identify and exploit opportunities such as the announcement of major corporate actions, such as restructuring initiatives or a special dividend, that may lead to high
current dividend income. These situations are typically not recurring in nature or frequency, may be difficult to predict and may not result in an opportunity that allows the Adviser to fulfill the
Fund's investment objective. In addition, the dividend policies of the Fund's target companies are heavily influenced by the current economic climate and the favorable federal tax treatment afforded
to dividends. Challenging economic conditions, affecting either the market as a whole or a specific investment in the Fund's portfolio, may limit the opportunity to benefit from the current dividend
policies of the companies in which the Fund invests or may cause such companies to reduce or eliminate their dividends. In addition, a change in the favorable provisions of the federal tax laws may
limit your
ability to benefit from dividend increases or special dividends, may effect a widespread reduction in announced dividends and may adversely impact the valuation of the shares of dividend-paying
companies. The use of dividend capture strategies will expose the Fund to increased trading costs and potential for capital loss or gain, particularly in the event of significant
short-term price movements of stocks subject to dividend capture trading. </FONT></P>

<P><FONT SIZE=2><B><I>Common Stock Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common stocks are an example of equity securities in which the Fund will invest. Although common
stocks have historically generated higher average returns than fixed income securities over the long term, common stocks also have experienced significantly more volatility in returns. Common stocks
may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks
held by the Fund. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<A NAME="page_di1813_1_27"> </A>
<BR>

<P><FONT SIZE=2>stock
market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in which
the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all
of the common stocks held by the Fund. Also, common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other
reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are structurally subordinated to preferred securities, bonds and
other debt instruments in a company's capital structure, in terms of priority to corporate income and assets, and therefore will be subject to greater risk than the preferred securities or debt
instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs&nbsp;increase. </FONT></P>

<P><FONT SIZE=2><B><I>Foreign Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund will have substantial exposure to foreign securities. The Fund's investments in
securities of foreign issuers are subject to risks not usually associated with owning securities of U.S.&nbsp;issuers. These risks can include fluctuations in foreign currencies, foreign
currency exchange controls, social, political and economic instability, differences in securities regulation and trading, expropriation or nationalization of assets, and foreign taxation issues. In
addition, changes in government administrations or economic or monetary policies in the United&nbsp;States or abroad could result in appreciation or depreciation of the Fund's securities. It may
also be more difficult to obtain and enforce a judgment against a foreign issuer. Any foreign investments made by the Fund must be made in compliance with U.S. and foreign currency restrictions and
tax laws restricting the amounts and types of foreign investments. The Fund has no other investment restrictions with respect to investing in foreign issuers. </FONT></P>

<P><FONT SIZE=2><B><I>Emerging Market Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investing in securities of issuers based in emerging markets entails all of the
risks of investing in securities of foreign issuers to a heightened degree. These heightened risks include: (i)&nbsp;greater risks of expropriation, confiscatory taxation, nationalization, and less
social, political and economic stability; (ii)&nbsp;the smaller size of the market for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; and
(iii)&nbsp;national policies that may restrict the Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests. </FONT></P>

<P><FONT SIZE=2><B><I>Small and Medium Cap Company Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Compared to investment companies that focus only on large capitalization
companies, the Fund's share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are
more likely to have (i)&nbsp;more limited product lines or markets and less mature businesses, (ii)&nbsp;fewer capital resources, (iii)&nbsp;more limited management depth and (iv)&nbsp;shorter
operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell
at times and at prices that the Adviser believes appropriate, and offer greater potential for gains and&nbsp;losses. </FONT></P>

<P><FONT SIZE=2><B><I>Portfolio Turnover Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The techniques and strategies contemplated by the Fund might result in a high degree of
portfolio turnover. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will likely exceed 100% under normal market
conditions, although it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and may generate
short-term capital gains taxable as ordinary income. </FONT></P>

<P><FONT SIZE=2><B><I>Defensive Positions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During periods of adverse market or economic conditions, the Fund may temporarily invest all
or a substantial portion of its assets in cash or cash equivalents. The Fund would not be pursuing its investment objectives in these circumstances and could miss favorable market developments. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2><B><I>Market Price of Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The shares of closed-end management investment companies often trade at a
discount from their net asset value, and the Fund's common shares may likewise trade at a discount from net asset value. The trading price of the Fund's common shares may be less than the public
offering price. The returns earned by the Fund's shareholders who sell their common shares below net asset value will be reduced. The Fund may utilize leverage, which magnifies the market risk. See
"Effect of&nbsp;Leverage." </FONT></P>

<P><FONT SIZE=2><B><I>Management Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund is subject to management risk because it is an actively managed portfolio. The Fund's
successful pursuit of its investment objective depends upon the Adviser's ability to find and exploit market inefficiencies with respect to undervalued securities and identify companies experiencing a
change in dividend policy, including the announcement of restructuring initiatives or special dividends. Such
situations occur infrequently and sporadically and may be difficult to predict, and may not result in a favorable pricing opportunity that allows the Adviser to fulfill the Fund's investment
objective. The Adviser's security selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals. If one or
more key individuals leaves the employ of the Adviser, the Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving
its investment objectives. </FONT></P>

<P><FONT SIZE=2><B><I>Leverage Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Leverage creates three major types of risks for shareholders: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
likelihood of greater volatility of net asset value and market price of common shares because changes in value of the Fund's portfolio (including changes in the value of
any interest rate swap, if applicable) are borne entirely by the common shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
possibility either that share income will fall if the interest rate on any borrowings or the dividend rate on any preferred shares issued rises, or that share income and
distributions will fluctuate because the interest rate on any borrowings or the dividend rate on any preferred shares issued varies;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the Fund leverages through issuing preferred shares or borrowings, the Fund may not be permitted to declare dividends or other distributions with respect to its common
shares or purchase its capital stock, unless at the time thereof the Fund meets certain asset coverage requirements. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances. During periods in
which the Fund is using leverage, the fees paid to the Adviser for investment advisory services and to ALPS for administrative services will be higher than if the Fund did not use leverage because the
fees paid will be calculated on the basis of the Fund's total assets, including proceeds from borrowings, which may create an incentive to leverage the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2><B><I>Short Sale Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When transacting a short sale, the Fund must borrow the security sold to make delivery to the
buyer. The Fund is then obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The price at such time may be higher or lower than the price at
which the security was sold by the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
short sale will be successful if the shorted security price decreases. However, if the underlying security goes up in price during the period during which the short position is
outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales
may be riskier than investments in long positions. With a long position the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no
maximum attainable price of the shorted security. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account
with its custodian containing cash or high-grade securities equal to (i)&nbsp;the greater of the current market value </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<BR>

<P><FONT SIZE=2>of
the stocks sold short or the market value of such securities at the time they were sold short, less (ii)&nbsp;any collateral deposited with the Fund's broker (not&nbsp;including the proceeds
from the short sales). The Fund may be required to add to the segregated account as the market price of a shorted security increases. As a result of maintaining and adding to its segregated account,
the Fund may maintain higher levels of cash or liquid assets (for&nbsp;example, U.S.&nbsp;Treasury bills, repurchased agreements, high quality commercial paper and long equity positions) for
collateral needs thus reducing its overall assets available for trading purposes. </FONT></P>

<P><FONT SIZE=2><B><I>REIT Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Fund invests in REITs, such investment will subject the Fund to various risks. The first, real
estate industry risk, is the risk that the REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent
properties. REITs often invest in highly leveraged properties. The second risk is the risk that returns from REITs, which typically are small or medium capitalization stocks, will trail returns from
the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income producing
investments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification
as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund
invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT, would be subject to a corporate level tax, would not be entitled to a
deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to
qualify as a REIT, such failure could drastically reduce the Fund's yield on that investment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid by REITs will not generally qualify for the reduced federal income tax rates similar to qualified dividends under the Code. See "Federal Income Tax&nbsp;Matters." </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund does not expect to invest a significant portion of its assets in REITs, but does not have any investment restrictions with respect to such investments. </FONT></P>

<P><FONT SIZE=2><B><I>MLP Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An investment in MLP units involves some risks that differ from an investment in the common stock of a
corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and
conflicts of interest may exist between common unit holders and the general partner, including those arising from incentive distribution payments. See "Federal Income Tax Matters." Although common
unitholders are generally limited in their liability, similar to a corporation's shareholders, creditors typically have the right to seek the return of distributions made to such unitholders if the
liability in question arose before the distribution was paid. This liability may stay attached to the common unitholder even after the units are sold. Investing in MLPs involves certain risks related
to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of
default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated
with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions.
MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or
more broadly based companies. </FONT></P>

<P><FONT SIZE=2><B><I>MLP Tax Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund's ability to meet its investment objective may depend in part on the level of taxable income
and distributions and dividends received from the MLP securities in which the Fund invests, a factor over which the Fund has no control. The benefit derived from our investment in MLPs is largely
dependent on the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>MLPs
being treated as partnerships for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution would be
reduced and distributions received by us would be taxed entirely as dividend income. </FONT></P>

<P><FONT SIZE=2><B><I>Deferred Tax Risks of MLPs.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a limited partner in the MLPs in which the Fund invests, the Fund will receive a
pro&nbsp;rata share of income, gains, losses and deductions from those MLPs. Historically, a significant portion of income from such MLPs has been offset by tax deductions. The Fund's common
shareholders will incur a current tax liability on that portion of an MLP's income and gains that is not offset by tax deductions and losses. The percentage of an MLP's income and gains that is offset
by tax deductions and losses will fluctuate over time for various reasons. </FONT></P>

<P><FONT SIZE=2><B><I>Investments in Undervalued Securities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment strategy includes investing in securities, which, in
the opinion of the Adviser, are undervalued. The identification of investment opportunities in undervalued securities is a difficult task and there is no assurance that such opportunities will be
successfully recognized or acquired. While investments in undervalued securities offer opportunities for above-average capital appreciation, these investments involve a high degree of financial risk
and can result in substantial losses. </FONT></P>

<P><FONT SIZE=2><B><I>Special Risks Associated with Foreign Currency Options.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Buyers and sellers of foreign currency options are subject
to the same risks that apply to options generally, as described below. In addition, there are certain additional risks associated with foreign currency options. The markets in foreign currency options
are relatively new, and the Fund's ability to establish and close out positions on such options is subject to the maintenance of a liquid secondary market. Although the Fund will not purchase or write
such options unless and until, in the opinion of the Adviser, the market for them has developed sufficiently to ensure that the risks in connection with such options are not greater than the risks in
connection with the underlying currency, there can be no assurance that a liquid secondary market will exist for a particular option at any specific time. In addition, options on foreign currencies
are affected by most of the same factors that influence foreign exchange rates and investments generally. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of a foreign currency option depends upon the value of the underlying currency relative to the U.S.&nbsp;dollar. As a result, the price of the option position may vary with
changes in the value of either or both currencies and may have no relationship to the investment merits of a foreign security. Because foreign currency transactions occurring in the interbank market
involve substantially larger amounts than those that may be involved in the use of foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting
of transactions of less than $1&nbsp;million) for the underlying foreign currencies at prices that are less favorable than for round&nbsp;lots. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no systematic reporting of last sale information for foreign currencies or any
regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Available quotation information is generally representative of very large
transactions in the interbank market and thus may not reflect relatively smaller transactions (i.e.,&nbsp;less than $1&nbsp;million) where rates may be less favorable. The interbank market in
foreign currencies is a global, around-the-clock market. To the extent that the U.S.&nbsp;option markets are closed while the markets for the underlying currencies remain
open, significant price and rate movements may take place in the underlying markets that cannot be reflected in the options markets until they&nbsp;reopen. </FONT></P>

<P><FONT SIZE=2><B><I>Risk Characteristics of Options and Futures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and futures transactions can be highly volatile investments.
Successful hedging strategies require the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures contracts and options as hedging
devices, the prices of the securities subject to the futures contracts and options may not correlate with the prices of the securities in a portfolio. This may cause the futures and options to react
to market changes differently than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful if changes in the value of the
portfolio securities do not correspond </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>to
changes in the value of the futures contracts. The ability to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary market.
If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained on the futures contract or&nbsp;option. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Special Risks Associated with Foreign Currency Futures Contracts and Related Options.</I></B></FONT><FONT SIZE=2> Buyers and sellers of foreign currency futures
contracts are subject to the same risks that apply to the use of futures generally, as described above. In addition, there are risks associated with foreign currency futures contracts and their use as
a hedging device similar to those associated with options on foreign currencies, as described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
on foreign currency futures contracts may involve certain additional risks. Trading options on foreign currency futures contracts is relatively new. The ability to establish and
close out positions on such options is subject to the maintenance of a liquid secondary market. To reduce this risk, the Fund will not purchase or write options on foreign currency futures contracts
unless and until, in the opinion of the Adviser, the market for such options has developed sufficiently that the risks in connection with such options are not greater than the risks in connection with
transactions in the underlying foreign currency futures contracts. Compared to the purchase or sale of foreign currency futures contracts, the purchase of call or put options on futures contracts
involves less potential risk to the Fund because the maximum amount at risk is the premium paid for the option (plus transaction costs). However, there may be circumstances when the purchase of a call
or put option on a futures contract would result in a loss of up to the amount of the premium paid for the option, such as when there is no movement in the price of the underlying currency or futures
contract. </FONT></P>

<P><FONT SIZE=2><B><I>Preferred Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to credit risk, investment in preferred securities carries risks including
deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at
its discretion, to defer distributions for up to 20&nbsp;consecutive quarters. Traditional preferreds also contain provisions that allow an issuer, under certain conditions to skip (in&nbsp;the
case of "noncumulative preferreds") or defer (in&nbsp;the case of "cumulative preferreds"), dividend payments. If the Fund owns a preferred security that is deferring its distributions, the Fund may
be required to report income for tax purposes while it is not receiving any distributions. Preferred securities typically contain provisions that allow
for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at
comparable rates of return. Preferred securities typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period, which varies by issue.
Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be
subject to greater credit risk than those debt instruments. Preferred securities may be substantially less liquid than many other securities, such as U.S.&nbsp;government securities, corporate debt
or common&nbsp;stocks. </FONT></P>

<P><FONT SIZE=2><B><I>Interest Rate Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk is the risk that preferred stocks paying fixed dividend rates and
fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise, the market value of such securities generally will fall. The Fund's
investment in preferred stocks and fixed-rate debt securities means that the net asset value and price of the common shares may decline if market interest rates rise. Interest rates are
currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred stock or fixed-rate debt securities may exercise its option to redeem
securities prior to maturity, forcing the Fund to reinvest in lower yielding securities. This is known as call risk. During periods of rising interest rates, the average life of certain types of
securities may be extended because of slower than expected payments. This may lock in a below market yield, increase the security's duration, and reduce the value of the security. This is known as
extension risk. The value of the Fund's common </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<P><FONT SIZE=2>stock
investments may also be influenced by changes in interest&nbsp;rates. </FONT></P>

<P><FONT SIZE=2><B><I>Convertible Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The value of a convertible security is a function of its "investment value"
(determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the&nbsp;security's
worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as
interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The
conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the
convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the
underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will
sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held
by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these
actions could have an adverse effect on the Fund's ability to achieve its investment objectives. </FONT></P>

<P><FONT SIZE=2><B><I>Illiquid Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restricted securities and other illiquid investments of the Fund involve the risk that
the securities will not be able to be sold at the time desired by the Adviser or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell
a security, the Fund may be obligated to pay all or part of the registration
expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a
period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists and other
illiquid investments are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Trustees of the&nbsp;Fund. </FONT></P>


<P><FONT SIZE=2><B><I>Inflation Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inflation risk is the risk that the purchasing power of assets or income from investment will be
worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during any periods
of rising inflation, dividend rates of any preferred shares of the Fund would likely increase, which would tend to further reduce returns to common shareholders. </FONT></P>

<P><FONT SIZE=2><B><I>Anti-Takeover Provisions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Declaration of Trust includes provisions that could have the
effect of inhibiting the Fund's possible conversion to open-end status and limiting the ability of other entities or persons to acquire control of the Fund or the Board of Trustees. In
certain circumstances, these provisions might also inhibit the ability of shareholders to sell their shares at a premium over prevailing market prices. See "Anti-Takeover Provisions in the
Declaration of&nbsp;Trust." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_listing_of_shares"> </A>
<A NAME="toc_di1813_2"> </A></FONT> <FONT SIZE=2><B>LISTING OF SHARES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund anticipates that its common shares will be listed on the NYSE, subject to notice of issuance, under the ticker symbol
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and will therefore be required to meet the NYSE's initial and continued listing requirements.
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_management_of_the_fund"> </A>
<A NAME="toc_di1813_3"> </A></FONT> <FONT SIZE=2><B>MANAGEMENT OF THE FUND    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Trustees and Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser. There are four trustees
of the Fund. One of the trustees is an "interested person" (as&nbsp;defined in the 1940 Act) of the Fund. The Trustees are responsible for the
Fund's overall management, including adopting the investment and other policies of the Fund, electing and replacing officers and selecting and supervising the Fund's investment adviser. The name and
business address of the trustees and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as a description of committees of the Board of
Trustees, are set forth under "Management" in the Statement of Additional Information. </FONT></P>

<P><FONT SIZE=2><B>Investment Adviser  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine Woods Capital Investors,&nbsp;LLC (the&nbsp;"Adviser"), located at 2500&nbsp;Westchester Avenue, Suite&nbsp;215, Purchase, New&nbsp;York, 10577,
serves as the Fund's investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a privately owned
investment management firm that manages a family of open-end mutual funds, another closed-end fund and also provides institutional investment management. The Adviser began conducting business in
March&nbsp;1998 and, together with entities owned by its officers, had approximately $4.1&nbsp;billion under management as of September&nbsp;30, 2006, approximately $3.4&nbsp;billion of which
was managed directly by the Adviser. The Adviser is a Delaware limited liability company organized on December&nbsp;3, 1997. Mr.&nbsp;Samuel A. Lieber is the controlling person of the Adviser. He
co-founded the Adviser with his father, Stephen A.&nbsp;Lieber. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the general supervision of the Fund's Board of Trustees, the Adviser will carry out the investment and reinvestment of the assets of the Fund, will furnish continuously an
investment program with respect to the Fund, will determine which securities should be purchased, sold or exchanged, and will implement such determinations. The Adviser will furnish to the Fund
investment advice and office facilities, equipment and personnel for servicing the investments of the Fund. The Adviser will compensate all Trustees and officers of the Fund who are members of the
Adviser's organization and who render investment services to the Fund, and will also compensate all other Adviser personnel who provide research and investment services to the Fund. In return for
these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Investment Advisory Agreement a monthly fee computed at the annual rate of 1.0% of the average
daily total assets of the Fund. The total estimated annual expenses of the Fund are set forth in the section titled "Summary of Fund&nbsp;Expenses." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent
with the Rules of Fair Practice of the National Association of Securities Dealers,&nbsp;Inc., and subject to seeking best price and execution, the Adviser may consider sales
of shares of other funds for which its serves as investment adviser as a factor in the selection of dealers to effect portfolio transactions for the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
its arrangements with privately placed funds that it manages, the Adviser receives a portion of the appreciation of such funds' portfolios. This may create an incentive for the
Adviser to allocate attractive investment opportunities to such funds. However, the Adviser has procedures designed to allocate investment opportunities in a fair and equitable manner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
discussion regarding the basis for the Board of Trustees approval of the Fund's Investment Advisory Agreement is available in the Fund's Statement of Additional Information and will
also be available in the Fund's&nbsp;reports. </FONT></P>

<P><FONT SIZE=2><B>Portfolio Managers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Jill K. Evans and Mr.&nbsp;Kevin Shacknofsky are the Fund's portfolio managers (collectively, the "Portfolio Managers"). In addition,
Messrs.&nbsp;Stephen A. Lieber and Samuel A. Lieber, respectively the Chief Investment Officer and the Chief Executive Officer of the Adviser, generally consult with each Portfolio Manager regarding
investment decisions. In carrying out their responsibilities for the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<BR>

<P><FONT SIZE=2>management
of the Fund's portfolio of securities, each Portfolio Manager has primary responsibility for particular geographic areas, but the Portfolio Managers generally consult each other with
respect to significant investment decisions. Ms.&nbsp;Evans is primarily responsible for U.S.&nbsp;investments, and Mr.&nbsp;Shacknofsky is primarily responsible for
non-U.S.&nbsp;investments. In cases where the Portfolio Managers are not in agreement with regard to an investment decision, Mr.&nbsp;Samuel Lieber has ultimate authority to decide
the&nbsp;matter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Statement of Additional Information contains additional information about the compensation of the Portfolio Managers, other accounts managed by the Portfolio Managers and the
Portfolio Managers' ownership of the securities of the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2><B><I>Jill Kaufman Evans  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jill Evans joined the Adviser in May&nbsp;2003 and has served as Portfolio Manager of the Alpine Dynamic Dividend Fund since its inception in
September&nbsp;2003 and the Alpine Global Dynamic Dividend Fund, which trades on the NYSE under the symbol "AGD," since its inception in July&nbsp;2006. She was instrumental in designing the
strategies and investment processes implemented by these funds to take advantage of the reduced dividend tax rates resulting from the Jobs and Growth Tax Relief Reconciliation Act of 2003. Her work on
the Alpine Dynamic Dividend Fund has attracted interest from numerous financial publications, including quotes and features in Barron's, Kiplinger's, Financial Advisor Magazine, The New&nbsp;York
Times, Investor's Business Daily, and The Wall Street Journal. She has also appeared on the financial TV networks CNBC and CNNfn and was a keynote speaker at the 13<SUP>th</SUP>&nbsp;Annual Louis
Rukeyser Investment Conference on the topic of dividend investing. The Alpine Dynamic Dividend Fund was also highlighted as an attractive dividend investment in Ben Stein and Phil Demuth's book, "Yes,
You Can Be a Successful Income Investor!" </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to joining the Adviser, Ms.&nbsp;Evans spent 15&nbsp;years at J.P. Morgan in New&nbsp;York as an equity research analyst and internal consultant. She was the Vice President
and Senior Equity Research Analyst covering small and mid-cap basic industries and was the global coordinator of the passenger and freight transportation sectors. As an analyst, she had
been recognized in several national investor surveys and financial periodicals, including Institutional Investor Magazine, The Wall Street Journal, The Wall Street Transcript, Thomson Financial and
Greenwich Associates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Evans
joined J.P. Morgan in 1988 as an analyst and then project manager in the internal consulting group, Management Services. She spent her last year in Management Services
working with McKinsey&nbsp;&amp;&nbsp;Co., consulting on several firm-wide cost reduction projects. Ms.&nbsp;Evans received a Bachelor of Arts degree in Economics from the University of
Pennsylvania. </FONT></P>

<P><FONT SIZE=2><B><I>Kevin Shacknofsky  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin Shacknofsky joined the Adviser in October&nbsp;2003 as an analyst dedicated to the Alpine Dynamic Dividend Fund and was promoted to associate Portfolio
Manager in June&nbsp;2004 and to
Portfolio Manager for the Alpine Dynamic Dividend Fund in June&nbsp;2006. Mr.&nbsp;Shacknofsky has also served as Portfolio Manager of the Alpine Global Dividend Fund, which trades on the NYSE
under the symbol "AGD," since its inception in July&nbsp;2006. Mr.&nbsp;Shacknofsky has lived on three different continents and has primary responsibility managing the international portfolio and
dividend capture strategy of the Alpine Dynamic Dividend Fund and of the Alpine Global Dynamic Dividend Fund, which currently invest one third and 50-80%, respectively, of their assets in
international securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously,
Mr.&nbsp;Shacknofsky was a Vice President in the venture capital firm Rein Capital in New&nbsp;Jersey for two years, investing in early stage Media&nbsp;&amp; Telecom
companies and assisting portfolio companies with hiring their management teams, developing their business plans and building strategic partnerships. His experience also includes positions as an
Investment Banking Associate at Lehman Brothers in New&nbsp;York, focusing on Media&nbsp;&amp; Telecom, and as a Private Equity Analyst for Hambros Grantham, the Private Equity division of
Hambros&nbsp;PLC, of Sydney, Australia, where he worked on new investments including management buyouts and helped monitor the existing portfolio by serving on the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<BR>

<P><FONT SIZE=2>board
of directors of a number of portfolio companies. Mr.&nbsp;Shacknofsky was also a Client Manager for Deloitte Touche Tohmatsu in Sydney Australia, where he worked for seven years initially as
an auditor primarily on multinational corporations and subsequently in their Corporate Finance Practice </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Shacknofsky
is a qualified Chartered Accountant and holds an MBA degree from Columbia Business School where he graduated with honors Beta Gamma Sigma in 2001. He received his
Bachelors of Business degree with a Major in Accounting and Finance from the University of Technology Sydney. </FONT></P>

<P><FONT SIZE=2><B>Key Executive Officers  </B></FONT></P>

<P><FONT SIZE=2><B><I>Stephen A. Lieber  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen Lieber is the Executive Vice President of the Fund. He brings half a century of successful investment management experience to the Adviser, of which he is
Chief Investment Officer. Mr.&nbsp;Lieber started working in the investment management field in 1950, and became a partner of Oppenheimer, Vanden Broeck&nbsp;&amp;&nbsp;Co., member of the
New&nbsp;York Stock Exchange, in 1953. Mr.&nbsp;Lieber was also a co-founder of Vanden Broeck Lieber&nbsp;&amp;&nbsp;Co. in&nbsp;1956. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Lieber
started his own investment firm, Lieber&nbsp;&amp;&nbsp;Co., in 1969 and formed the Evergreen Fund, a mutual fund, in 1971. The Evergreen Fund, which predominantly
invested in smaller entrepreneurial companies, was followed by a series of additional mutual funds managed by Lieber&nbsp;&amp;&nbsp;Co., or its affiliates, including: the Evergreen Total Return Fund
in 1978, the Evergreen Limited Market Fund in 1983, the Evergreen Growth and Income Fund in 1986, the Evergreen Foundation Fund in 1990 and the Evergreen Tax Strategic Foundation Fund in&nbsp;1993. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
Union Corp. purchased Lieber&nbsp;&amp;&nbsp;Co. (which was the parent firm of Evergreen Asset Management Corp., the investment adviser to the Evergreen Funds) in 1994. For the
following five years, Mr.&nbsp;Lieber continued as chairman, co-chief executive officer, and also as portfolio manager of the Evergreen Fund, the Evergreen Foundation Fund, the Evergreen
Tax Strategic Foundation Fund, the Evergreen Tax Strategic Equity Fund and several annuity funds and separate accounts. The effectiveness of these funds' strategies was highlighted in a
New&nbsp;York
Times article from October&nbsp;10, 1999 that cited a study evaluating the performance of investment managers over a substantial period of time. According to the article, since 1971, management of
the Evergreen Fund was ranked as one of three out of 1,437&nbsp;investment managers that exceeded appropriate benchmark performance through the investment cycles between 1971 and 1996. When
Mr.&nbsp;Lieber retired in 1999 as chairman and co-chief executive officer of Evergreen Asset Management Corp., the total of mutual fund assets under management was $21&nbsp;billion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
leaving Evergreen Asset Management Corp., Mr.&nbsp;Lieber formed Saxon Woods Advisors,&nbsp;LLC, an investment advisory firm registered under the Investment Advisers Act of
1940, to permit Mr.&nbsp;Lieber to continue management of accounts for individual clients and others. As of September&nbsp;30, 2006, Saxon Woods Advisors,&nbsp;LLC, an affiliate of the Adviser,
had approximately $575&nbsp;million of assets under management. Mr.&nbsp;Lieber received a Bachelor's degree in English (with honors) from Williams College, and attended the Harvard University
Graduate School of Arts&nbsp;&amp;&nbsp;Sciences. </FONT></P>

<P><FONT SIZE=2><B><I>Samuel A. Lieber  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel Lieber is the Chairman of the Board of Trustees and President of the Fund. He founded the Adviser (formerly Alpine Management&nbsp;&amp;
Research,&nbsp;LLC) and is its Managing Member and Chief Executive Officer. From 1985 to 1998, Mr.&nbsp;Lieber was the real estate securities portfolio manager and the senior real estate
securities analyst for the Evergreen Funds. In 1989, Mr.&nbsp;Lieber became the portfolio manager of the first public mutual fund that focused primarily on investing internationally in real
estate-related securities. Prior to 1985, Mr.&nbsp;Lieber was associated with Whitbread-Nolan,&nbsp;Inc. in the investment property brokerage division. Previous to this, Mr.&nbsp;Lieber worked
for the urban design firm, Project for Public Spaces, as a Noyes&nbsp;Fellow. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Lieber
has been widely quoted in the financial media, and has appeared on CNBC and radio, and been featured in Forbes, Individual </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<BR>

<P><FONT SIZE=2>Investor,
Smart Money, and Kiplinger's. Mr.&nbsp;Lieber has also been interviewed by The Wall Street Journal, The New&nbsp;York Times, Fortune, Barron's, and The Wall Street Transcript, among
other periodicals. He currently serves as portfolio manager of both Alpine International Real Estate Equity Fund and Alpine U.S.&nbsp;Real Estate Equity&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Lieber
received his Bachelor's degree (with high honors) from Wesleyan University and attended the New&nbsp;York University Graduate School of Business and New&nbsp;York
University's Real Estate Institute. </FONT></P>

<P><FONT SIZE=2><B>Administrator  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS, located at 1625&nbsp;Broadway, Suite&nbsp;2200, Denver, Colorado 80202, serves as administrator to the Fund. Under the Administration Agreement, ALPS
maintains the Fund's general ledger and is responsible for calculating the net asset value of the common shares, and generally managing the administrative affairs of the Fund. ALPS is entitled to
receive a monthly fee at the annual rate of 0.13% of the Fund's average daily total assets subject to a minimum annual fee of $300,000, plus out of pocket expenses. </FONT></P>


<P><FONT SIZE=2><B>Custodian and Transfer Agent  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New&nbsp;York, with an address at One Wall Street, New&nbsp;York, New&nbsp;York 10286, is the
custodian of the Fund and will maintain custody of the securities and cash of the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New&nbsp;York, with an address at 101&nbsp;Barclay Street, New&nbsp;York, New&nbsp;York 10286, also serves as the transfer agent and dividend paying agent of
the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2><B>Estimated Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser is obligated to pay expenses associated with providing the services contemplated by the agreements to which it is a party, including compensation of
and office space for its officers and employees connected with investment and economic research, trading and investment management and administration of the Fund. The Adviser is obligated to pay the
fees of any Trustee of the Fund who is affiliated with it. The fees and expenses incident to the offering and issuance of common shares to be issued by the Fund (which include certain partial
reimbursement of expenses of the underwriters) will be recorded as a reduction of capital of the Fund attributable to the common shares. Such fees and expenses constitute underwriting compensation and
are a component of the total compensation to underwriters. See "Underwriting." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of the anticipated size of the Fund immediately following the offering, assuming no exercise of the overallotment option, it is estimated that the Fund's annual operating
expenses will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
No assurance can be given, in light of the Fund's investment objectives and policies, however, that actual annual operating expenses will not be
substantially more or less than this&nbsp;estimate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs
incurred in connection with the organization of the Fund, estimated at
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, will be borne by the Adviser.
Offering expenses relating to the Fund's common shares (other
than the sales load), estimated at
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, [that do not exceed $0.04 per
common share (the&nbsp;"Reimbursement Cap")] will be payable upon completion of the
offering of common shares and will be charged to capital upon the commencement of investment operations of the Fund. [Such offering expenses include, but are not limited to,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.] [To the extent the Fund has not
otherwise paid offering expenses equal to the Reimbursement Cap, the Fund will pay up to 0.10% of the amount of the offering
up to the Reimbursement Cap to ALPS Distributors,&nbsp;Inc. as payment for its distribution assistance. The reduction of capital described above is limited to $0.04 per Common Share (0.20% of the
offering price). The Adviser or an affiliate has agreed to pay the amount, if any, by which the Fund's offering expenses (other than sales load) exceed the Reimbursement Cap]. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Advisory Agreement authorizes the Adviser to select brokers or dealers (including affiliates) to arrange for the purchase and sale of Fund securities, including principal
transactions. Any commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance with the Fund's procedures adopted in accordance with
Rule&nbsp;17e-1&nbsp;under the 1940&nbsp;Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_determination_of_net_asset_value"> </A>
<A NAME="toc_di1813_4"> </A></FONT> <FONT SIZE=2><B>DETERMINATION OF NET ASSET VALUE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net asset value of shares of the Fund is calculated by dividing the value of the Fund's net assets by the number of outstanding shares. Net asset value is
determined each day the New&nbsp;York Stock Exchange (the&nbsp;"NYSE") is open as of the close of regular trading (normally, 4:00&nbsp;p.m., Eastern time). In computing net asset value,
portfolio securities of the Fund are valued at their current market values determined on the basis of market quotations. If market quotations are not readily available, securities are valued at fair
value as determined by the Board of Trustees. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that
could be realized upon the sale of the security. Non-dollar denominated securities are valued as of the close of the NYSE at the closing price of such securities in their principal trading
market, but may be valued at fair value if subsequent events occurring before the computation of net asset value materially have affected the value of the&nbsp;securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
may take place in foreign issues held by the Fund at times when the Fund is not open for business. As a result, the Fund's net asset value may change at times when it is not
possible to purchase or sell shares of the Fund. The Fund uses a third-party pricing service to assist it in determining the market value of securities in the Fund's portfolio. ALPS calculates the
Fund's net asset value per common share by dividing the value of the Fund's total assets (the&nbsp;value of the securities the Fund holds plus cash or other assets, including interest accrued but
not yet received), less accrued expenses of the Fund, less the Fund's other liabilities (including dividends payable and any borrowings) by the total number of common shares outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining the net asset value of the Fund, readily marketable portfolio securities listed on the NYSE are valued, except as indicated below, at the last sale price
reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean
of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the
security is valued by such method as the Board of Trustees shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the NYSE but listed on other
domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which
such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on the NASDAQ are valued at
the closing&nbsp;price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Readily
marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by the Adviser to be
over-the-counter, are valued at the mean of the current bid and asked prices as reported by the NASD or, in the case of securities not reported by the NASD or a comparable
source as the Board of Trustees deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter, the
securities will generally be valued using the quotations the Board of Trustees believes reflect most closely the value of such securities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_distribution_policy"> </A>
<A NAME="toc_di1813_5"> </A></FONT> <FONT SIZE=2><B>DISTRIBUTION POLICY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to make a level dividend distribution each month to its shareholders of the net investment income of the Fund after payment of Fund operating
expenses. The level dividend rate may be modified by the Board of Trustees from time to time. If, for any monthly distribution, investment company taxable income, if any (which term includes net
short-term capital gain) and net tax-exempt income, if any, is less than the amount of the distribution, the difference will generally be a tax-free return of
capital distributed from the Fund's assets. The Fund's final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income
undistributed during the year, as well as all net capital gain realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net
tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and
profits. Distributions in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the shares. After such adjusted tax
basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital assets). This distribution policy may, under certain circumstances, have certain
adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder's assets being invested in the Fund and, over time, increase the
Fund's expense ratio. The distribution policy also may cause the Fund to sell a security at a time it would not otherwise do so in order to manage the distribution of income and gain. The initial
distribution is expected to be declared approximately 45&nbsp;days after the completion of this offering and paid approximately 60&nbsp;days after the completion of this offering, depending on
market conditions. If the Fund's investments are delayed, the initial distribution may consist principally of a return of&nbsp;capital. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the registered owner of common shares elects to receive cash, all dividends declared on common shares will be automatically reinvested in additional common shares of the Fund. See
"Dividend Reinvestment Plan." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
level dividend distribution described above would result in the payment of approximately the same amount or percentage to the Fund's shareholders each month. Section&nbsp;19(a) of
the 1940 Act and Rule&nbsp;19a-1&nbsp;thereunder require the Fund to provide a written statement accompanying any such payment that adequately discloses its source or sources. Thus, if
the source of the dividend or other distribution were the original capital contribution of the shareholder, and the payment amounted to a return of capital, the Fund would be required to provide
written disclosure to that effect. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are receiving net profits when
they are not. Shareholders should read any written disclosure provided pursuant to Section&nbsp;19(a) and Rule&nbsp;19a-1&nbsp;carefully, and&nbsp;should not assume that the source
of any distribution from the Fund is net&nbsp;profit. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1813_dividend_reinvestment_plan"> </A>
<A NAME="toc_di1813_6"> </A></FONT> <FONT SIZE=2><B>DIVIDEND REINVESTMENT PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the registered owner of common shares elects to receive cash by contacting The Bank of New&nbsp;York (the&nbsp;"Plan Administrator"), all dividends
declared on common shares will be automatically reinvested by the Plan Administrator for shareholders in the Fund's Dividend Reinvestment Plan (the&nbsp;"Plan"), in additional common shares of the
Fund. Shareholders that are not permitted to participate through their broker or nominee or who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by
check mailed directly to the shareholder of record (or, if the common shares are held in street or other nominee name, then to such nominee) by the Plan Administrator, as dividend disbursing agent.
You may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator, as dividend disbursing agent, at the address set forth below. Participation in
the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise
such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. If you hold your shares through a broker, and you wish for all dividends
declared on your common shares to be automatically reinvested pursuant to the Plan, please contact your&nbsp;broker. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan Administrator will open an account for each shareholder under the Plan in the same name in which such shareholder's common shares are registered. Whenever the Fund declares a
dividend or other distribution (together, a "Dividend") payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in common
shares. The common shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i)&nbsp;through receipt of additional
unissued but authorized common shares from the Fund ("Newly Issued common shares") or (ii)&nbsp;by purchase of outstanding common shares on the open market ("Open-Market Purchases") on
the NYSE or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per share is equal to or greater than the net asset value per share, the
Plan Administrator will invest the Dividend amount in Newly Issued common shares on behalf of the participants. The number of Newly Issued common shares to be credited to each participant's account
will be determined by dividing the dollar amount of the Dividend by the net asset value per share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing
market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per share on the payment date. If, on the payment date for any Dividend, the net
asset value per share is greater than the closing market value plus estimated brokerage commissions, the Plan Administrator will invest the Dividend amount in common shares acquired on behalf of the
participants in Open-Market Purchases. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the common shares trade
on an "ex-dividend" basis or 30&nbsp;days after the payment date for such Dividend, whichever is sooner (the&nbsp;"Last Purchase Date"), to invest the Dividend amount in common shares
acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market
Purchases, the market price per share exceeds the net asset value per share, the average per share purchase price paid by the Plan Administrator may exceed the net asset value of the common shares,
resulting in the acquisition of fewer common shares than if the Dividend had been paid in Newly Issued common shares on the Dividend payment date. Because of the foregoing difficulty with respect to
Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if
the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the
Dividend amount in Newly Issued common shares at the net asset value per share at the close </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

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<P><FONT SIZE=2>of
business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per share, the dollar amount of the Dividend will be divided
by 95% of the market price on the payment date for purposes of determining the number of shares issuable under the&nbsp;Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by
shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include
those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in
accordance with the instructions of the participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the Fund's shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on
the basis of the number of common shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in the&nbsp;Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a pro&nbsp;rata share of brokerage commissions incurred
in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable
(or&nbsp;required to be withheld) on such Dividends. See "Federal Income Tax Matters." Participants that request a sale of common shares through the Plan Administrator are subject to brokerage
commissions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
participating in the Plan may receive benefits not available to shareholders not participating in the Plan. If the market price plus commissions of the Fund's shares is
higher than the net asset value, participants in the Plan will receive shares of the Fund for less than they could otherwise purchase them and will have shares with a cash value greater than the value
of any cash distribution they would have received on their shares. If the market price plus commissions is below the net asset value, participants receive distributions of shares with a net asset
value greater than the value of any cash distribution they would have received on their shares. However, there may be insufficient shares available in the market to make distributions in shares at
prices below the net asset value. Also, because the Fund does not redeem its shares, the
price on resale may be more or less than the net asset&nbsp;value. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right
to amend the Plan to include a service charge payable by the participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
correspondence or questions concerning the Plan should be directed to the Plan Administrator, The Bank of New&nbsp;York, at One Wall Street, New&nbsp;York, NY 10286
(800)&nbsp;432-8224. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1813_federal_income_tax_matters"> </A>
<A NAME="toc_dk1813_1"> </A></FONT> <FONT SIZE=2><B>FEDERAL INCOME TAX MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary discussion of certain U.S.&nbsp;federal income tax consequences that may be relevant to a shareholder of the Fund that acquires,
holds and/or disposes of shares of the Fund, and reflects provisions of the Code, existing Treasury regulations, rulings published by the IRS, and other applicable authority, as of the date of this
prospectus. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important tax
considerations generally applicable to investments in the Fund and the discussion set forth herein does not constitute tax advice. For more detailed information regarding tax considerations, see the
Statement of Additional Information. There may be other tax considerations applicable to particular investors. In addition, income earned through an investment in the Fund may be subject to state,
local and foreign&nbsp;taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company under Subchapter&nbsp;M of the Code. In order for the Fund to qualify as
a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but&nbsp;not its
shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the&nbsp;excess of net long-term capital
gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on
regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution
requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund intends to make monthly distributions of investment company taxable income after payment of the Fund's operating expenses including interest on any outstanding borrowings.
Unless a shareholder is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional shares of the Fund pursuant to the Plan. For U.S.&nbsp;federal
income tax purposes, all dividends are generally taxable whether a shareholder takes them in cash or they are reinvested pursuant to the Plan in additional shares of the Fund. Distributions of the
Fund's investment company taxable income (including short-term capital gains) will generally be treated as ordinary income to the extent of the Fund's current and accumulated earnings and
profits. Distributions of the Fund's net capital gains ("capital gain dividends"), if any, are taxable to shareholders as long-term capital gains, regardless of the length of time shares
have been held by shareholders. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's shares and, after that basis has been reduced
to zero, will constitute capital gains to the shareholder of the Fund (assuming the shares are held as a capital asset). See below for a summary of the maximum tax rates applicable to capital gains
(including capital gain dividends). A corporation that owns Fund shares generally will not be entitled to the dividends received deduction with respect to all of the dividends it receives from the
Fund. Fund dividend payments that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be designated by the Fund as being eligible for the dividends
received deduction. There can be no assurance as to what portion of Fund dividend payments may be classified as qualifying dividends. With respect to the monthly distributions of investment company
taxable income described above, it may be the case that any "level load" distributions would result in a return of capital to the shareholder of the Funds. The determination of the character for
U.S.&nbsp;federal income tax purposes of any distribution from the Fund (i.e.&nbsp;ordinary income dividends, capital gains dividends, qualified dividends, return of capital distributions) will be
made as of the end of the Fund's taxable year. Generally, no later than 60&nbsp;days after the close of its taxable year, the Fund will provide shareholders with a written notice designating the
amount of any capital gain distributions or other distributions. See "Distribution Policy" for a more complete description of such returns and the risks associated with&nbsp;them. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current law, certain income distributions paid by the Fund to individual taxpayers may be taxed at rates equal to those applicable to net long-term capital gains (15%,
or 5% for individuals in the 10% or 15% tax brackets). This tax treatment applies only if certain holding period and other requirements are satisfied by the shareholder of the Fund with respect to its
shares of the Fund, and the dividends are attributable to qualified dividends received by the Fund itself. For this purpose, "qualified dividends" means dividends received by the Fund from certain
United&nbsp;States corporations and certain qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such
corporations. In the case of securities lending transactions, payments in lieu of dividends are not qualified dividends. Dividends received by the Fund from REITs are qualified dividends eligible for
this lower tax rate only in limited circumstances. These special rules relating to the taxation of ordinary income dividends from regulated investment companies generally apply to taxable years
beginning before January&nbsp;1, 2011. Thereafter, the Fund's dividends, other than capital gain dividends, will be fully taxable at ordinary income tax rates unless further Congressional
legislative action is taken. While certain income distributions to shareholders may qualify as qualified dividends, the Fund's objective is to provide dividends regardless of whether they so qualify.
As additional special rules apply to determine whether a distribution will be a qualified dividend, investors should consult their tax advisors. Investors should also see the "Taxes" section of the
Fund's Statement of Additional Information for more information relating to qualified dividends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and
U.S.&nbsp;possessions (collectively "foreign taxes") that would reduce the return on its securities. Tax conventions between certain countries and the United&nbsp;States, however, may reduce or
eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund's total assets at the
close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an election with the Internal Revenue Service that will enable its shareholders, in
effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat those taxes as dividends paid to its
shareholders and each shareholder (1)&nbsp;would be required to include in gross income, and treat as paid by such shareholder, a proportionate share of those taxes, (2)&nbsp;would be required to
treat such share of those taxes and of any dividend paid by the Fund that represents income from foreign or U.S.&nbsp;possessions sources as such shareholder's own income from those sources, and, if
certain conditions are met, (3)&nbsp;could either deduct the foreign taxes deemed paid in computing taxable income or, alternatively use the foregoing information in calculating the foreign tax
credit against federal income tax. The Fund will report to its shareholders shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes
paid to, foreign countries and U.S.&nbsp;possessions if it makes this&nbsp;election. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will inform its shareholders of the source and tax status of all distributions promptly after the close of each calendar&nbsp;year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
shareholders of the Fund will generally recognize gain or loss in an amount equal to the difference between the shareholder's adjusted tax basis in the shares sold and the amount
received. If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. Under current law, the maximum tax rate applicable to net capital gains recognized by individuals
and other non-corporate taxpayers is (i)&nbsp;the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less or
(ii)&nbsp;15% for gains recognized on the sale of capital assets held for more than one year (as&nbsp;well as certain capital gain dividends) (5% for individuals in the 10% or 15% tax brackets).
Any loss on a disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received with respect to those
shares. The use of capital losses is subject to limitations. For purposes of determining whether </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

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<BR>

<P><FONT SIZE=2>shares
have been held for six months or less, the holding period is suspended for any periods during which the shareholder's risk of loss is diminished as a result of holding one or more other
positions in substantially similar or related property, or through certain options or short sales. Any loss realized on a sale or exchange of shares will be disallowed to the extent those shares are
replaced by other substantially identical shares within a period of 61&nbsp;days beginning 30&nbsp;days before and ending 30&nbsp;days after the date of disposition of the shares (whether
through the reinvestment of distributions, which could occur, for example, if the shareholder is a participant in the Plan or otherwise). In that event, the basis of the replacement shares will be
adjusted to reflect the disallowed&nbsp;loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investor should be aware that, if shares are purchased shortly before the record date for any taxable dividend (including a capital gain dividend), the purchase price likely will
reflect the value of the dividend and the investor then would receive a taxable distribution likely to reduce the trading value of such shares, in effect resulting in
a taxable return of some of the purchase price. Taxable distributions to individuals and certain other non-corporate shareholders of the Fund, including those who have not provided their
correct taxpayer identification number and other required certifications, may be subject to "backup" federal income tax withholding at the fourth lowest rate of tax applicable to a single individual
(in&nbsp;2006,&nbsp;28%). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investor should also be aware that the benefits of the reduced tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the
application of the alternative minimum tax to individual shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's investments in options, futures contracts, hedging transactions, forward contracts (to&nbsp;the extent permitted) and certain other transactions will be subject to special
tax rules (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income to the Fund, defer
Fund losses, cause adjustments in the holding periods of securities held by the Fund, convert capital gain into ordinary income and convert short-term capital losses into
long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders. The Fund may be required to limit its activities in options
and futures contracts in order to enable it to maintain its regulated investment company&nbsp;status. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's transactions in foreign currencies, foreign currency denominated debt obligations and certain foreign currency options, futures contracts and forward contracts
(and&nbsp;similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on
the Fund's payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore, jeopardize the Fund's qualification for taxation as a regulated
investment company and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund intends to invest in equity securities of MLPs that are expected to derive income and gains from, among other things, the exploration, development, mining or production,
processing, refining, transportation (including pipeline transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. The Fund expects that these MLPs will be
treated as qualified publicly traded partnerships (as&nbsp;defined in Section&nbsp;851(h) of the Code). Accordingly, it is expected that the net income derived by the Fund from such investments
will qualify as "good income" for purposes of the income test referenced above. If the MLPs in which the Fund invests do not, however, qualify as qualified publicly traded partnerships under the new
rules or otherwise are not treated as corporations for U.S.&nbsp;federal income tax purposes, the income derived by the Fund from such investments may not qualify as "good income" and, therefore,
could adversely affect the Fund's status as a regulated investment company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MLPs in which the Fund intends to invest are expected to be treated as partnerships for U.S.&nbsp;federal income tax purposes. As a limited partner in the MLPs in which the Fund
invests, the Fund will receive a pro&nbsp;rata share of income, gains, losses and deductions from those MLPs. Furthermore, because the MLPs are expected to be treated as partnerships, the cash
distributions
received by the Fund from an MLP may not correspond to the amount of income allocated to the Fund by the MLP in any given taxable year. If the amount of income allocated by an MLP to the Fund exceeds
the amount of cash received by such MLP, the Fund may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining its regulated investment company status
and avoiding U.S.&nbsp;federal income and excise taxes. Accordingly, the Fund may have to dispose of securities under disadvantageous circumstances in order to generate sufficient cash to satisfy
the distribution requirements. As this discussion does not include a full discussion of the Fund's investment in MLPs and the character of the income in connection therewith, investors should consult
their own tax advisors. Investors should also see the Statement of Additional Information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing briefly summarizes some of the important federal income tax consequences to shareholders of investing in the Fund's shares, reflects the federal tax law as of the date of
this prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate, tax-exempt and foreign investors. Investors should consult their tax
advisers regarding other federal, state or local tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law&nbsp;changes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1813_description_of_capital_structure"> </A>
<A NAME="toc_dk1813_2"> </A></FONT> <FONT SIZE=2><B>DESCRIPTION OF CAPITAL STRUCTURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is an unincorporated statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of
State of Delaware on October&nbsp;27, 2006. The Fund's Declaration of Trust provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest. The Trustees have
authorized an unlimited number of common shares. The Fund intends to hold annual meetings of its shareholders in compliance with the requirements of the&nbsp;NYSE. </FONT></P>

<P><FONT SIZE=2><B>Common Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional common shares of beneficial
interest, no par value. Each share of the Fund represents an equal proportionate interest in the assets of the Fund with each other share in the Fund. Holders of common shares will be entitled to the
payment of dividends when, as and if declared by the Board of Trustees. The Fund intends to make a level dividend distribution each month to its shareholders after payment of fund operating expenses
including interest on outstanding borrowings, if any. See "Distribution Policy." Unless the registered owner of common shares elects to receive cash, all dividends declared on common shares will be
automatically reinvested for shareholders in additional common shares of the Fund. See "Dividend Reinvestment Plan." The 1940 Act or the terms of any borrowings may limit the payment of dividends to
the holders of common shares. Each whole share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon
liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem
necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The shares are not liable to further calls or to assessment by the Fund. There are
no pre-emptive rights associated with the shares. The Declaration of Trust provides that the Fund's shareholders are not liable for any liabilities of the Fund. Although shareholders of an
unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the
provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has no present intention of offering additional common shares, except as described herein. Other offerings of its common shares, if made, will require approval of the Board of
Trustees. Any additional offering will not be sold at a price per share below the then current net asset value (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing shareholders of the Fund or with the consent of a majority of the Fund's outstanding common shares. The common shares have no preemptive rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund generally will not issue share certificates. However, upon written request to the Fund's transfer agent, a share certificate will be issued for any or all of the full common
shares credited to an investor's account. Common share certificates that have been issued to an investor may be returned at any time. The Fund's Transfer Agent will maintain an account for each
shareholder upon which the registration and transfer of shares are recorded, and transfers will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a
shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges. </FONT></P>

<P><FONT SIZE=2><B>Credit Facility  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to enter into definitive agreements with respect to a credit facility to facilitate borrowings for investment purposes or otherwise. See "Effects
of Leverage." The Fund may negotiate with commercial banks to arrange a credit facility pursuant to which the Fund would expect to be entitled to borrow an amount not to exceed 33<SUP>1</SUP>/<SMALL>3</SMALL>%
of the Fund's total assets (inclusive of the amount borrowed) as of the closing of the offer and sale of the common shares offered hereby. Such a facility is not expected to be convertible into any
other securities of the Fund, outstanding amounts are expected to be prepayable
by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity
or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the facility or incur a penalty rate of interest in the event of the occurrence of
certain events of default. The Fund would be expected to indemnify the lenders under the facility against liabilities they may incur in connection with the facility. The Fund may be required to pay
commitment fees under the terms of any such&nbsp;facility. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Fund expects that such a credit facility would contain covenants that, among other things, likely will limit the Fund's ability to pay dividends in certain
circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in
addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against
interest or principal payments and expenses. The Fund expects that any credit facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund
will enter into an agreement for a credit facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such
credit facility may in the future be replaced or refinanced by one or more credit facilities having substantially different terms. </FONT></P>

<P><FONT SIZE=2><B>Repurchase of Shares And Other Discount Measures  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because shares of closed-end management investment companies frequently trade at a discount to their net asset values, the Board of Trustees has
determined that from time to time it may be in the interest of the Fund's shareholders for the Fund to take corrective actions. The Board of Trustees, in consultation with the Adviser, will review at
least annually the possibility of open market repurchases and/or tender offers for the common shares and will consider such factors as the market price of the common shares, the net asset value of the
common shares, the liquidity of the assets of the Fund, effect on the Fund's expenses, whether such transactions would impair the Fund's status as a regulated investment company or result in a failure
to comply with applicable asset coverage requirements, general </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

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<A NAME="page_dk1813_1_46"> </A>
<BR>

<P><FONT SIZE=2>economic
conditions and such other events or conditions, which may have a material effect on the Fund's ability to consummate such transactions. There are no assurances that the Board of Trustees
will, in fact, decide to undertake either of these actions or, if undertaken, that such actions will result in the Fund's common shares trading at a price which is equal to or approximates their net
asset value. In recognition of the possibility that the common shares might trade at a discount to net asset value and that any such discount may not be in the interest of the Fund's shareholders, the
Board of Trustees, in consultation with the Adviser, from time to time may review possible actions to reduce any such&nbsp;discount. </FONT></P>


<P><FONT SIZE=2><B>Preferred Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares
("preferred shares"), having no par value per share or such other amount as the Trustees may establish, in one or more series, with rights as determined by the Board of Trustees, by action of the
Board of Trustees without the approval of the common shareholders. The Board may, but has no current intention to, issue preferred shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an "asset coverage" of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as&nbsp;defined in the 1940 Act), bears to the aggregate amount of senior
securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. If the Fund seeks a rating of the preferred shares, asset coverage
requirements, in addition to those set forth in the 1940 Act, may be imposed. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus redemption
premium, if any, together with any accrued and unpaid dividends thereon (on&nbsp;a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their dividend
rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board of Trustees (subject to applicable law and the Fund's Declaration of Trust) if and when it
authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing
procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the dividend rate as redetermined on the Fund's preferred shares may approach or
exceed the Fund's return after expenses on the investment of proceeds from the preferred shares and the Fund's leveraged capital structure would result in a lower rate of return to common shareholders
than if the Fund were not so structured. If issued, preferred shares may be viewed as adding leverage to the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive
a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with accrued and unpaid dividends, whether or not earned or
declared and on a cumulative basis) before any distribution of assets is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled,
the preferred shareholders would not be entitled to any further participation in any distribution of assets by the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 1940 Act, if at any time dividends on the preferred shares are unpaid in an amount equal to two full years' dividends thereon, the holders of all outstanding preferred shares,
voting as a class, will be allowed to elect a majority of the Fund's Trustees until all dividends in default have been paid or declared and set apart for payment. In addition, if required by the
Rating Agency rating the preferred shares or if the Board of Trustees determines it to be in the best interests of the common shareholders, issuance of the preferred shares may result in more
restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund's Board of Trustees in other
circumstances, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

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<A NAME="page_dk1813_1_47"> </A>
<BR>

<P><FONT SIZE=2>for
example, if one payment on the preferred shares is in&nbsp;arrears. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund were to issue preferred shares, it is expected that the Fund would seek a AAA/Aaa credit rating for the preferred shares from a Rating
Agency. In that case, as long as preferred shares are outstanding, the composition of its portfolio would reflect guidelines established by such Rating Agency. Although, as of the date hereof, no such
Rating Agency has established guidelines relating to any such preferred shares, based on previous guidelines established by such Rating Agencies for the securities of other issuers, the Fund
anticipates that the guidelines with respect to the preferred shares would establish a set of tests for portfolio composition and asset coverage that supplement (and&nbsp;in some cases are more
restrictive than) the applicable requirements under the 1940 Act. Although, at this time, no assurance can be given as to the nature or extent of the guidelines, which may be imposed in connection
with obtaining a rating of the preferred shares, the Fund currently anticipates that such guidelines will include asset coverage requirements, which are more restrictive than those under the 1940 Act,
restrictions on certain portfolio investments and investment practices, requirements that the Fund maintain a portion of its assets in short-term, high-quality, fixed-income
securities and certain mandatory redemption requirements relating to the preferred shares. No assurance can be given that the guidelines actually imposed with respect to the preferred shares by such
Rating Agency will be more or less restrictive than as described in this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1813_anti-takeover_provisions_in_the_declaration_of_trust"> </A>
<A NAME="toc_dk1813_3"> </A></FONT> <FONT SIZE=2><B>ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to
change the composition of the Board of Trustees, and could have the effect of depriving the Fund's shareholders of an opportunity to sell their common shares at a premium over prevailing market prices
by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the
effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Board of Trustees is divided into three classes, with the term of one class expiring at each
annual meeting of the Fund's shareholders. At each annual meeting, one class of Trustees is elected to a three-year term. This provision could delay for up to two years the replacement of
a majority of the Board of Trustees. A Trustee may be removed from office without cause only by a written instrument signed or adopted by two-thirds of the remaining Trustees or by a vote
of the holders of at least two-thirds of the class of shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the&nbsp;matter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration of Trust provides that the Fund may not merge with another entity, or sell, lease or exchange all or substantially all of its assets without the approval of at least
two-thirds of the Trustees and 75% of the affected shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Declaration of Trust requires the favorable vote of the holders of at least 80% of the outstanding shares of each class of the Fund, voting as a class, then entitled to
vote to approve, adopt or authorize certain transactions with 5%-or-greater holders of the Fund's outstanding shares and their affiliates or associates, unless
two-thirds of the Board of Trustees have approved by resolution a memorandum of understanding with such holders, in which case normal voting requirements would be in effect. For purposes
of these provisions, a 5%-or-greater holder of outstanding shares (a&nbsp;"Principal Shareholder") refers to any person who, whether directly or indirectly and whether alone
or together with its affiliates and associates, beneficially owns 5% or more of the outstanding shares of beneficial interest of the Fund. The transactions subject to these special approval
requirements are: (i)&nbsp;the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal Shareholder; (ii)&nbsp;the issuance of any securities of the Fund to any
Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan or pursuant to any offering in which such Principal Shareholder acquires securities that represent no
greater a percentage of any class or series of securities being offered than </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

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<A NAME="page_dk1813_1_48"> </A>
<BR>

<P><FONT SIZE=2>the
percentage of any class of shares beneficially owned by such Principal Shareholder immediately prior to such offering or, in the case of securities, offered in respect of another class or series,
the percentage of such other class or series beneficially owned by such Principal Shareholder immediately prior to such offering); (iii)&nbsp;the sale, lease or exchange of all or any substantial
part of the assets of the Fund to any Principal Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets
sold, leased or exchanged in any series of similar transactions within a twelve-month period); (iv)&nbsp;the sale, lease or exchange to the Fund or any subsidiary thereof, in exchange for securities
of the Fund, of any assets of any Principal Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold,
leased or exchanged in any series of similar transactions within a twelve-month period); or (v)&nbsp;the purchase by the Fund, or any entity controlled by the Fund, of any common shares from any
Principal Shareholder or any person to whom any Principal Shareholder transferred common&nbsp;shares. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees has determined that provisions with respect to the Board of Trustees and the 80% voting requirements described above, which voting requirements are greater than the
minimum requirements under Delaware law or the 1940 Act, are in the best interest of the Fund's shareholders generally. Reference should be made to the Declaration of Trust on file with the SEC for
the full text of these provisions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1813_potential_conversion_to_open-end_fund"> </A>
<A NAME="toc_dk1813_4"> </A></FONT> <FONT SIZE=2><B>POTENTIAL CONVERSION TO OPEN-END FUND    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may be converted to an open-end management investment company at any time if approved by each of the following: (i)&nbsp;a majority of the
Trustees then in office, (ii)&nbsp;the holders of not less than 75% of the Fund's outstanding shares entitled to vote thereon and (iii)&nbsp;by such vote or votes of the holders of any class or
classes or series of shares as may be required by the 1940 Act. The composition of the Fund's portfolio likely would prohibit the Fund from complying with regulations of the SEC applicable to
open-end management investment companies. Accordingly, conversion likely would require significant changes in the Fund's investment policies and liquidation of a substantial portion of the
relatively illiquid portion of its portfolio. In the event of conversion, the common shares would cease to be listed on the NYSE or other national securities exchange or market system. The Board of
Trustees believes, however, that the closed-end structure is desirable, given the Fund's investment objectives and policies. Investors should assume, therefore, that it is unlikely that
the Board of Trustees would vote to convert the Fund to an open-end management investment company. Shareholders of an open-end management investment company may require the
company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect
at the time of a redemption. The Fund would expect to pay all such redemption requests in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If
such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Fund were converted to an open-end fund, it is likely that
new common shares would be sold at net asset value plus a sales&nbsp;load. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1813_underwriting"> </A>
<A NAME="toc_dm1813_1"> </A></FONT> <FONT SIZE=2><B>UNDERWRITING    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Capital Markets,&nbsp;LLC,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are acting as representatives of the underwriters named below.
Subject
to the terms and conditions stated in the underwriting agreement dated the date of the final prospectus, each underwriter named below has agreed to purchase, and the Fund has agreed to sell to that
underwriter, the number of common shares of beneficial interest set forth opposite the underwriter's&nbsp;name. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="76%" ALIGN="LEFT"><FONT SIZE=2><B>Underwriters<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=2><B>Number of Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Wachovia Capital Markets,&nbsp;LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriting agreement provides that the obligations of the underwriters to purchase the common shares included in this offering are subject to approval of legal matters by counsel
and to other conditions. The underwriters are obligated to purchase all the common shares (other than those covered by the over-allotment option described below) shown in the table above
if any of the common shares are&nbsp;purchased. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters propose to offer some of the common shares directly to the public at the public offering price set forth on the cover page of this prospectus and some of the common
shares to dealers at the public offering price less a concession not to exceed $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. The sales load the Fund will pay of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share is equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the initial public offering price. The underwriters may allow, and dealers may reallow, a concession not to exceed $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share on sales to other dealers. If all of the common
shares
are not sold at the initial public offering price, the representatives may change the public offering
price and other selling terms. Investors must pay for any common shares purchased on or
before&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2006. The representatives
have advised the Fund that the underwriters do not intend to
confirm any sales to any accounts over which they exercise discretionary authority. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser (and&nbsp;not the Fund) has agreed to pay to Wachovia Capital Markets,&nbsp;LLC, from its own assets, a structuring fee for advice relating to the structure, design and
organization of the Fund as well as services related to the sale and distribution of the Fund's common shares in the amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The structuring fee paid to Wachovia Capital
Markets,&nbsp;LLC will not exceed 0.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total public offering price of the common shares sold in this&nbsp;offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser (and&nbsp;not the Fund) may also pay certain qualifying underwriters a marketing and structuring fee, a sales incentive fee, or additional compensation in connection with
the offering. The total amount of the underwriter compensation payments described above will not exceed 4.5% of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=54,EFW="2174449",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=388260,FOLIO='49',FILE='DISK123:[06DEN3.06DEN1813]DM1813A.;5',USER='DSCHWAR',CD='13-NOV-2006;15:09' -->
<A NAME="page_dm1813_1_50"> </A>
<BR>

<P><FONT SIZE=2>the
total public offering price of the shares offered hereby. The sum total of all compensation to the underwriters in connection with this public offering of common shares, including sales load and
all forms of additional compensation or structuring or sales incentive fee payments to the underwriters and other expenses, will be limited to not more than 9.0% of the total public offering price of
the common shares sold in this&nbsp;offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has granted to the underwriters an option, exercisable for 45&nbsp;days from the date of this prospectus, to purchase up to additional common shares at the public offering
price less the sales load. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent such option
is exercised, each Underwriter must purchase a number of additional common shares approximately proportionate to that Underwriter's initial purchase commitment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has agreed that, for a period of 180&nbsp;days from the date of this Prospectus, it will not, without the prior written consent of Wachovia Capital Markets,&nbsp;LLC, on
behalf of the underwriters, dispose of or hedge any common shares or any securities convertible into or exchangeable for common shares. Wachovia Capital Markets,&nbsp;LLC, in its sole discretion,
may release any of the securities subject to these agreements at any time without&nbsp;notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters have undertaken to sell common shares to a minimum of 2,000&nbsp;beneficial owners in lots of 100 or more shares to meet the New&nbsp;York Stock Exchange
distribution requirements for trading. The Fund anticipates that its common shares will be listed on the New&nbsp;York Stock Exchange under the symbol
"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the sales load that the Fund will pay to the underwriters in&nbsp;connection with this offering. These amounts are shown assuming both no exercise and full
exercise of&nbsp;the underwriters' option to purchase additional common shares. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="43%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=2><B>Paid By Fund</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="43%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>No Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><B>Full Exercise</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Per share</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund and the Adviser have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, or to contribute to payments the
underwriters may be required to make because of any of those liabilities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
underwriters may make a market in the common shares after trading in the common shares has commenced on the NYSE. No Underwriter, however, is obligated to conduct market-making
activities and any such activities may be discontinued at any time without notice, at the sole discretion of the Underwriter. No assurance can be given as to the liquidity of, or the trading market
for, the common shares as a result of any market-making activities undertaken by any Underwriter. This prospectus is to be used by any Underwriter in connection with the offering and, during the
period in which a prospectus must be delivered, with offers and sales of the common shares in market-making transactions in the over-the-counter market at negotiated prices
related to prevailing market prices at the time of the&nbsp;sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the offering, Wachovia Capital Markets,&nbsp;LLC, on behalf of itself and the other underwriters, may purchase and sell common shares in the open market. These
transactions may include short sales, syndicate covering transactions and stabilizing transactions. Short sales involve syndicate sales of common shares in excess of the number of common shares to be
purchased by the underwriters in the offering, which creates a syndicate short position. "Covered" short sales are sales of common shares made in an amount up to the number of common shares
represented by the underwriters' over-allotment option. In determining the source of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_dm1813_1_51"> </A>
<BR>

<P><FONT SIZE=2>common
shares to close out the covered syndicate short position, the underwriters will consider, among other things, the price of common shares available for purchase in the open market as compared to
the price at which they may purchase common shares through the overallotment option. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
to close out the covered syndicate short position involve either purchases of common shares in the open market after the distribution has been completed or the exercise of
the over-allotment option. The
underwriters may also make "naked" short sales of common shares in excess of the overallotment option. The underwriters must close out any naked short position by purchasing common shares in the open
market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of common shares in the open market after pricing that
could adversely affect investors who purchase in the offering. Stabilizing transactions consist of bids for or purchases of common shares in the open market while the offering is in&nbsp;progress. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters may impose a penalty bid. Penalty bids allow the underwriting syndicate to reclaim selling concessions allowed to an underwriter or a dealer for distributing common
shares in this offering if the syndicate repurchases common shares to cover syndicate short positions or to stabilize the purchase price of the common&nbsp;shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these activities may have the effect of preventing or retarding a decline in the market price of common shares. They may also cause the price of common shares to be higher than
the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions on the New&nbsp;York Stock Exchange or in the
over-the-counter market, or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any&nbsp;time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus in electronic format may be made available on the websites maintained by one or more of the underwriters. Other than the prospectus in electronic format, the information on
any such Underwriter's website is not part of this prospectus. The representatives may agree to allocate a number of common shares to underwriters for sale to their online brokerage account holders.
The representatives will allocate common shares to underwriters that may make Internet distributions on the same basis as other allocations. In addition, common shares may be sold by the underwriters
to securities dealers who resell common shares to online brokerage account holders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund anticipates that, from time to time, certain underwriters may act as brokers or dealers in connection with the execution of the Fund's portfolio transactions after they have
ceased to be underwriters and, subject to certain restrictions, may act as brokers while they are underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
underwriters may, from time to time, engage in transactions with or perform services for the Adviser, the Subadviser and their affiliates in the ordinary course of business.
Prior to the initial public offering of common shares, the Adviser purchased common shares from the Fund in an amount satisfying the net worth requirements of Section&nbsp;14(a) of the
1940&nbsp;Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal business address of Wachovia Capital Markets,&nbsp;LLC is 375&nbsp;Park Avenue, New&nbsp;York, New&nbsp;York&nbsp;10152. </FONT></P>

<P><FONT SIZE=2><B>[Other Relationships and Additional Underwriting Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Fund has not otherwise paid offering expenses equal to the Reimbursement Cap, the Fund will pay up to 0.10% of the amount of the offering
up to the Reimbursement Cap to ALPS Distributors,&nbsp;Inc. as payment for its distribution assistance. ALPS Distributors,&nbsp;Inc. will provide distribution assistance in connection with the
sale of the Common Shares of the Fund by coordinating the road show, and by designing and coordinating the printing of the marketing materials used in connection with the offering. Additionally, its
registered representatives with the National Association of Securities Dealers,&nbsp;Inc., who are internal or external wholesalers registered through ALPS Distributors,&nbsp;Inc., will
participate and engage in the road show by giving presentations about the Fund to branch offices of the underwriters. The payment by the Fund to ALPS Distributors,&nbsp;Inc. of up to 0.10% of the
amount of the offering up to the Reimbursement Cap will be used solely to pay </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_dm1813_1_52"> </A>
<BR>

<P><FONT SIZE=2>for
ALPS Distributors,&nbsp;Inc.'s assistance with coordinating the road show, designing and coordinating the printing of marketing materials, and to reimburse ALPS Distributors,&nbsp;Inc. for its
reasonable out-of-pocket expenses related to the road show. In this offering and as part of the Fund's estimated offering expenses of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the Fund will reimburse
ALP Distributors,&nbsp;Inc. for distribution assistance. With the exception of the foregoing, ALPS Distributors,&nbsp;Inc. will not receive any compensation for its distribution assistance in
connection with this&nbsp;offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of ALPS Distributors,&nbsp;Inc. is 1625&nbsp;Broadway, Suite&nbsp;2200, Denver, Colorado 80202.] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1813_legal_matters"> </A>
<A NAME="toc_dm1813_2"> </A></FONT> <FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters in connection with the common shares will be passed upon for the Fund by Blank Rome&nbsp;LLP, New&nbsp;York, New&nbsp;York, and for
the underwriters by Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP, New&nbsp;York, New&nbsp;York. Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP may rely as to certain
matters governed by the Delaware Statutory Trust Act on the opinion of Blank Rome&nbsp;LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1813_reports_to_shareholders"> </A>
<A NAME="toc_dm1813_3"> </A></FONT> <FONT SIZE=2><B>REPORTS TO SHAREHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will send to its shareholders unaudited semi-annual and audited annual reports, including a list of investments held. In addition, the Fund
anticipates posting the Fund's portfolio holdings for as of the end of each calendar quarter on the Fund's&nbsp;website. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1813_independent_registered_public_accounting_firm"> </A>
<A NAME="toc_dm1813_4"> </A></FONT> <FONT SIZE=2><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;is the independent registered public accounting firm for the Fund and will audit the Fund's financial
statements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is located at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1813_additional_information"> </A>
<A NAME="toc_dm1813_5"> </A></FONT> <FONT SIZE=2><B>ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus and the Statement of Additional Information do not contain all of the information set forth in the Registration Statement that the Fund has filed
with the SEC (file No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).
The complete Registration Statement may be obtained from the SEC at </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. See the
cover page of this prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information without&nbsp;charge. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do1813_1_53"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1813_table_of_contents_of_th__do102494"> </A>
<A NAME="toc_do1813_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS OF<BR>  THE STATEMENT OF ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="91%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Additional Investment Information and Restrictions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Management</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Code of Ethics</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Proxy Voting Procedures</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Investment Advisory and Other Services</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Portfolio Managers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Allocation of Brokerage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Determination of Net Asset Value</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Taxes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Other Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Independent Registered Public Accounting Firm</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-20</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1813_the_fund_s_privacy_policy"> </A>
<A NAME="toc_do1813_2"> </A></FONT> <FONT SIZE=2><B>THE FUND'S PRIVACY POLICY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund collects non-public information about you from the following sources: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Information
we receive about you on applications or other forms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Information
you give us orally; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Information
about your transactions with others or us. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund does not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as required by law or in
response to inquiries from governmental authorities. The Fund restricts access to your personal and account information to those employees who need to know that information to provide products and
services to you. The Fund also may disclose that information to unaffiliated third parties (such as to brokers or custodians) only as permitted by law and only as needed for us to provide agreed
services to you. The Fund maintains physical, electronic and procedural safeguards to guard your non-public personal information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information about the Fund's privacy policies, call (800)&nbsp;617-7616 (toll-free). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

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<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=5><B>Alpine Total Dynamic Dividend Fund  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B> Common Shares of Beneficial Interest  </B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2><B> <BR>
[LOGO]  </B></FONT></P>

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<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=2><B> P&nbsp;R&nbsp;E&nbsp;L&nbsp;I&nbsp;M&nbsp;I&nbsp;N&nbsp;A&nbsp;R&nbsp;Y&nbsp;&nbsp;&nbsp;&nbsp;P&nbsp;R&nbsp;O&nbsp;S&nbsp;P&nbsp;E&nbsp;C&nbsp;T&nbsp;U&nbsp;S<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2006  </B></FONT></P>

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</TR>
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<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>Wachovia Securities  </B></FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities
in any state where the offer or sale is not&nbsp;permitted.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="be1818_statement_of_additional_inform__sta04261"> </A>
<A NAME="toc_be1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>STATEMENT OF ADDITIONAL INFORMATION<BR>  <BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>  <BR>    Alpine Total Dynamic Dividend Fund<BR>  2500&nbsp;Westchester Avenue, Suite&nbsp;215<BR>  Purchase, NY 10577    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>This Statement of Additional Information ("SAI") is not a prospectus. This SAI should be read in conjunction with the prospectus of Alpine
Total Dynamic Dividend Fund (the&nbsp;"Fund"), dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, as it
may be supplemented from time to time.
Capitalized terms used but not defined in this SAI have the meanings given to them in the&nbsp;prospectus.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A copy of the prospectus may be obtained without charge by contacting your financial intermediary or calling the Fund at (800)&nbsp;617-7616
(toll-free). The registration statement of which the prospectus is a part can be reviewed and copied at the Public Reference Room of the SEC at 100&nbsp;F Street NE,
Washington,&nbsp;D.C. You may call the SEC at (800)&nbsp;SEC-0330&nbsp;for information on the operation of the Public Reference Room. The Fund's filings with the SEC are also
available to the public on the SEC's Internet website at </B></FONT><FONT SIZE=2><B><I>www.sec.gov</I></B></FONT><FONT SIZE=2><B> and at the Fund's website www.alpinecef.com. Copies of these filings may be
obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100&nbsp;F St. NE,
Washington,&nbsp;D.C. 20549-0102.</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1818_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>
<A NAME="BG1818_TOC"></A> </FONT></P>

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<TD WIDTH="100%"><A HREF="#da1818_additional_investment_information_and_restrictions"><FONT SIZE=2>Additional Investment Information and Restrictions</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#da1818_management"><FONT SIZE=2>Management</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#da1818_code_of_ethics"><FONT SIZE=2>Code of Ethics</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#da1818_proxy_voting_procedures"><FONT SIZE=2>Proxy Voting Procedures</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#da1818_investment_advisory_and_other_services"><FONT SIZE=2>Investment Advisory and Other Services</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_portfolio_managers"><FONT SIZE=2>Portfolio Managers</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_allocation_of_brokerage"><FONT SIZE=2>Allocation of Brokerage</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_determination_of_net_asset_value"><FONT SIZE=2>Determination of Net Asset Value</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_taxes"><FONT SIZE=2>Taxes</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_other_information"><FONT SIZE=2>Other Information</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dc1818_independent_registered_public_accounting_firm"><FONT SIZE=2>Independent Registered Public Accounting Firm</FONT></A></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1818_forward-looking_statements"> </A>
<BR></FONT><FONT SIZE=2><B>FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI contains or incorporates by reference forward-looking statements, within the meaning of the federal securities laws, that involve risks and
uncertainties. These statements describe our plans, strategies and goals and our beliefs and assumptions concerning future economic or other conditions and the outlook for the Fund, based on currently
available information. In this SAI, words such as "anticipates," "believes," "expects," "objectives," "goals," "future," "intends," "seeks," "will," "may," "could," "should," and similar expressions
are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in
the section headed "Risk Factors" in the Fund's prospectus and elsewhere in the prospectus and this SAI. You should consider carefully the discussions of risks and uncertainties in the "Risk Factors"
section in the prospectus. The forward-looking statements contained in this SAI are based on information available to the Fund on the date of this SAI, and the Fund assumes no obligation to update any
such forward-looking statements, except as required by&nbsp;law. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_da1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>ADDITIONAL INVESTMENT INFORMATION AND RESTRICTIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Other Investments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objectives, the types of investments that it intends to make and the investment strategies that it intends to use to achieve its objectives
are described in the prospectus. The Fund expects to invest at least 80% of its net assets (plus any amounts borrowed) in the equity securities of domestic and foreign corporations that pay dividends.
The following is a description of various investment policies in which the Fund may be engaged, whether as a primary or secondary strategy, and accompanying risks, as well as some additional
investment restrictions. Under normal circumstances, it is expected that the Fund will not invest more than 20% of its assets in these types of securities. The Adviser may, but is not required to, buy
any of the following instruments. </FONT></P>

<P><FONT SIZE=2><I>Corporate Bonds and Other Debt Securities  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in bonds and other types of debt obligations of domestic and foreign issuers. These securities, whether of U.S. or foreign issuers, may pay
fixed, variable or floating rates of interest, and may include zero coupon obligations, which do not pay interest until maturity. Fixed income securities may include: bonds, notes and debentures
issued by corporations; debt securities issued or guaranteed by the U.S.&nbsp;Government or one of its agencies or instrumentalities; municipal securities; or debt securities issued or guaranteed by
foreign corporations and foreign governments, their agencies, instrumentalities or political subdivisions, or by government owned, controlled or sponsored entities, including central&nbsp;banks. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to limitation the Fund may invest in both investment grade and non-investment grade debt securities. Investment grade debt securities have received a rating from
Standard&nbsp;&amp; Poor's Ratings Group, a division of The McGraw-Hill Companies,&nbsp;Inc. ("S&amp;P") or Moody's Investors Service,&nbsp;Inc. ("Moody's") in one of the four highest rating
categories or, if not rated, have been determined to be of comparable quality to such rated securities by the Adviser. Non-investment grade debt securities (typically called "junk bonds")
have received a rating from S&amp;P or Moody's of below investment grade, or have been given no rating and are determined by the Adviser to be of a quality below
investment grade. The Fund may invest up to 5% of the value of its total assets in debt securities that are rated below A by Moody's or by S&amp;P. The Fund may not invest in debt securities rated below
Ccc by S&amp;P or Caa by Moody's (or&nbsp;unrated debt securities determined to be of comparable quality by the Adviser). There are no limitations on the maturity of debt securities that may be
purchased by the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment
grade securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. A
projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in non-investment grade security prices because the advent of recession could
lessen the ability of an issuer to make principal and interest payments on its debt obligations. If an issuer of non-investment grade securities defaults, in addition to risking payment of
all or a portion of interest and principal, the Fund may incur additional expenses to seek recovery. In the case of non-investment grade securities structured as zero-coupon,
step-up or payment-in-kind securities, their market prices will normally be affected to a greater extent by interest rate changes, and therefore tend to be more
volatile than securities which pay interest currently and in cash. The Adviser seeks to reduce these risks through diversification, credit analysis and attention to current developments in both the
economy and financial markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
secondary market on which non-investment grade securities are traded may be less liquid than the market for investment grade securities. Less liquidity in the secondary
trading market could adversely affect the net asset value of the common shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and
liquidity of non-investment grade securities, especially in a thinly traded market. When secondary markets for non-investment grade securities are less liquid than the market
for investment grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation
because there is no reliable, objective data available. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly and the Fund may
have greater difficulty selling these securities. The Fund will be more dependent on the Adviser's research and analysis when investing in non-investment grade securities. The Adviser
seeks to minimize the risks of investing in all </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1</FONT></P>

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<P><FONT SIZE=2>securities
through in-depth credit analysis and attention to current developments in interest rate and market conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a rating agency or the Adviser downgrades its assessment of the credit characteristics of a particular issue, the Fund is not required to dispose of such security. In
determining whether to retain or sell a downgraded security, the Adviser may consider such factors as Adviser's assessment of the credit quality of the issuer of such security, the price at which such
security could be sold and the rating, if any, assigned to such security by other rating agencies. However, analysis of the creditworthiness of issuers of non-investment grade securities
may be more complex than for issuers of high quality debt securities. </FONT></P>

<P><FONT SIZE=2><I>Sovereign Debt Obligations  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase sovereign debt instruments issued or guaranteed by foreign governments or their agencies, including debt of emerging markets. Sovereign debt
may be in the form of conventional securities or other types of debt instruments such as loans or loan participations. Sovereign debt of developing countries may involve a high degree of risk, and may
present the risk of default. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and interest when due, and may require renegotiation or
rescheduling of debt payments. In addition, prospects for repayment of principal and interest may depend on political as well as economic factors. </FONT></P>

<P><FONT SIZE=2><I>Derivative Instruments  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments (which are instruments that derive their value from another instrument, security, index or currency) may be purchased or sold to enhance
return (which may be considered speculative), to hedge against fluctuations in securities prices, market conditions or currency exchange rates, or as a substitute for the purchase or sale of
securities or currencies. Such transactions may be in the United&nbsp;States or abroad and may include the purchase or sale of futures contracts on indices and options on stock index futures, the
purchase of put options and the sale of call options on securities held, equity swaps and the purchase and sale of currency futures and forward foreign currency exchange contracts. Transactions in
derivative instruments involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments' prices or currency
exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge; tax constraints on closing out positions; and
portfolio management constraints on securities subject to such transactions. The loss on derivative instruments (other than purchased options) may substantially exceed an investment in these
instruments. In addition, the entire premium paid for purchased options may be lost before than can be profitably exercised. Transaction costs are incurred in opening and closing positions. Derivative
instruments may sometimes increase or leverage exposure to a particular market risk, thereby increasing price volatility. Over-the-counter derivative instruments, equity swaps
and forward sales of stocks involve an enhanced risk that the issuer or counterparty will fail to perform its contractual obligations. Some derivative instruments are not readily marketable or may
become illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or limit trading in an exchange-traded derivative instrument, which
may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or futures option can vary
from the previous day's settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing out of positions to limit losses.
The staff of the SEC takes the position that certain purchased over-the-counter options, and assets used as cover for written over-the-counter options,
are illiquid. The ability to terminate over-the-counter derivative instruments may depend on the cooperation of the counterparties to such contracts. For thinly traded
derivative instruments, the only source of price quotations may be the selling dealer or counterparty. In addition, certain provisions of the Code limit the use of derivative instruments. There can be
no assurance that the use of derivative instruments will be advantageous. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
exchange traded futures contracts and options thereon may be used only if the Adviser determines that trading on such foreign exchange does not entail risks, including credit and
liquidity risks, that are materially greater than the risks associated with trading on CFTC-regulated exchanges. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a put option is written by the Fund, the Fund must (1)&nbsp;deposit with its custodian in a segregated account liquid securities having a value at least equal to the exercise price
of the underlying securities, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2</FONT></P>

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<P><FONT SIZE=2>(2)&nbsp;continue
to own an equivalent number of puts of the same "series" (that is, puts on the same underlying security having the same exercise prices and expiration dates as those written by the
Fund), or an equivalent number of puts of the same "class" (that is, puts on the same underlying security) with exercise prices greater than those it has written (or, if the exercise prices of the
puts it holds are less than the exercises prices of those it has written, it will deposit the difference with its custodian in a segregated account) or (3)&nbsp;sell short the securities underlying
the put option at the same or a higher price than the exercise price on the put option&nbsp;written. </FONT></P>

<P><FONT SIZE=2><B>Investment Restrictions  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Fundamental Policies  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following investment restrictions of the Fund are designated as fundamental policies and as such may not be changed without the approval of a majority of the
Fund's outstanding common shares, which as used in this SAI means the lesser of (a)&nbsp;67% of the shares of the Fund present or represented by proxy at a meeting if the holders of more than 50% of
the outstanding shares are present or represented at the meeting or (b)&nbsp;more than 50% of outstanding shares of the Fund. As a matter of fundamental policy, the Fund may&nbsp;not: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Borrow
money, except as permitted by the 1940 Act. The Fund may borrow money for investment purposes, commonly referred to as leverage, and for extraordinary or emergency purposes,
including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. The 1940 Act currently requires that any
indebtedness incurred by a closed-end investment company have an asset coverage of at least 300%. The Fund may not pledge, mortgage, hypothecate or otherwise encumber its assets, except to
secure permitted borrowings and to implement collateral and similar arrangements incident to permitted investment practices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Issue
senior securities, as defined in the 1940 Act, other than (a)&nbsp;preferred shares which immediately after issuance will have asset coverage of at least 200%,
(b)&nbsp;indebtedness which immediately after issuance will have asset coverage of at least 300% or (c)&nbsp;the borrowings permitted by investment restriction (1)&nbsp;above. The 1940 Act
currently defines "senior security" as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over
any other class as to distribution of assets or payment of dividends. Debt and equity securities issued by a closed-end investment company meeting the foregoing asset coverage provisions
are excluded from the general 1940 Act prohibition on the issuance of senior securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Purchase
securities on margin (but&nbsp;the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities). The
purchase of investment assets with the proceeds of a permitted borrowing or securities offering will not be deemed to be the purchase of securities on&nbsp;margin;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Underwrite
securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the Securities Act in selling or disposing of a portfolio
investment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Make
loans to other persons, except by (a)&nbsp;the acquisition of loan interests, debt securities and other obligations in which the Fund is authorized to invest in accordance with
its investment objectives and policies and (b)&nbsp;entering into repurchase agreements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Purchase
or sell real estate, although it may purchase and sell securities which are secured by interests in real estate and securities of issuers which invest or deal in real estate.
The Fund reserves the freedom of action to hold and to sell real estate acquired as a result of the ownership of&nbsp;securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Purchase
or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do not include futures contracts with respect to securities,
securities indices, currencies, interest or other financial instruments;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>With
respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer or purchase more than 10% of the outstanding voting securities of
a single issuer, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-3</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>except
obligations issued or guaranteed by the U.S.&nbsp;government, its agencies or instrumentalities and except securities of other investment companies; or invest 25% or more of its total assets
in any single industry or group of industries (other than securities issued or guaranteed by the U.S.&nbsp;government or its agencies or instrumentalities). </FONT></P>

</UL>
</UL>
<UL>

<P><FONT SIZE=2><B><I> Non-Fundamental Policies  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted the following nonfundamental investment policy which may be changed by the Board of Trustees without approval of the Fund's shareholders. </FONT></P>


<P><FONT SIZE=2><I>Investment for Purposes of Control or Management  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not invest in companies for the purpose of exercising control or&nbsp;management. </FONT></P>

<P><FONT SIZE=2><I>Joint Trading  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not participate on a joint or joint and several basis in any trading account in any securities. (The&nbsp;"bunching" of orders for the purchase or
sale of portfolio securities with the Fund's Adviser or accounts under its management to reduce brokerage commissions, to average prices among them or to facilitate such transactions is not considered
a trading account in securities for purposes of this restriction.) </FONT></P>


<P><FONT SIZE=2><I>Investing in Securities of Other Investment Companies  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in securities of other investment companies that are exchange-traded funds. The Fund will limit its investment in securities issued by other
investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund, or its affiliated persons, as a whole in accordance with the 1940
Act and applicable federal securities laws. The Fund may invest in the Alpine Municipal Money Market Fund pursuant to the conditions of Rule&nbsp;12d1-1 of the 1940 Act permitting such
investment so long as the Fund does not pay a sales charge or service fee in connection with the purchase, sale or redemption of the securities of the Alpine Municipal Money Market&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2><I>Illiquid Securities  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not invest more than 10% of its net assets in illiquid securities and other securities which are not readily marketable, excluding securities
eligible for resale under Rule&nbsp;144A of the 1933 Act which the Trustees have determined to be&nbsp;liquid. </FONT></P>


<P><FONT SIZE=2><I>Options  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may write, purchase or sell put or call options on foreign currencies, as discussed in the prospectus. The Fund may not write, purchase or sell put or
call options on securities or stock&nbsp;indices. </FONT></P>

<P><FONT SIZE=2><I>Futures Contracts  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not purchase financial futures contracts and related options except for "bona&nbsp;fide hedging" purposes, but may enter into such contracts for
non-hedging purposes provided that aggregate initial margin deposits plus premiums paid by that Fund for open futures options positions, less the amount by which any such positions are
"in-the-money," may not exceed 5% of the Fund's total&nbsp;assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
an investment policy or investment restriction set forth in the prospectus or this SAI states a maximum or minimum percentage of assets that may be invested in any security or
other assets or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of the Fund's acquisition of such security
or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change made by a rating service (or&nbsp;as determined
by the Adviser if the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset. Notwithstanding the foregoing, the Fund must always be in
compliance with the borrowing policies set forth&nbsp;above. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_5"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of its policies and limitations, the Fund considers certificates of deposit and demand and time deposits issued by a U.S.&nbsp;branch of a domestic bank or savings and
loan association having capital, surplus, and undivided profits in excess of $100,000,000 at the time of investment to be "cash&nbsp;items." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1818_management"> </A>
<A NAME="toc_da1818_2"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees of the Fund has the responsibility for the overall management of the Fund, including general supervision and review of the Fund's investment
activities and its conformity with Delaware law and the policies of the Fund. The Board of Trustees elects the officers of the Fund, who are responsible for administering the Fund's
day-to-day operations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees, including the Trustees who are not interested persons of the Fund, as that term is defined in the 1940 Act ("Independent Trustees"), and executive officers of the Fund,
their ages and principal occupations during the past five years are set forth below. The address of each Trustee and Officer is 2500&nbsp;Westchester Avenue, Suite&nbsp;215, Purchase,
New&nbsp;York,&nbsp;10577. </FONT></P>

<P><FONT SIZE=2><I>Independent Trustees*  </I></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Age<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) Held with the Fund</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past Five Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B># of Portfolios in Fund Complex**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Other Directorships Held by Trustee</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>The
Independent Trustees identified in this SAI are the members of the Board of Trustees for each of the Alpine Series Trust, Alpine Equity Trust, Alpine Income Trust and Alpine Global
Dynamic Dividend Fund (collectively, the "Alpine Trusts").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Alpine
Woods Capital Investors,&nbsp;LLC manages ten other fund portfolios within the four Alpine Trusts. Each of the Alpine Series Trust, Alpine Equity Trust and Alpine Income Trust
is registered as an open-end management investment company. The Alpine Global Dynamic Dividend Fund is registered as a closed-end management investment company. The Trustees
oversee each of the ten portfolios within the Alpine&nbsp;Trusts. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2><I>Interested Trustee  </I></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Age<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) Held with the Fund</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past Five Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B># of Portfolios in Fund Complex**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Other Directorships Held by Trustee</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>Samuel A. Lieber* (49)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=1>Interested Trustee and President</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="27%"><FONT SIZE=1>CEO of Alpine Woods Capital Investors,&nbsp;LLC since 1997. President of Alpine Trusts since 1998.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>Trustee, each of the Alpine Trusts.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Samuel A. Lieber has been a Trustee of the Fund since its inception. He is the son of Stephen A.&nbsp;Lieber.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Alpine
Woods Capital Investors,&nbsp;LLC manages ten other fund portfolios within the four Alpine Trusts. Each of the Alpine Series Trust, Alpine Equity Trust and Alpine Income Trust
is registered as an open-end management investment company. The Alpine Global Dynamic Dividend Fund is registered as a closed-end management investment company. The Trustees
oversee each of the ten portfolios within the Alpine&nbsp;Trusts. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>B-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_6"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to Mr.&nbsp;Samuel A. Lieber, the table below identifies the Fund's executive officers. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Age<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) Held with the Fund</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past Five Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B># of Portfolios in Fund Complex**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Other Directorships Held by Trustee</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>Stephen A. Lieber (80)*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1>Executive Vice President</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1>Chief Investment Officer, Alpine Woods Capital Investors,&nbsp;LLC since&nbsp;2003. Chairman and Senior Portfolio Manager, Saxon Woods Advisors,&nbsp;LLC since&nbsp;1999.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>None</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><BR><FONT SIZE=1> Sheldon R. Flamm (58)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1><BR>
Vice President/Treasurer/Chief Compliance Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1><BR>
Chief Financial Officer and Senior Managing Director, Alpine Woods Capital Investors,&nbsp;LLC, since&nbsp;2001; Chief Financial Officer, Saxon Woods Advisors,&nbsp;LLC since&nbsp;1999.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1><BR>
N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1><BR>
None</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><BR><FONT SIZE=1> Oliver Sun (41)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1><BR>
Secretary</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=1><BR>
Controller of Alpine Woods Capital Investors,&nbsp;LLC since&nbsp;1998.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1><BR>
N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1><BR>
None</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Stephen A. Lieber is the father of Samuel A. Lieber.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Alpine
Woods Capital Investors,&nbsp;LLC manages ten other fund portfolios within the four Alpine Trusts. Each of the Alpine Series Trust, Alpine Equity Trust and Alpine Income Trust
is registered as an open-end management investment company. The Alpine Global Dynamic Dividend Fund is registered as a closed-end management investment company. The Trustees
oversee each of the ten portfolios within the Alpine&nbsp;Trusts. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2><I>Board Committees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has three standing committees as described below: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="LEFT"><FONT SIZE=1><B>Members<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Functions</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>Meetings</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Audit Committee</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Responsible for advising the full Board with respect to accounting, auditing, ethics and financial matters affecting the Fund.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>The audit committee will meet at least quarterly.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2><B>Valuation Committee</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>The Valuation Committee is responsible for (1)&nbsp;monitoring the valuation of Fund securities and other investments; and (2)&nbsp;as required, when the Board of Trustees is not in session, determining the fair value of
illiquid and other holdings after consideration of all relevant factors, which determinations are reported to the Board of Trustees.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>The valuation committee will meet as necessary, and at least once a year.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2><B>Nominating&nbsp;&amp; Corporate Governance Committee</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time. The Committee will not consider shareholder nominees. Also responsible for
corporate governance compliance, including NYSE and SEC rules.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>The nominating committee will meet as necessary, and at least once a year.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>B-6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_7"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may from time to time establish additional committees as deemed in the best interest of the Fund, including a pricing committee responsible for pricing the common shares for
purposes of the initial offering. </FONT></P>

<P><FONT SIZE=2><I>Trustee Ownership of Fund Shares; Control Person  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this SAI, the Trustees and officers of the Fund as a group owned none of the outstanding shares of the Fund. On </FONT> <FONT SIZE=2><B>
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></FONT><FONT SIZE=2> 2006, the Adviser purchased $100,000 in shares of the Fund at an initial
subscription price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share and was the sole shareholder as of this&nbsp;date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is the dollar range of equity securities beneficially owned by each Trustee of the equity securities in all registered investment companies overseen by the Trustee in the
family of investment companies as of </FONT><FONT SIZE=2><B>[December&nbsp;31, 2005]</B></FONT><FONT SIZE=2>: </FONT></P>


<P><FONT SIZE=2><B><I>Amount Invested Key  </I></B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD><FONT SIZE=2>$1-$10,000
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD><FONT SIZE=2>$10,001-$50,000
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD><FONT SIZE=2>$50,001-$100,000
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>D.</FONT></DT><DD><FONT SIZE=2>over
$100,000 </FONT></DD></DL>
</UL>
<BR>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Dollar Range of Fund Shares Owned*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies**</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2><B>Interested Trustee</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Samuel A. Lieber</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>None</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER"><FONT SIZE=2>D</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>As
of the date of this SAI, the Trustees and officers of the Fund owned none of the outstanding shares of the&nbsp;Fund.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Includes
holdings of each series of Alpine Equity Trust (Alpine U.S.&nbsp;Real Estate Equity Fund, Alpine International Real Estate Equity Fund and Alpine Realty Income&nbsp;&amp;
Growth Fund) and each series of Alpine Income Trust (Alpine Municipal Money Market Fund and Alpine Tax Optimized Income Fund) and each series of Alpine Series Trust (Alpine Dynamic Dividend Fund,
Alpine Dynamic Balance Fund, Alpine Dynamic Financial Services Fund) and Alpine Dynamic Innovators Fund. Shares of Alpine Global Dynamic Dividend Fund were not available for purchase until that fund's
intital public offering in July&nbsp;2006. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth in the foregoing table, as of </FONT><FONT SIZE=2><B>[December&nbsp;31, 2005]</B></FONT><FONT SIZE=2>, no noninterested Trustee
(or&nbsp;any of their immediate family members) owned beneficially or of record any class of securities of the Adviser or principal underwriter of the Fund or any person controlling, controlled by
or under common control with the Adviser or principal underwriter of the&nbsp;Fund. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth in the foregoing table, during the calendar years ended </FONT><FONT SIZE=2><B>[December&nbsp;31, 2004 and December&nbsp;31,
2005]</B></FONT><FONT SIZE=2>, no noninterested Trustee (or&nbsp;their immediate family members)&nbsp;had: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Any
direct or indirect interest in the Adviser or principal underwriter of the Fund or any person controlling, controlled by or under common control with the Adviser or principal
underwriter of the&nbsp;Fund;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Any
direct or indirect material interest, in which the amount involved exceeds $60,000, in any transaction or series of similar transactions with (i)&nbsp;the Fund;
(ii)&nbsp;another fund managed by the Adviser, or distributed by the principal underwriter of the Fund or a person controlling, controlled by or under common control with the Adviser or the
principal underwriter of the Fund; (iii)&nbsp;the Adviser or the principal underwriter of the Fund; (iv)&nbsp;a person controlling, controlled by or under </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_8"> </A>
<UL>
<UL>

<P><FONT SIZE=2>common
control with the Adviser or the principal underwriter of the Fund; or (v)&nbsp;an officer of any of the above;&nbsp;or </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Any
direct or indirect relationship, in which the amount exceeds $60,000, with (i)&nbsp;the Fund; (ii)&nbsp;another fund managed by the Adviser, or distributed by the principal
underwriter of the Fund or a person controlling, controlled by or under common control with the Adviser or the principal underwriter of the Fund; (iii)&nbsp;the Adviser or the principal underwriter
of the Fund; (iv)&nbsp;a person controlling, controlled by or under common control with the Adviser or the principal underwriter of the Fund; or (v)&nbsp;an officer of any of the&nbsp;above. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the calendar years ended </FONT><FONT SIZE=2><B>[December&nbsp;31, 2004 and December&nbsp;31, 2005]</B></FONT><FONT SIZE=2>, no officer of the Adviser
or the principal underwriter of the Fund or any person controlling, controlled by or under common control with the Adviser or the principal underwriter of the Fund served on the Board of Directors of
a company where a noninterested Trustee of the Fund or any of their immediate family members served as an&nbsp;officer. </FONT></P>

<P><FONT SIZE=2><I>Compensation  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund pays no salaries or compensation to any of its interested Trustees or officers. The Independent Trustees of the Fund receive an annual retainer of </FONT> <FONT SIZE=2><B>
[$12,000]</B></FONT><FONT SIZE=2>. All Trustees are reimbursed by the Fund for all reasonable out-of-pocket expenses relating to
attendance at meetings of the Board of Trustees or committee meetings. The Trustees do not receive any pension or retirement benefits from the Fund. The officers of the Fund do not receive any
additional compensation from the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below for each of the Trustees and the three highest paid officers of the Fund is the aggregate compensation (including expenses) estimated to be paid in the future to each
such Trustee or officer by the&nbsp;Fund. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Aggregate Compensation from Fund*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Pension or Retirement Benefits Accrued As Part of Fund Expenses</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Estimated Annual Benefits Upon Retirement</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Total Compensation from Fund and Fund Complex Paid to Trustees**</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Samuel A. Lieber</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Stephen A. Lieber</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$n/a</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Sheldon R. Flamm***</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>[$0]</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$n/a</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Oliver Sun</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>$0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>$n/a</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>The
amounts set forth in column 2&nbsp;are the estimated future payments that each Trustee is expected to receive for the fiscal year ending October&nbsp;31,&nbsp;2007.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>The
amount set forth in column 5&nbsp;includes actual amounts paid to each Trustee by the four Alpine Trusts for the period ended October&nbsp;31,&nbsp;2006.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>***</FONT></DT><DD><FONT SIZE=2>For
serving as the Fund's Chief Compliance Officer, a portion of Mr.&nbsp;Flamm's salary will be allocated to and paid for by the Fund, based on the Fund's&nbsp;assets. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1818_code_of_ethics"> </A>
<A NAME="toc_da1818_3"> </A>
<BR></FONT><FONT SIZE=2><B>CODE OF ETHICS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser and the Fund have adopted a joint Code of Ethics pursuant to Rule&nbsp;17j-1&nbsp;under the 1940 Act. The Code of Ethics applies to
the personal investing activities of the trustees, directors, officers and certain employees of the Fund or the Adviser ("Access Persons"), as applicable. Rule&nbsp;17j-1 and&nbsp;the
Code of Ethics is designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. The Code of Ethics permits Access Persons to trade securities for
their own accounts, including securities that may be purchased or held by the Fund, and generally requires them to report their personal securities. The Code of Ethics will be included as an exhibit
to the Fund's registration statement, which will be on file with the SEC, and available as described on the cover page of this SAI. The Code of Ethics permits Access Persons to purchase shares of the
Fund and of the Alpine Global Dynamic Dividend Fund only on the first and third Wednesdays of any&nbsp;month. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_9"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1818_proxy_voting_procedures"> </A>
<A NAME="toc_da1818_4"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY VOTING PROCEDURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has delegated the voting of proxies with respect to securities owned by it to the Adviser, and the Adviser will vote proxies in a manner that it deems to
be in the best interests of the Fund. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund. If an analyst,
trader or partner of the Adviser believes that voting in accordance with stated proxy-voting guidelines would not be in the best interests of the Fund, the proxy will be referred to the Adviser's
Compliance Committee for a determination of how such proxy should be&nbsp;voted. </FONT></P>


<P><FONT SIZE=2><I>Policies of the Adviser  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the Adviser's policy to vote all proxies received by the Fund in a timely manner. Upon receiving each proxy, the Adviser will review the issues presented
and make a decision to vote for, against or abstain on each of the issues presented in accordance with the proxy voting guidelines that it has adopted. The Adviser will consider information from a
variety of sources in evaluating the issues presented in a proxy. The Adviser generally supports policies, plans and structures that it believes give quality management teams appropriate latitude to
run the business in a way that is likely to maximize value for owners. Conversely, the Adviser generally opposes proposals that clearly have the effect of restricting the ability of shareholders to
realize the full potential value of their investment. </FONT></P>

<P><FONT SIZE=2><I>Conflicts of Interest  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser's duty is to vote in the best interests of the Fund's shareholders. Therefore, in situations where there is a conflict of interest between the
Adviser's interests and the Fund's interests, the Adviser will take one of the following steps to resolve the&nbsp;conflict: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>If
a proposal is addressed by the guidelines, the Adviser will vote in accordance with those guidelines;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>If
the Adviser believes it is in the Fund's best interest to depart from the guidelines provided, the Adviser will disclose the conflict to the Fund and obtain its consent to the
proposed vote prior to voting the&nbsp;securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
Fund may direct the Adviser in writing to forward all proxy matters in which the Adviser has a conflict of interest regarding the securities to an identified independent third
party for review and recommendation. The Adviser will vote in accordance with the third party's recommendations as long as they are received on a timely basis. If the third party's recommendations are
not received in a timely manner, the Adviser will abstain from voting the&nbsp;securities. </FONT></DD></DL>


<P><FONT SIZE=2><I>More Information  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual voting records relating to the Fund's portfolio securities during the most recent 12-month period ended June&nbsp;30 will be available
without charge, upon request, by calling toll-free (800)&nbsp;617-7616 or in the Fund's reports to be filed with the SEC and available on the SEC's website at </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2> and on the Fund's website,
www.alpinecef.com. In addition, a copy of the Funds' proxy voting policies and procedures is available by calling
(800)&nbsp;617-7616 and will be sent within three business days of receipt of a&nbsp;request. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1818_investment_advisory_and_other_services"> </A>
<A NAME="toc_da1818_5"> </A>
<BR></FONT><FONT SIZE=2><B>INVESTMENT ADVISORY AND OTHER SERVICES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of the Fund is supervised by the Trustees. Alpine Woods Capital Investors,&nbsp;LLC (formerly, Alpine Management&nbsp;&amp; Research,&nbsp;LLC)
is the Adviser and provides investment advisory services to the Fund pursuant to investment advisory agreement entered into with the Fund (an&nbsp;"Investment Advisory Agreement"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser, located at 2500&nbsp;Westchester Avenue, Purchase, New&nbsp;York, 10577, is a Delaware limited liability company. It was formed for the purpose of providing investment
advisory and management services to investment companies (including the Fund) and other advisory clients. The sole member and controlling person of the Adviser is Mr.&nbsp;Samuel A. Lieber.
Mr.&nbsp;Lieber is the Interested Trustee and President of the Fund. Mr.&nbsp;Lieber was previously associated with Evergreen Asset Management Corp., the former investment adviser of Alpine
U.S.&nbsp;Real Estate Equity Fund and Alpine International Real Estate Equity Fund, and was primarily responsible for investment advisory services provided to those&nbsp;funds. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1818_1_10"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Advisory Agreement was approved in person by the Trustees, including a majority of the Independent Trustees, and its initial shareholder on </FONT> <FONT SIZE=2><B>
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></FONT><FONT SIZE=2>, 2006. The Investment Advisory Agreement has an initial term of two years. The
Investment Advisory Agreement
may be continued in effect from year to year after its initial term, provided that its continuance is approved annually by the Trustees or by a majority of the outstanding voting shares of the Fund,
and in each case is also approved by a majority of the Independent Trustees by vote cast in person at a meeting duly called for the purpose of voting on such&nbsp;approval. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Investment Advisory Agreement, the Adviser has agreed to furnish reports, statistical and research services and recommendations with respect to the Fund's portfolio of
investments. In addition, the Adviser will provide office facilities to the Fund and perform a variety of administrative services. The Fund bears all of its other expenses and liabilities, including
expenses incurred in connection with maintaining its registration under the 1933 Act, and the 1940 Act, printing prospectuses (for&nbsp;existing shareholders) as they are updated, state
qualifications, mailings, brokerage, custodian and stock transfer charges, printing, legal and auditing expenses, expenses of shareholders' meetings and reports to shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual percentage rate and method used in computing the investment advisory fee of the Fund is described in the&nbsp;Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Advisory Agreement is terminable, without the payment of any penalty, on sixty days' written notice, by a vote of the holders of a majority of the Fund's outstanding
shares, by a vote of a majority of the Trustees of the Fund or by the Adviser. The Investment Advisory Agreement provides that it will automatically terminate in the event of its assignment. The
Investment Advisory Agreement provides in substance that the Adviser shall not be liable for any action or failure to act in accordance with its duties thereunder in the absence of willful
misfeasance, bad faith or gross negligence on the part of the Adviser or of reckless disregard of its obligations thereunder. </FONT></P>

<P><FONT SIZE=2><I>Approval of the Investment Advisory Agreement  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion regarding the basis for the approval of the Fund's Investment Advisory Agreement by the Board will be available in the Fund's report to shareholders
for the period ending&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<P><FONT SIZE=2><I>Administrative Services  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Administration Agreement, ALPS Fund Services,&nbsp;Inc. is responsible for calculating the net asset value of the common shares, and generally
managing the administrative affairs of the Fund, subject to the supervision of the Board of Trustees. ALPS will furnish to the Fund all office facilities, equipment and personnel for administration of
the Fund. ALPS will compensate all ALPS personnel who perform administrative services for the Fund. ALPS administrative services include, preparation and filing of documents required to comply with
federal and state securities laws, supervising the activities of the Fund's custodian and transfer agent, providing assistance in connection with the Trustees and shareholders' meetings, providing
services in connection with repurchase offers, if any, and other administrative services necessary to conduct the Fund's business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding the Fund's custodian and independent public accounting firm is described in the&nbsp;prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dc1818_1_11"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_portfolio_managers"> </A>
<A NAME="toc_dc1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>PORTFOLIO MANAGERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Stephen A. Lieber and Mr.&nbsp;Samuel A. Lieber are respectively the Chief Investment Officer and Chief Executive Officer of the Adviser and
generally consult each portfolio manager with respect to investment decisions for the Fund. The following tables show the number of other accounts managed by Messrs.&nbsp;Lieber and the total assets
in the accounts managed within various categories as of September&nbsp;30,&nbsp;2006. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="56%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Advisory Fee Based on Performance</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="56%" ALIGN="LEFT"><FONT SIZE=1><B>Type of Accounts<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Accounts</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Total Assets ($ in millions)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Accounts</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Total Assets</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2><B>Stephen A. Lieber</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Registered Investment Companies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>100.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Pooled Investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>185.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>185.4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Accounts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>322</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>575.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><BR><FONT SIZE=2><B>Samuel A. Lieber</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Registered Investment Companies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,061.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Pooled Investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>152.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>152.7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Accounts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>46.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Jill
K. Evans and Mr.&nbsp;Kevin Shacknofsky are the portfolio managers responsible for the day-to-day management of the Fund (the&nbsp;"Portfolio
Managers"). The following tables show the number of other accounts managed by Ms.&nbsp;Evans and Mr.&nbsp;Shacknofsky and the total assets in the accounts managed within various categories, as of
September&nbsp;30,&nbsp;2006. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="56%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Advisory Fee Based on Performance</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="56%" ALIGN="LEFT"><FONT SIZE=1><B>Type of Accounts<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Accounts</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Total Assets ($ in millions)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Accounts</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Total Assets</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2><B>Jill K. Evans</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Registered Investment Companies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,022.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Pooled Investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Accounts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>9.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><BR><FONT SIZE=2><B>Kevin Shacknofsky</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Registered Investment Companies</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,022.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Pooled Investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>Other Accounts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>9.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>Conflicts of Interest  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of interest may arise because the Fund's Portfolio Managers have day-to-day management responsibilities with respect to both the
Fund and various other accounts. These potential conflicts include: </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Resources.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Managers cannot devote their full time and attention to the management of each of the
accounts that they manage. Accordingly, the Portfolio Managers may be limited in their ability to identify investment opportunities for each of the accounts that are as attractive as might be the case
if the Portfolio Managers were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where the accounts have
different investment strategies. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Investment Opportunities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other clients of the Adviser may have investment objectives and policies similar to those
of the Fund. The Adviser may, from time to time, make recommendations which result in the purchase or sale of a particular security by its other clients simultaneously with the Fund. If transactions
on behalf of more than one client during the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price or quantity.
It is the policy of the Adviser to allocate advisory recommendations and the placing of orders in a manner that </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc1818_1_12"> </A>
<BR>

<P><FONT SIZE=2>it
believes is equitable to the accounts involved, including the Fund. When two or more clients of the Adviser are purchasing or selling the same security on a given day from the same broker-dealer,
such transactions may be averaged as to price. See "Portfolio Managers" above. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Different Investment Strategies.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The accounts managed by the Portfolio Managers have differing investment strategies. If the
Portfolio Managers determine that an investment opportunity may be appropriate for only
some of the accounts or decide that certain of the accounts should take different positions with respect to a particular security, the Portfolio Managers may effect transactions for one or more
accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other&nbsp;accounts. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation in Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A conflict of interest may arise where the Adviser is compensated differently by the accounts that
are managed by the Portfolio Managers. If certain accounts pay higher management fees or performance-based incentive fees, the Portfolio Managers might be motivated to prefer certain accounts over
others. The Portfolio Managers might also be motivated to favor accounts in which they have a greater ownership interest or accounts that are more likely to enhance the Portfolio Managers' performance
record or to otherwise benefit the Portfolio Managers. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selection of Brokers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Managers select the brokers that execute securities transactions for the accounts that
they supervise. See "Allocation of Brokerage." In addition to executing trades, some brokers provide the Portfolio Managers with research and other services which may require the payment of higher
brokerage fees than might otherwise be available. The Portfolio Managers' decision as to the selection of brokers could yield disproportionate costs and benefits among the accounts that they manage,
since the research and other services provided by brokers may be more beneficial to some accounts than to&nbsp;others. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
conflicts of interest arise between the Fund and other accounts managed by the Portfolio Managers, the Portfolio Managers will use good faith efforts so that the Fund will not be
treated materially less favorably than other accounts. There may be instances where similar portfolio transactions may be executed for the same security for numerous accounts managed by the Portfolio
Managers. In such instances, securities will be allocated in accordance with the Adviser's trade allocation policy. See "Investment Advisory and Other Services" above. </FONT></P>

<P><FONT SIZE=2><I>Compensation.  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Managers' compensation will be made up of a fixed salary amount which is not based on the value of the assets in the Fund's portfolio. Annually, the
Adviser may calculate bonus compensation to be paid to each portfolio manager as a percentage of salary based in large part on the Fund's after-tax performance in comparison to other
equity income funds during the same time period, which the Adviser considers to be a comparable peer&nbsp;group. </FONT></P>


<P><FONT SIZE=2><I>Securities Owned in the Fund by Portfolio Managers.  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this SAI, the Portfolio Managers do not own any securities of the&nbsp;Fund. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_allocation_of_brokerage"> </A>
<A NAME="toc_dc1818_2"> </A>
<BR></FONT><FONT SIZE=2><B>ALLOCATION OF BROKERAGE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decisions regarding the placement of orders to purchase and sell investments for the Fund are made by the Adviser, subject to the supervision of the Trustees. A
substantial portion of the transactions in equity securities for the Fund will occur on domestic stock exchanges. Transactions on stock exchanges involve the payment of brokerage commissions. In
transactions on stock exchanges in the United&nbsp;States and some foreign exchanges, these commissions are negotiated. However, on many foreign stock exchanges these commissions are fixed. In the
case of securities traded in the foreign and domestic over-the-counter markets, there is generally no stated commission, but the price usually includes an undisclosed
commission or markup. Over-the-counter transactions will generally be placed directly with a principal market maker, although the Fund may place an
over-the-counter order with a broker-dealer if a better price (including commission) and execution are&nbsp;available. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is anticipated that most purchase and sale transactions involving fixed income securities will be with the issuer or an underwriter or with major dealers in such securities acting as
principals. Such transactions </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc1818_1_13"> </A>
<BR>

<P><FONT SIZE=2>are
normally effected on a net basis and generally do not involve payment of brokerage commissions. However, the cost of securities purchased from an underwriter usually includes a commission paid by
the issuer to the underwriter. Purchases or sales from dealers will normally reflect the spread between the bid and ask&nbsp;price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
policy of the Fund regarding transactions for purchases and sales of securities is that primary consideration will be given to obtaining the most favorable prices and efficient
executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund's policy is to pay commissions which are considered fair and reasonable
without necessarily determining that the lowest possible commissions are paid in all circumstances. The Board of Trustees of the Fund believes that a requirement always to seek the lowest commission
cost could impede effective management and preclude the Fund and the Adviser from obtaining high quality brokerage and research services. In seeking to determine the reasonableness of brokerage
commissions paid in any transaction, the Adviser may rely on its experience and knowledge regarding commissions generally charged by various brokers and on their judgment in evaluating the brokerage
and research services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases an exact dollar value for those services is not
ascertainable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
seeking to implement the Fund's policies, the Adviser will place transactions with those brokers and dealers who it believes provide the most favorable prices and which are capable of
providing efficient executions. If the Adviser believes such price and execution are obtainable from more than one broker or dealer, it may give consideration to placing transactions with those
brokers and dealers who also furnish research or research related services to the Fund or the Adviser. Such services may include, but are not limited to, any one or more of the following: information
as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments; and appraisals or evaluations of securities. The information and
services received by the Adviser from brokers and dealers may be of benefit in the management of accounts of other clients and may not in all cases benefit the Fund directly. While
such services are useful and important in supplementing their own research and facilities, the Adviser believes the value of such services is not determinable and does not significantly reduce
their&nbsp;expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the requirement that the Adviser shall use its best efforts to seek and execute portfolio security transactions at advantageous prices and at reasonably competitive spreads or
commission rates, the Adviser is authorized to consider as a factor in the selection of any broker-dealer firm with whom portfolio orders may be placed the fact that such firm has sold or is selling
shares of the Fund or of other investment companies sponsored by the Adviser. This policy is not inconsistent with a rule of the National Association of Securities Dealers,&nbsp;Inc. ("NASD"), which
rule provides that no firm which is a member of the NASD shall favor or disfavor the distribution of shares of any particular investment company or group of investment companies on the basis of
brokerage commissions received or expected by such firm from any&nbsp;source. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has adopted procedures under Rule&nbsp;17a-7 of the 1940 Act to permit purchase and sales transactions to be effected between the Fund and other accounts that are
managed by the Adviser. The Fund may from time to time engage in such transactions in accordance with these procedures. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
considered as investments for the Fund may also be appropriate for other investment accounts managed by the Adviser or its affiliates. Whenever decisions are made to buy or
sell securities by the Fund and one or more of such other accounts simultaneously, the Adviser will allocate the security transactions (including "hot" issues) in a manner which it believes to be
equitable under the circumstances. As a result of such allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. If an aggregated
order cannot be filled completely, allocations will generally be made on a pro&nbsp;rata basis. An order may not be allocated on a pro&nbsp;rata basis where, for example: (i)&nbsp;consideration
is given to portfolio managers who have been instrumental in developing or negotiating a particular investment; (ii)&nbsp;consideration is given to an account with specialized investment policies
that coincide with the particulars of a specific investment; (iii)&nbsp;pro&nbsp;rata allocation would result in odd-lot or </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2>
amounts being allocated to a portfolio or other client; or (iv)&nbsp;where the Adviser reasonably determines that departure from a pro&nbsp;rata allocation is advisable. While these aggregation
and allocation policies could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Trustees of the Fund that the
benefits from the Adviser's organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-13</FONT></P>

<HR NOSHADE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_determination_of_net_asset_value"> </A>
<A NAME="toc_dc1818_3"> </A>
<BR></FONT><FONT SIZE=2><B>DETERMINATION OF NET ASSET VALUE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net asset value per common share of the Fund is determined no less frequently than daily, on each day that the New&nbsp;York Stock Exchange
(the&nbsp;"NYSE") is open for trading, as of the close of regular trading on the NYSE (normally 4:00&nbsp;p.m. Eastern time). The Fund's net asset value per common share is determined by ALPS, in
the manner authorized by the Trustees of the Fund. Net asset value is computed by dividing the value of the Fund's total assets, less its liabilities by the number of shares outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees of the Fund have established the following procedures for fair valuation of the Fund's assets under normal market conditions. Marketable securities listed on foreign or
U.S.&nbsp;securities exchanges generally are valued at closing sale prices or, if there were no sales, at the mean between the closing bid and asked prices therefor on the exchange where such
securities are principally traded (such prices may not be used, however, where an active over-the-counter market in an exchange listed security better reflects current market
value). Marketable securities listed in the NASDAQ National Market System are valued at the NASDAQ closing price. Unlisted or listed securities for which closing sale prices are not available are
valued at the mean between the latest bid and asked prices. An option is valued at the last sale price as quoted on the principal exchange or board of trade on which such option or contract is traded,
or in the absence of a sale, at the mean between the last bid and asked prices. Determining fair value involves subjective judgments. It is possible that the fair value determined for a security may
differ materially from the value to be realized upon a&nbsp;sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser and the Valuation Committee may implement new pricing methodologies or expand mark-to-market valuation of debt securities whose market prices are not
readily available in the future, which may result in a change in the Fund's net asset value per share. The Fund's net asset value per share will also be affected by fair value pricing decisions and by
changes in the market for such debt securities. The Fund has adopted Fair Valuation Procedures to determine the fair value of a debt security. These Fair Valuation Procedures consider relevant
factors, data, and information, including: (i)&nbsp;the characteristics of and fundamental analytical data relating to the debt security, including the cost, size, current interest rate, period
until next interest rate reset, maturity and base lending rate of the debt security, the terms and conditions of the debt security and any related agreements, and the position of the debt security in
the borrower's debt structure; (ii)&nbsp;the nature, adequacy and value of the collateral, including the Fund's rights, remedies and interests with respect to the collateral; (iii)&nbsp;the
creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future
prospects; (iv)&nbsp;information relating to the market for the debt security, including price quotations for and trading in the debt security and interests in similar debt security and the market
environment and investor attitudes towards the debt security and interests in similar debt securities; and (v)&nbsp;general economic and market conditions affecting the fair value of the debt
security. The fair value of each debt security is reviewed and approved by the Valuation Committee and the Fund's Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
securities for which the over-the-counter market is the primary market are normally valued on the basis of prices furnished by one or more pricing services
at the mean between the latest available bid and asked prices. Over-the-counter options are valued at the mean between the bid and asked prices provided by dealers. Financial
futures contracts listed on commodity exchanges and exchange-traded options are valued at closing settlement prices. Short-term obligations having remaining maturities of less than
60&nbsp;days are valued at amortized cost, which approximates value, unless the Trustees determine that under particular circumstances such method does not result in fair value. As authorized by the
Trustees, debt securities (other than short-term obligations) may be valued on the basis of valuations furnished by a pricing service which determines valuations based upon market
transactions for normal, institutional-size trading units of such securities. Securities for which there is no such quotation or valuation and all other assets are valued at fair value as
determined in good faith by or at the direction of the Fund's Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other securities are valued at fair value as determined in good faith by or at the direction of the&nbsp;Trustees. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
trading in the foreign securities owned by the Fund is substantially completed each day at various times prior to the close of the NYSE. The values of these securities used in
determining the net asset value of the Fund generally are computed as of such times. Occasionally, events affecting the value of foreign securities may occur between such times and the close of the
NYSE which will not be reflected in the computation of the Fund's net asset value (unless the Fund deems that such events would materially </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc1818_1_15"> </A>
<BR>

<P><FONT SIZE=2>affect
its net asset value, in which case an adjustment would be made and reflected in such computation). Foreign securities and currency held by the Fund will be valued in U.S.&nbsp;dollars; such
values will be computed by the custodian based on foreign currency exchange rate quotations supplied by an independent quotation service. </FONT></P>

<P><FONT SIZE=2><I>Portfolio Turnover  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's portfolio will be actively managed. The Fund's portfolio turnover rate is expected to exceed 100%. Variations in turnover rate may be due to market
conditions or the dynamic nature of the Adviser's investment strategy. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and generate
short-term capital gains taxable as ordinary income. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_taxes"> </A>
<A NAME="toc_dc1818_4"> </A>
<BR></FONT><FONT SIZE=2><B>TAXES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is a summary discussion of the material U.S.&nbsp;federal income tax consequences that may be relevant to a shareholder of
acquiring, holding and disposing of shares of the Fund. This discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities,
foreign investors, insurance companies and financial institutions. This discussion addresses only U.S.&nbsp;federal income tax consequences to U.S.&nbsp;shareholders who hold their shares as
capital assets and does not address all of the U.S.&nbsp;federal income tax consequences that may be relevant to particular shareholders in light of their individual circumstances. In addition, the
discussion does not address any state, local or foreign tax consequences, and it does not address any U.S.&nbsp;federal tax consequences other than U.S.&nbsp;federal income tax consequences. The
discussion is based upon present provisions of the Internal Revenue Code of 1986, as amended (the&nbsp;"Code"), the regulations promulgated thereunder, and judicial and administrative ruling
authorities, all of which are subject to change or differing interpretations (possibly with retroactive effect). No attempt is made to present a detailed explanation of all U.S.&nbsp;federal income
tax concerns affecting the Fund and its shareholders, and the discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisors to determine the
specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences to them and the effect of possible changes in
tax&nbsp;laws.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund intends to elect to be treated and to qualify each year as a regulated investment company (a&nbsp;"RIC") under the Code. Accordingly, the Fund must, among other things,
(i)&nbsp;derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (a)&nbsp;dividends, interest, payments with respect to certain securities
loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward contracts) derived
with respect to its business of investing in such stock, securities or currencies; and (b)&nbsp;net income from interests in "qualified publicly traded partnerships" (as&nbsp;defined in the Code);
(ii)&nbsp;diversify its holdings so that, at the end of each quarter of each taxable year (a)&nbsp;at least 50% of the value of the Fund's total assets is represented by cash and cash items,
U.S.&nbsp;government securities, the securities of other regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not
greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer and (b)&nbsp;not more than 25% of the value of the Fund's total
assets is invested in the securities (other than U.S.&nbsp;government securities and the securities of other regulated investment companies) of (I)&nbsp;any one issuer; (II)&nbsp;any two or more
issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III)&nbsp;any one or more "qualified publicly traded
partnerships" (as&nbsp;defined in the Code); and (iii)&nbsp;distribute at least 90% of its investment company taxable income (as&nbsp;defined in the Code, but without regard to the deduction for
dividends paid) for such taxable year in accordance with the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any U.S.&nbsp;federal income tax. For
purposes of the 90% of gross income requirement described above, the Code expressly provides the U.S.&nbsp;Treasury with authority to issue regulations that would exclude foreign currency gains from
qualifying income if such gains are not directly related to the Fund's business of investing in stock or securities. While to date the U.S.&nbsp;Treasury has not exercised this regulatory authority,
there can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the Fund's foreign currency gains as
non-qualifying income. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to U.S.&nbsp;federal
income tax on income paid to its shareholders in the form of dividends or capital gain distributions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-15</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to avoid incurring a U.S.&nbsp;federal excise tax obligation, the Code requires that the Fund distribute (or&nbsp;be deemed to have distributed) by December&nbsp;31 of
each calendar year an amount at least equal to the sum of (i)&nbsp;98% of its ordinary income for such year and (ii)&nbsp;98% of its capital gain net income (which is the excess of its realized
capital gain over its realized capital loss), generally computed on the basis of the one-year period ending on October&nbsp;31 of such year, after reduction by any available capital loss
carryforwards, plus (iii)&nbsp;100% of any ordinary income and capital gain net income from previous years (as&nbsp;previously computed) that were not paid out during such years and on which the
Fund paid no U.S.&nbsp;federal income&nbsp;tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund does not qualify as a RIC for any taxable year, the Fund's taxable income will be subject to corporate income taxes, and all distributions from earnings and profits,
including distributions of net capital gain (if&nbsp;any), will be taxable to the shareholder as ordinary income. Such distributions generally will be eligible (i)&nbsp;for the dividends received
deduction in the case of corporate shareholders and (ii)&nbsp;for treatment as "qualified dividends" in the case of individual shareholders provided certain holding period and other requirements are
met, as described below. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain
distributions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
from the Fund, except in the case of distributions of qualified dividend income or Capital Gain Dividends, as described below, generally will be taxable to shareholders as
ordinary dividend income to the
extent of the Fund's current and accumulated earnings and profits. Distributions of net capital gains (that is, the excess of net gains from the sale of capital assets held more than one year over net
losses from the sale of capital assets held for not more than one year) properly designated as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as
long-term capital gain, regardless of how long a shareholder has held the shares in the&nbsp;Fund. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a shareholder's distributions are automatically reinvested pursuant to the Plan and the Plan Administrator invests the distribution in shares acquired on behalf of the shareholder in
open-market purchases, for U.S.&nbsp;federal income tax purposes, the shareholder will generally be treated as having received a taxable distribution in the amount of the cash dividend
that the shareholder would have received if the shareholder had elected to receive cash. If a shareholder's distributions are automatically reinvested pursuant to the Plan and the Plan Administrator
invests the distribution in newly issued shares of the Fund, the shareholder will generally be treated as receiving a taxable distribution equal to the fair market value of the stock the shareholder
receives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current law, certain income distributions paid by the Fund to individual taxpayers are taxed at rates equal to those applicable to net long-term capital gains (15%, or
5% for individuals in the 10% or 15% tax brackets). This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are
attributable to qualified dividend income received by the Fund itself. For this purpose, "qualified dividend income" means dividends received by the Fund from certain United&nbsp;States corporations
and qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations. For these purposes, a "qualified
foreign corporation" means any foreign corporation if (i)&nbsp;such corporation is incorporated in a possession of the United&nbsp;States, (ii)&nbsp;such corporation is eligible for benefits of
a qualified comprehensive income tax treaty with the United&nbsp;States and which includes an exchange of information program, or (iii)&nbsp;the stock of such corporation with respect to which
such dividend is paid is readily tradable on an established securities market in the United&nbsp;States. A "qualified foreign corporation" does not include any foreign corporation which for the
taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a "passive foreign investment company" (as&nbsp;defined in the Code). In the case of securities
lending transactions, payments in lieu of dividends are not qualified dividends. Dividends received by the Fund from REITs are qualified dividends eligible for this lower tax rate only in limited
circumstances. These special rules relating to the taxation of ordinary income dividends from regulated investment companies generally apply to taxable years beginning before January&nbsp;1, 2011.
Thereafter, the Fund's dividends, other than Capital Gain Dividends, will be fully taxable at ordinary income tax rates unless further Congressional legislative action is&nbsp;taken. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
dividend will not be treated as qualified dividend income (whether received by the Fund or paid by the Fund to a shareholder) if (1)&nbsp;the dividend is received with respect to any
share held for fewer than </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-16</FONT></P>

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<P><FONT SIZE=2>61&nbsp;days
during the 121-day period beginning on the date which is 60&nbsp;days before the date on which such share becomes ex-dividend with respect to such dividend,
(or&nbsp;fewer than 91&nbsp;days during the associated 181-day period in the case of certain preferred stocks) (2)&nbsp;to the extent that the recipient is under an obligation
(whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property or (3)&nbsp;if the recipient elects to have the
dividend treated as investment income for purposes of the limitation on deductibility of investment interest. Distributions of income by the Fund, other than qualified dividend income and Capital
Gains Dividends, are taxed as ordinary income, at rates currently up to&nbsp;35%. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
benefits of the reduced tax rates applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to
individual shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot assure you as to what percentage of the dividends paid on the shares will consist of qualified dividend income or long-term capital gains, both of which are taxed
at lower rates for individuals than are ordinary income and short-term capital&nbsp;gains. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's investment in zero coupon and certain other securities will cause it to realize income prior to the receipt of cash payments with respect to these securities. Such income will
be accrued daily by the Fund and, in order to avoid a tax payable by the Fund, the Fund may be required to liquidate securities that it might otherwise have continued to hold in order to generate cash
so that the Fund may make required distributions to its shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in lower rated or unrated securities may present special tax issues for the Fund to the extent that the issuers of these securities default on their obligations pertaining
thereto. The Code is not entirely clear regarding the federal income tax consequences of the Fund's taking certain positions in connection with ownership of such distressed securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
recognized gain or income attributable to market discount on long-term debt obligations (i.e.,&nbsp;obligations with a term of more than one year except to the extent
of a portion of the discount attributable to original issue discount) purchased by the Fund is taxable as ordinary income. A long-term debt obligation is generally treated as acquired at a
market discount if purchased after its original issue at a price less than (i)&nbsp;the stated principal amount payable at maturity, in the case of an obligation that does not have original issue
discount or (ii)&nbsp;in the case of an obligation that does have original issue discount, the sum of the issue price and any original issue discount that accrued before the obligation was
purchased, subject to a de minimis exclusion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Section&nbsp;988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other
liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly,
gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the
acquisition and disposition dates, are also treated as ordinary income or&nbsp;loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and
U.S.&nbsp;possessions (collectively "foreign taxes") that would reduce the return on its securities. Tax conventions between certain countries and the United&nbsp;States, however, may reduce or
eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund's total assets at the
close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an election with the Internal Revenue Service (the&nbsp;"IRS") that will enable its
shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat those taxes as dividends
paid to its shareholders and each shareholder (1)&nbsp;would be required to include in gross income, and treat as paid by such shareholder, a proportionate share of those taxes, (2)&nbsp;would be
required to treat such share of those taxes and of any dividend paid by the Fund that represents income from foreign or U.S.&nbsp;possessions sources as such shareholder's own income from those
sources, and, if certain conditions are met, (3)&nbsp;could either deduct the foreign taxes deemed paid in computing taxable income or, alternatively use the foregoing information in calculating the
foreign tax credit against federal income tax (but&nbsp;IRA accounts may not be </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-17</FONT></P>

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<P><FONT SIZE=2>able
to use the foreign tax credit). The Fund will report to its shareholders shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and
taxes paid to, foreign countries and U.S.&nbsp;possessions if it makes this election. The rules relating to the foreign tax credit are complex. Each shareholder should consult his own tax adviser
regarding the potential application of foreign tax&nbsp;credits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund acquires any equity interest in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain
rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies"), the Fund could be subject to
U.S.&nbsp;federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain
actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. An election may
generally be available that would ameliorate these adverse tax consequences, but any such election could require the Fund to recognize taxable income or gain (subject to tax distribution requirements)
without the concurrent receipt of cash and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments could also result in the treatment
of associated capital gains as ordinary income. The Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these
investments. Dividends paid by passive foreign investment companies will not qualify as qualified dividend income eligible for taxation at reduced tax&nbsp;rates. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on
the Fund's payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and
possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
American Jobs Creation Act of 2004 (the&nbsp;"Jobs Act"), among other things, modified the 90% gross income test with respect to income of a RIC to include net income derived from
an interest in certain "qualified publicly traded partnerships" which are also commonly referred to as "master limited partnerships" ("MLPs") and modified the asset diversification test of a RIC to
include a new limitation on the investment by a RIC in certain qualified MLP interests. Under the Jobs Act, a RIC may now invest in a
qualified MLP regardless of the types of business the MLP operates. The Jobs Act further provides that passive losses from an investment in a qualified MLP may not be used by a RIC to offset any
income other than income from the same MLP and any deductions passed through by the MLP may not be used by a RIC to offset income from other&nbsp;sources. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund intends to invest in equity securities of MLPs that are expected to derive income and gains from, among other things, the exploration, development, mining or production,
processing, refining, transportation (including pipeline transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. The Fund expects that these MLPs will be
treated as qualified publicly traded partnerships (as&nbsp;defined in Section&nbsp;851(h) of the Code). Accordingly, it is expected that the net income derived by the Fund from such investments
will qualify as "good income" for purposes of the income test referenced above. If the MLPs in which the Fund invests do not, however, qualify as qualified publicly traded partnerships under the new
rules or otherwise are not treated as corporations for U.S.&nbsp;federal income tax purposes, the income derived by the Fund from such investments may not qualify as "good income" and, therefore,
could adversely affect the Fund's status as a&nbsp;RIC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MLPs in which the Fund intends to invest are expected to be treated as partnerships for U.S.&nbsp;federal income tax purposes. As a limited partner in the MLPs in which the Fund
invests, the Fund will receive a pro&nbsp;rata share of income, gains, losses and deductions from those MLPs. Furthermore, because the MLPs are expected to be treated as partnerships, the cash
distributions received by the Fund from an MLP may not correspond to the amount of income allocated to the Fund by the MLP in any given taxable year. If the amount of income allocated by an MLP to the
Fund exceeds the amount of cash received by such MLP, the Fund may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and avoiding
U.S.&nbsp;federal income and excise taxes. Accordingly, the Fund may have to dispose of securities under disadvantageous circumstances in order to generate sufficient cash to satisfy </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-18</FONT></P>

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<P><FONT SIZE=2>the
distribution requirements. As this discussion does not include a full discussion of the Fund's investment in MLPs and the character of the income in connection therewith, investors should consult
their own tax&nbsp;advisors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale, exchange or redemption of Fund shares may give rise to a gain or loss. Such gain or loss would generally be treated as capital gain or loss if the Fund shares are held as a
capital asset. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than
12&nbsp;months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. Long-term capital gain rates
applicable to individuals have been reduced, in general, to 15% (or&nbsp;5% for individuals in the 10% or 15% rate brackets); however, such rates are set to expire after December&nbsp;31, 2010
absent further legislation. Any loss realized upon the sale or exchange of Fund shares with a holding period of 6&nbsp;months or less will be treated as a long-term capital loss to the
extent of any capital gain distributions received with respect to such shares. The use of capital losses is subject to limitations. In addition, all or a portion of a loss realized on a redemption or
other disposition of Fund shares may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other substantially identical shares (whether through the reinvestment
of distributions or otherwise) within a 61-day period beginning 30&nbsp;days before the redemption of the loss shares and ending 30&nbsp;days after such date. Any disallowed loss will
result in an adjustment to the shareholder's tax basis in some or all of the other shares acquired. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
charges paid upon a purchase of shares cannot be taken into account for purposes of determining gain or loss on a sale of the shares before the 91st&nbsp;day after their purchase
to the extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund pursuant to the reinvestment privilege. Any disregarded amounts will result in an adjustment to
the shareholder's tax basis in some or all of any other shares acquired. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and distributions on the Fund's shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains,
even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a
time when the Fund's net asset value reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund's net asset
value also reflects unrealized losses. Certain distributions declared in October, November or December and paid in the following January will be taxed to shareholders as if received on
December&nbsp;31 of the year in which they were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be "spilled back" and treated as paid by the
Fund (except for purposes of the 4% excise tax) during such taxable year. In such case, shareholders will nevertheless be treated as having received such dividends in the taxable year in which the
distributions were actually&nbsp;made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
paid by the Fund to individuals and certain other shareholders who have not provided the Fund with their correct taxpayer identification number ("TIN") and certain certifications
required by the Internal Revenue Service as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker may be subject to "backup" withholding of
federal income tax arising from the Fund's taxable dividends and other distributions as well as the gross proceeds of sales of shares, at a rate equal to the fourth highest rate of tax applicable to a
single individual (currently, 28%). An individual's TIN is generally his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding
rules from payments made to a shareholder may be refunded or credited against such shareholder's U.S.&nbsp;federal income tax liability, if any, provided that the required information is furnished
to the&nbsp;IRS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Treasury regulations, if a shareholder recognizes a loss on disposition of the Fund's shares of $2&nbsp;million or more for an individual shareholder or $10&nbsp;million or
more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form&nbsp;8886 except to the extent such losses are from assets that have a qualifying basis and
meet certain other requirements. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated
investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. In addition,
pursuant to recently enacted legislation, significant penalties may be imposed for the failure to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-19</FONT></P>

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<BR>

<P><FONT SIZE=2>comply
with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper.
Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance
companies and financial institutions. Shareholders should consult their own tax advisers with respect to special tax rules that may apply in their
particular situations, as well as the state, local, and, where applicable, foreign tax consequences of investing in the&nbsp;Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year. The IRS currently requires that a RIC that has two or
more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction
and qualified dividend income) based upon the percentage of total dividends paid out of earnings or profits to each class for the tax year. Accordingly, the Fund intends each year to allocate capital
gain dividends, dividends qualifying for the dividends received deduction and dividends derived from qualified dividend income, if any, between its common shares and preferred shares in proportion to
the total dividends paid out of earnings or profits to each class with respect to such tax&nbsp;year. </FONT></P>

<P><FONT SIZE=2><B>State And Local Taxes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders should consult their own tax advisers as to the state or local tax consequences of investing in the&nbsp;Fund. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_other_information"> </A>
<A NAME="toc_dc1818_5"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is an organization of the type commonly known as a "Delaware statutory trust." Under Delaware law, shareholders of such a trust may, in certain
circumstances, be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer of shareholder liability in connection with the Fund
property or the acts, obligations or affairs of the Fund. The Fund has been advised by its counsel that the risk of any shareholder incurring any liability for the obligations of the Fund
is&nbsp;remote. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration of Trust provides that the Trustees will not be liable for actions taken in good faith in the reasonable belief that such actions were in the best interests of the Fund
or, in the case of any criminal proceeding, as to which a Trustee did not have reasonable cause to believe that such actions were unlawful; but nothing in the Declaration of Trust protects a Trustee
against any liability to the Fund or its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
in the conduct of his office. Voting rights are not cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees and, in
such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able to elect any&nbsp;Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration of Trust provides that no person shall serve as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office
either by a written declaration filed with the Fund's custodian or by votes cast at a meeting called for that purpose. Information about anti-takeover provisions in the Declaration of
Trust is discussed in the prospectus under "Anti-Takeover Provisions in the Declaration of&nbsp;Trust." </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's prospectus and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement
may be obtained as described on the cover page of this&nbsp;SAI. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1818_independent_registered_public_accounting_firm"> </A>
<A NAME="toc_dc1818_6"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;is the independent registered public accounting firm for the Fund and will provide audit services, tax return preparation and assistance and
consultation with respect to the preparation of filings with the&nbsp;SEC. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1818_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1818_part_c_other_information"> </A>
<A NAME="toc_de1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART C<BR>  OTHER INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;25. Financial Statements and Exhibits  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Financial
Statements (included in Part&nbsp;B) </FONT></DD></DL>

<P><FONT SIZE=2>Report
of Independent Registered Public Accounting Firm*<BR>
Statement of Assets and Liabilities*<BR>
Notes to Statement of Assets and Liabilities* </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Exhibits
</FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(a)(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Certificate of Trust</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(a)(ii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Agreement and Declaration of Trust</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(b)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Bylaws</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(c)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(d)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Share Certificate*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(e)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Dividend Reinvestment Plan*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(f)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(g)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Investment Advisory Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(h)(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Underwriting Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(h)(ii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Master Agreement Among Underwriters*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(j)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Custody Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(k)(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Stock Transfer Agency Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(k)(ii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Marketing, Administration, Bookkeeping and Pricing Services Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(k)(iii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Form of Distribution Assistance Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(l)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Opinion and Consent of Blank Rome&nbsp;LLP*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(m)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(n)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Consent of Independent Auditor*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(o)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(p)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Initial Subscription Agreement*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(q)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Not applicable</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(r)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Joint Code of Ethics of the Fund, the Adviser and Others*</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment. </FONT></DD></DL>

<P><FONT SIZE=2><B>Item&nbsp;26. Marketing Arrangements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Form of Underwriting Agreement to be filed by amendment as Exhibit&nbsp;2(h)(1). </FONT></P>


<P><FONT SIZE=2><B>Item&nbsp;27. Other Expenses of Issuance and Distribution  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approximate expenses in connection with the offering are as follows: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Registration and Filing Fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>NASD Fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>NYSE Fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Underwriters' Expense Reimbursement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Printing (Other than Certificates)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Engraving and Printing Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Accounting Fees and Expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Legal Fees and Expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Miscellaneous Expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_de1818_1_2"> </A>

<P><FONT SIZE=2><B>Item&nbsp;28. Persons Controlled by or Under Common Control With Registrant  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;29. Number of Holders of Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is the number of record holders as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, of each class of securities of the&nbsp;Registrant:
 </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="78%" ALIGN="LEFT"><FONT SIZE=1><B>Title of Class<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Record Holders</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Common Shares of Beneficial Interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Item&nbsp;30. Indemnification  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;IV of the Registrant's Agreement and Declaration of Trust provides as&nbsp;follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD><FONT SIZE=2>No
Personal Liability of Shareholders, Trustees, etc. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of
the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the general corporation law of the
State of Delaware. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, other than the Trust or its Shareholders, in connection with
Trust Property or the affairs of the Trust, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to
such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the
Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on
account thereof, be held to any personal liability. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.2</FONT></DT><DD><FONT SIZE=2>Mandatory
Indemnification. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall indemnify the Trustees and officers of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit
or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise (other than, except as
authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have been threatened, while acting in any capacity set forth above in this Section&nbsp;4.2 by reason of
his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the
Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified
hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence (negligence in
the case of Affiliated Indemnitees), or (iv)&nbsp;reckless disregard of the duties involved in the conduct of his position (the&nbsp;conduct referred to in such clauses&nbsp;(i)
through&nbsp;(iv) being sometimes referred to herein as "disabling conduct"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any
indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee was authorized by a majority of the&nbsp;Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no indemnification shall be made hereunder unless there has been a determination (1)&nbsp;by a final decision on the merits by a court
or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (2)&nbsp;in
the absence of such a decision, by (i)&nbsp;a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested
Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (ii)&nbsp;if such quorum is not obtainable or even if obtainable, if such majority so directs,
independent legal counsel in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_de1818_1_3"> </A>
<BR>

<P><FONT SIZE=2>a
written opinion conclude that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding
shall be authorized and made in accordance with the immediately succeeding paragraph&nbsp;(c)&nbsp;below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the
Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to
reimburse the Trust unless it is subsequently determined that he is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for
indemnification appear to have been met. In addition, at least one of the following conditions must be met: (1)&nbsp;the indemnitee shall provide adequate security for his undertaking,
(2)&nbsp;the Trust shall be insured against losses arising by reason of any lawful advances, or (3)&nbsp;a majority of a quorum of the Disinterested Non-Party Trustees, or if a
majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as&nbsp;opposed to a full trial-type
inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The
rights accruing to any indemnitee under these provisions shall not exclude any other right to which he may be lawfully entitled. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify
Persons providing services to the Trust to the full extent provided by law provided that such indemnification has been approved by a majority of the&nbsp;Trustees. </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Fund pursuant to
the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person of the Fund in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Fund will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such&nbsp;issue. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.3</FONT></DT><DD><FONT SIZE=2>No
Duty of Investigation; Notice in Trust Instruments, etc. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the
validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the
order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing
whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in
their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and agents
in such amount as the Trustees shall deem adequate to cover possible liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the
1940&nbsp;Act. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.4</FONT></DT><DD><FONT SIZE=2>Reliance
on Experts, etc. Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any
act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the
Trust's officers or employees or by any adviser, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the
Trustees, officers or employees of the Trust, regardless of whether such counsel or other person may also be a&nbsp;Trustee. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>C-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_de1818_1_4"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>Item&nbsp;31. Business and Other Connections of Investment Adviser  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine Woods Capital Investors,&nbsp;LLC serves as investment adviser to the Registrant and also serves as adviser to unregistered funds, institutions and high
net worth individuals. A description of any other business, profession, vocation, or employment of a substantial nature in which the investment adviser, and each member or executive officer of the
investment adviser is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in the
prospectus contained in this Registration Statement in the section entitled "Management of the Fund&#151;Investment Adviser." </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;32. Location of Accounts and Records  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All applicable accounts, books and documents required to be maintained by the Registrant by Section&nbsp;31(a) of the 1940 Act and the Rules promulgated
thereunder are in the possession and custody of the Registrant's administrator, ALPS Fund Services,&nbsp;Inc., 1625&nbsp;Broadway, Suite&nbsp;2200, Denver, Colorado&nbsp;80202. </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;33. Management Services  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;34. Undertakings  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
Registrant undertakes to suspend the offering of its Common Shares of Beneficial Interest until the prospectus is amended if (1)&nbsp;subsequent to the effective date of this
registration statement, the net asset value declines more than 10&nbsp;percent from its net asset value as of the effective date of this registration statement or (2)&nbsp;the net asset value
increases to an amount greater than its net proceeds as stated in the&nbsp;prospectus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Not
applicable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Not
applicable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Not
applicable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>The
Registrant undertakes that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>for
the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance
upon Rule&nbsp;430A and&nbsp;contained in the form of prospectus filed by the Registrant pursuant to 497(h) under the Securities Act shall be deemed to be part of the registration statement as of
the time it was declared effective;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>for
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona&nbsp;fide offering thereof.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an oral or written request, its
Statement of Additional Information. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>C-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<UL>
<UL>
</UL>
</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1818_1_5"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1818_signatures"> </A>
<A NAME="toc_dg1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized in the city of Purchase, and the State of New&nbsp;York, on the 13th&nbsp;day of November,&nbsp;2006. </FONT></P>

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<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SAMUEL A. LIEBER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Samuel A. Lieber<BR>
Title: President and Principal Executive Officer<BR></FONT>
</TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><BR><FONT SIZE=2> /s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SAMUEL A. LIEBER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Samuel A. Lieber</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2><BR>
Principal Executive Officer and President and Initial&nbsp;Trustee</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2><BR>
November&nbsp;13, 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><BR><FONT SIZE=2> /s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SHELDON R. FLAMM</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Sheldon R. Flamm</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2><BR>
Principal Financing and Accounting Officer and Vice President, Treasurer and Chief Compliance&nbsp;Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2><BR>
November&nbsp;13, 2006</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>C-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di1818_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1818_index_to_exhibits"> </A>
<A NAME="toc_di1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX TO EXHIBITS    <BR>    </B></FONT></P>

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<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="75%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>2(a)(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Certificate of Trust</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>2(a)(ii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Agreement and Declaration of Trust</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>2(b)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Bylaws</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>C-6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.(A)(I)
<SEQUENCE>2
<FILENAME>a2174449zex-2_ai.htm
<DESCRIPTION>EXHIBIT 2.(A)(I)
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06DEN1813_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2.(a)(i)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1814_certificate_of_trust_of__di102390"> </A>
<A NAME="toc_di1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>CERTIFICATE OF TRUST    <BR>    <BR>    OF    <BR>    <BR>    ALPINE TOTAL DYNAMIC DIVIDEND FUND    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate of Trust of Alpine Total Dynamic Dividend Fund, a statutory trust (the "Trust"), executed by the undersigned trustee, and filed under and in
accordance with the provisions of the Delaware Statutory Trust Act (12 Del. C. sec. 3801 et seq.) (the "Act"), sets forth the following: </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The name of the Trust formed hereby is Alpine Total Dynamic Dividend Fund. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The address of the registered office of the Trust in the State of Delaware is 615 South DuPont Highway, Dover,
Delaware 19901. The name of the Trust's registered agent at such address is National Corporate Research,&nbsp;Ltd. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section&nbsp;3807 of the Act, the Trust formed hereby is or will become an investment company
registered under the Investment Company Act of 1940, as amended (15 U.S.C. sec.80a-1 et seq.). </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and in accordance with Section&nbsp;3804 of the Act, the debts, liabilities, obligations, costs,
charges, reserves and expenses incurred, contracted for or otherwise existing with respect to a particular series created as provided in Section&nbsp;3806(b)(2) of the Act, whether such series is
now authorized and existing pursuant to the governing instrument of the Trust or is hereafter authorized and existing pursuant to said governing instrument, shall be enforceable against the assets
associated with such series only, and not against the assets of the Trust generally or any other series thereof, and, except as otherwise provided in the governing instrument of the Trust, none of the
debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with
respect to the Trust generally or any other series thereof shall be enforceable against the assets of such series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the undersigned, being the sole trustee of Alpine Total Dynamic Dividend Fund, has duly executed this Certificate of
Trust on this 27<SUP>th</SUP> day of October, 2006. </FONT></P>

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<TD WIDTH="53%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SAMUEL A. LIEBER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Samuel A. Lieber, Sole Trustee</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><br><A NAME="06DEN1813_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di1814_1">CERTIFICATE OF TRUST OF ALPINE TOTAL DYNAMIC DIVIDEND FUND</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-2.(A)(II)
<SEQUENCE>3
<FILENAME>a2174449zex-2_aii.htm
<DESCRIPTION>EXHIBIT 2.(A)(II)
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06DEN1813_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2.(a)(ii)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1814_alpine_total_dynamic_dividend___alp02768"> </A>
<A NAME="toc_dm1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND    <BR>    <BR>    AGREEMENT AND DECLARATION OF TRUST    <BR>    </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do1814_1_1"> </A> </FONT> <FONT SIZE=2><B>TABLE OF CONTENTS  </B></FONT></P>

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<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2>ARTICLE I&nbsp;&nbsp;&nbsp;&nbsp;The Trust</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Name</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>1.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Definitions</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>1.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Purpose and Powers of Trust</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE II&nbsp;&nbsp;&nbsp;&nbsp;Trustees</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Number and Qualification</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Term and Election</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Resignation and Removal</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Vacancies</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Meetings</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>2.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Officers</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE III&nbsp;&nbsp;&nbsp;&nbsp;Powers and Duties of Trustees</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>General</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Investments</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Legal Title</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Issuance and Repurchase of Shares</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Borrow Money</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Collection and Payment</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.7</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Expenses</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.8</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>By-Laws</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.9</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Officers and Agents</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.10</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Miscellaneous Powers</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.11</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Delegation; Committees</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>3.12</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Further Powers</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE IV&nbsp;&nbsp;&nbsp;&nbsp;Limitations of Liability and Indemnification</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>No Personal Liability of Shareholders, Trustees, etc.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Mandatory Indemnification</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>No Duty of Investigation; Notice in Trust Instruments, etc.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Reliance on Experts, etc.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE V&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Beneficial Interest</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Classes and Series</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Issuance of Shares</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Rights of Shareholders</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Trust Only</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Register of Shares</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.7</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Transfer Agent and Registrar</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.8</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Transfer of Shares</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.9</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Notices</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.10</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Net Asset Value</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>5.11</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Distributions to Shareholders</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE VI&nbsp;&nbsp;&nbsp;&nbsp;Shareholders</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Meetings of Shareholders</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Voting</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Notice of Meeting, Shareholder Proposals and Record Date</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Quorum and Required Vote</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Proxies, etc.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Reports</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>6.7</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Shareholder Action by Written Consent</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE VII&nbsp;&nbsp;&nbsp;&nbsp;Duration: Termination of Trust; Amendment; Mergers, Etc.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Duration</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Termination</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Amendment Procedure</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Merger, Consolidation and Sale of Assets</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Redemption; Conversion of Investment Company</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>7.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Certain Transactions</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
ARTICLE VIII&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>References; Headings; Counterparts</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Filing</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.3</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Resident Agent</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.4</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Governing Law</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.5</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Counterparts</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.6</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Reliance by Third Parties</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="6%" VALIGN="TOP"><FONT SIZE=2>8.7</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP"><FONT SIZE=2>Provisions in Conflict with Law or Regulation</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>17</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq1814_agreement_and_declaration_of_t__agr02768"> </A>
<A NAME="toc_dq1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT AND DECLARATION OF TRUST<BR>  ALPINE TOTAL DYNAMIC DIVIDEND FUND    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT AND DECLARATION OF TRUST made as of the 27th day of October, 2006, by the Trustees hereunder, and by the holders of shares of beneficial interest to be
issued hereunder as hereinafter provided. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
this Trust, created by the Certificate of Trust filed with the Secretary of State of the State of Delaware on October&nbsp;27, 2006, shall constitute a statutory trust under
the Delaware Statutory Trust Act and this Agreement and Declaration of Trust shall constitute the governing instrument of such trust; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
this Trust has been formed to carry on business as set forth more particularly hereinafter; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
this Trust is authorized to issue an unlimited number of its shares of beneficial interest in accordance with the provisions hereinafter set forth; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions of the Delaware Statutory
Trust Act, as amended from time to time, and the provisions hereinafter set forth. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees hereunder IN
TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set
forth. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE I  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> The Trust  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Name</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Trust shall be known as the "Alpine Total Dynamic Dividend Fund", and the Trustees shall conduct
the business of the Trust under that name or any other name or names as they may from time to time determine. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;As used in this Declaration, the following terms shall have the following meanings: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms "Affiliated Person", "Assignment", "Commission", "Interested Person" and "Principal Underwriter" shall have the meanings given them in the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"By-Laws"
shall mean the By-Laws of the Trust as amended from time to time by the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Code"
shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Declaration"
shall mean this Agreement and Declaration of Trust, as amended and restated from time to time, including by way of any classifying or reclassifying Shares of any class or
any series of any such class or determining any designations, powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and conditions thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Delaware
Statutory Trust Act" shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C. Section&nbsp;3801 et. seq., as such Act may be amended from time to time. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Majority
Shareholder Vote" shall mean a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Trust or the applicable class or classes
or series or series of such voting securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Person"
shall mean and include natural persons, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal
entities, and governments and agencies and political subdivisions thereof. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Prospectus"
shall mean the currently effective Prospectus of the Trust, if any, under the Securities Act of 1933, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shareholders"
shall mean as of any particular time the holders of record of outstanding Shares of the Trust at such time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Shares"
shall mean the transferable units of beneficial interest in the Trust and includes fractions of Shares as well as whole Shares. All references to Shares shall be deemed to be
Shares of any or all or series thereof as the context may require. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trust"
shall mean the trust established by this Declaration, as amended from time to time, inclusive of each such amendment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trustees"
shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who at the time in question
have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trust
Property" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the
Trust or the Trustees in such capacity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"1933 Act" refers to the Securities Act of 1933 and the rules and regulations promulgated thereunder and exemptions therefrom covering the Trust and its affiliated persons, as
amended from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"1940 Act" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions therefrom, as amended from time to time. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Purpose and Powers of Trust</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust is established for the purpose of engaging in any activity not
prohibited by Delaware law and shall have the power to engage in any such activity and in any activity incidental or related to any such activity. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE II  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Trustees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Number and Qualification</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Prior to a public offering of Shares, there may be a sole Trustee. Thereafter, the
number of Trustees shall be such number, not less than three or more than fifteen, as shall be set forth in a written instrument signed or adopted by a majority of the Trustees then in office. No
reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. An individual nominated as a Trustee shall be at least
21&nbsp;years of age and shall not be under a legal disability. Trustees need not own Shares and may succeed themselves in office. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Term and Election</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees shall be divided into three classes. Within the limits specified in
Section&nbsp;2.1, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The initial term of office of the first class shall expire on the date of the
first annual meeting of Shareholders or special meeting in lieu thereof. The initial term of office of the second class shall expire on the date of the second annual meeting of Shareholders or special
meeting in lieu thereof. The initial term of office of the third class shall expire on the date of the third annual meeting of Shareholders or special meeting in lieu thereof. Upon expiration of the
initial term of office of each class as set forth above and the expiration of each subsequent term of office of such class, the number of Trustees in such class, as determined by the Board of
Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following such expiration to succeed the Trustees whose terms
of office expire. The Trustees </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>shall
be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose, except as provided in Section&nbsp;2.4 of this Article, and each Trustee elected
shall hold office until his or her successor shall have been elected and shall have qualified, except as provided in Section&nbsp;2.3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any Trustee may resign his trust (without need for prior or subsequent accounting)
by an instrument in writing signed by him and delivered or mailed to the Chairman, if any, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date
according to the terms of the instrument. Any Trustee may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by
Section&nbsp;2.1 hereof), for or without cause, at any time by a written instrument, signed or adopted by two-thirds of the remaining Trustees, or by vote of Shares having not less than
two-thirds of the aggregate number of Shares entitled to vote in the election of such
Trustee, specifying the date when such removal shall become effective. Upon the resignation or removal of a Trustee, or such persons otherwise ceasing to be a Trustee, such persons shall execute and
deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of the resigning or removed
Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as
provided in the preceding sentence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Vacancies</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the
death, resignation, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee. Whenever a vacancy in the Board of Trustees shall occur, the
remaining Trustees may fill such vacancy by appointing an individual having the qualifications described in this Article by a written instrument signed or adopted by a majority of the Trustees then in
office or by election by the Shareholders, or may leave such vacancy unfilled or may reduce the number of Trustees (provided the aggregate number of Trustees after such reduction shall not be less
than the minimum number required by Section&nbsp;2.1 hereof). Any vacancy created by an increase in Trustees may be filled by the appointment of an individual having the qualifications described in
this Article made by a written instrument signed by a majority of the Trustees then in office or by election by the Shareholders. No vacancy shall operate to annul this Declaration or to revoke any
existing agency created pursuant to the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office,
regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Meetings</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any,
the President, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws or by resolution of the
Trustees. Notice of any other meeting shall be mailed not less than 48&nbsp;hours before the meeting or otherwise actually delivered orally or in writing not less than 24&nbsp;hours before the
meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a
Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened. The Trustees may act with or
without a meeting. A quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration of Trust, any action of the Trustees may be taken at a
meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees or such other proportion as shall be specified
herein for action at a meeting at which all Trustees then in office are present. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be a majority of the
members thereof. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Unless
provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by
written consent of a majority of the members or such other proportion as shall be specified herein for action at a meeting at which all committee members are present. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this
Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as
otherwise provided by the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Officers</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall elect a President, a Secretary and a Treasurer and may elect a Chairman who
shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or President to appoint such other officers
or agents with such other titles and powers as the Trustees may deem to be advisable. A Chairman shall, and the President, Secretary and Treasurer may, but need not, be a Trustee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE III  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Powers and Duties of Trustees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;General</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have exclusive and absolute control over the Trust Property and over the
business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this
Declaration. The Trustees shall have power to engage in any activity not prohibited by Delaware law. The enumeration of any specific power herein shall not be construed as limiting the aforesaid
power. The Trustees may perform such acts as in their sole discretion are proper for conducting the business
of the Trust. The powers of the Trustees may be exercised without order of or resort to any court. No Trustee shall be obligated to give any bond or other security for the performance of any of his
duties or powers hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Investments</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power to: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;manage,
conduct, operate and carry on the business of an investment company, and exercise all the powers necessary and appropriate to the conduct of such operations; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;subscribe
for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any
and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of
any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such
investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of
said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Legal Title</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Legal title to all the Trust Property shall be vested in the Trustees as joint tenants except
that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>other
Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification.
Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and
interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have
been executed and delivered. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Issuance and Repurchase of Shares</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of this Declaration and applicable law, the
Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer and otherwise deal in, Shares, including Shares in fractional
denominations, to hold reacquired shares as treasury shares or otherwise, or to cancel the same, and to apply to any
such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property, whether capital or surplus or otherwise, to the full extent now or hereafter permitted by the laws
of the State of Delaware governing business corporations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Borrow Money</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to borrow money or otherwise obtain credit or utilize
leverage in connection with the activities of the Trust to the maximum extent permitted by law, regulation or order and to secure the same by mortgaging, pledging or otherwise subjecting as security
the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation, contract or engagement of any other person, firm,
association or corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Collection and Payment</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power to collect all property due to the Trust; to pay all
claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the
Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the
Trust; and to enter into releases, agreements and other instruments. Except to the extent required for a Delaware business corporation, the Shareholders shall have no power to vote as to whether or
not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Expenses</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power to incur and pay out of the assets or income of the Trust any
expenses which in the opinion of the Trustees are necessary or appropriate to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from
the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special
services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the
Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;By-Laws</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may adopt and from time to time amend or repeal By-Laws for
the conduct of the business of the Trust. Such By-Laws shall be binding on the Trust and the Shareholders unless inconsistent with the provisions of this Declaration. The Shareholders
shall not have authority to adopt or amend By-Laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Officers and Agents</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may elect and remove such officers and appoint and terminate such agents
as they deem appropriate, in accordance with this Declaration of Trust and the By-Laws. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_ds1814_1_6"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Powers</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to: (a)&nbsp;employ or contract with such
Persons
as the Trustees may deem desirable for the transaction of the business of the Trust, including investment advisors, administrators, custodians, transfer agents, shareholder services providers,
accountants, counsel, brokers, dealers and others; (b)&nbsp;enter into joint ventures, partnerships and any other combinations or associations; (c)&nbsp;purchase, and pay for out of Trust
Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all
claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the
Trust would have the power to indemnify such Person against such liability; (d)&nbsp;establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any
Trustees, officers, employees and agents of the Trust; (e)&nbsp;make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes;
(f)&nbsp;to the extent permitted by applicable law, indemnify any Person with whom the Trust has dealings, including without limitation any investment adviser, administrator, manager, transfer
agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g)&nbsp;guarantee indebtedness or contractual
obligations of others; (h)&nbsp;determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; (i)&nbsp;adopt a seal for the Trust but the absence of such
seal shall not impair the validity of any instrument executed on behalf of the Trust; (j)&nbsp;adopt any policy of the Trust and designate the same as fundamental or not fundamental; and
(k)&nbsp;set record dates in the manner provided for herein or in the By-Laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Delegation; Committees</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power, consistent with their continuing exclusive
authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things and
the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees each
of which shall have all or such lesser portion of the power and authority of the entire Board of Trustees as the Trustees shall determine from time to time, except to the extent action by the entire
Board of Trustees or particular Trustees is required by the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Further Powers</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to conduct the business of the Trust and carry on its
operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in
any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things
and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any
determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of
a grant of power to the Trustees. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE IV  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Limitations of Liability and Indemnification  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;No Personal Liability of Shareholders, Trustees, etc</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder of the Trust shall be subject in such
capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal
liability as is extended to stockholders of a private corporation for profit incorporated under the General Corporation Law of the State of Delaware. No Trustee or officer of the Trust shall be
subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the affairs of the Trust, save only liability to the Trust or its Shareholders arising
from bad </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>faith,
willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all Persons shall look solely to the Trust Property for
satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer of the Trust, as such, is made a party to any suit or proceeding to
enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Indemnification</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Trust shall indemnify the Trustees and officers of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit
or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise (other than, except as
authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have been threatened, while acting in any capacity set forth above in this Section&nbsp;4.2 by reason of
his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the
Trust or, in the ease of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified
hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence (negligence in
the ease of Affiliated Indemnitees), or (iv)&nbsp;reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i)&nbsp;through
(iv)&nbsp;being sometimes referred to herein as "disabling conduct"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as
plaintiff, indemnification shall be
mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee was authorized by a majority of the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no indemnification shall be made hereunder unless there has been a determination (1)&nbsp;by a final decision on the merits by a court
or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (2)&nbsp;in
the absence of such a decision, by (i)&nbsp;a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested
Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (ii)&nbsp;if such quorum is not obtainable or even if obtainable, if such majority so directs,
independent legal counsel in a written opinion conclude that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense
of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph&nbsp;(e) below. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the
Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to
reimburse the Trust unless it is subsequently determined that he is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for
indemnification appear to have been met. In addition, at least one of the following conditions must be met: (1)&nbsp;the indemnitee shall provide adequate security for his undertaking,
(2)&nbsp;the Trust shall be insured against losses arising by reason of any lawful advances, or (3)&nbsp;a majority of a quorum of the Disinterested Non-Party Trustees, or if a
majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<UL>
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<P><FONT SIZE=2>opposed
to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
rights accruing to any indemnitee under these provisions shall not exclude any other right to which he may be lawfully entitled. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify
Persons providing services to the Trust to the full extent provided by law provided that such indemnification has been approved by a majority of the Trustees. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;No Duty of Investigation; Notice in Trust Instruments, etc</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No purchaser, lender, transfer agent or other
person dealing with the Trustees or with any officer, employee or agent of the Trust shall be
bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property
paid, loaned or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the
Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as
Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders,
Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible liability, and such other insurance as the Trustees in their sole judgment shall deem
advisable or is required by the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Reliance on Experts, etc</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee and officer or employee of the Trust shall, in the performance of its
duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon
an opinion of counsel or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or
other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or other person may also be a Trustee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE V  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Shares of Beneficial Interest  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Interest</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The beneficial interest in the Trust shall be divided into an unlimited number of
transferable shares, and each share shall have no par value per share or such other amount as the Trustees may establish. All Shares issued in accordance with the terms hereof, including, without
limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall
have been received by the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Classes and Series</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the authority, without the approval of the holders of any Shares
of the Trust, to classify and reclassify issued and unissued Shares into one or more classes and one or more series of any or all of such classes, each of which classes and series thereof shall have
such designations, powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and conditions as the Trustees shall determine from time to time with respect to each
such class or series; provided, however, that no reclassification of any issued and outstanding Shares and no modifications of any of the designations, powers, preferences, voting, conversion or other
rights, limitations, qualifications and terms and conditions of any issued and outstanding Shares may be made by the Trustees without the affirmative vote of the holders of Shares specified in
Section&nbsp;7.3(a) to the extent required thereby. The initial class of Shares of the Trust is </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>

<P><FONT SIZE=2>hereby
designated as "Common Shares", subject to redesignation as aforesaid. To the extent expressly determined by the Trustees as aforesaid, all consideration received by the Trust for the issue or
sale of Shares of a class, together with all income, earnings, profits and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any funds or payments
derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to such class subject only to the rights of the creditors, and all liabilities allocable to
such class shall be charged thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Shares</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees, in their discretion, may from time to time without vote of the
Shareholders issue Shares of any class or any series of any such class to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on
such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and
businesses. The Trustees may from time to time divide or combine the Shares of any class or any series of any such class into a greater or lesser number without thereby changing the proportionate
beneficial interest in such Shares. Issuances and repurchases of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Rights of Shareholders</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Shares shall be personal property giving only the rights in this Declaration
specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business hereinbefore described are vested exclusively in the Trustees, and the
Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits,
rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as
provided in the last sentence of Section&nbsp;3.7, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive,
appraisal, conversion or exchange rights (except as specified in this Section&nbsp;5.4, in Section&nbsp;7.4 or as specified by the Trustees in the designation or redesignation of any class or
series thereof of the Shares). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Trust Only</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;It is the intention of the Trustees to create only the relationship of Trustee and beneficiary
between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation,
bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members
of a joint stock association. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Register of Shares</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A register shall be kept at the Trust or any transfer agent duly appointed by the
Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof.
Separate registers shall be established and maintained for each class and each series of each class. Each such register shall be conclusive as to who are the holders of the Shares of the applicable
class and series and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of
any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the
register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and
promulgate appropriate fees therefore and rules and regulations as to their use. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent and Registrar</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power to employ a transfer agent or transfer agents,
and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>

<P><FONT SIZE=2>the
said Shares. Any such transfer agent and registrars shall perform the duties usually performed by transfer agents and registrars of stock in a corporation, as modified by the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Shares shall be transferable on the records of the Trust only by the record holder
thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the
genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust.
Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any
officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person becoming entitled to any Shares in consequence of the death, bankruptcy or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the
applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the
Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be
affected by any notice of such death, bankruptcy or incompetence or other operation of law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Notices</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any and all notices to which any Shareholder hereunder may be entitled and any and all
communications to any Shareholder shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable
register of the Trust and may be sent together with any such notice or other communication to another Shareholder at the same address. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The value of the assets of the Trust, the amount of liabilities of the Trust and the net
asset value of each outstanding Common Share of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of
determination of net asset value shall be determined by the Trustees. The power and duty to make net asset value determinations and calculations may be delegated by the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Trustees shall from time to time distribute among the Shares such proportion of the net profits, surplus (including paid-in surplus), capital or assets
held by the Trustees as they may deem proper or as may otherwise be determined in the instrument setting forth the terms of such Shares such class or series of Shares, which need not be ratable with
respect to distributions in respect of Shares of any other class or series thereof of the Trust. Such distributions may be made in cash or property (including without limitation any type of
obligations of the Trust or any assets thereof) or any combination thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Distributions
may be made to the Shareholders of record entitled to such distribution at the time such distribution is declared or at such later date as shall be
determined by the Trust prior to the date of payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Trustees may always retain from any source such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or
as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business of the Trust. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE VI  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Shareholders  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Meetings of Shareholders</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust may, but shall not be required to, hold annual meetings of the holders
of any class or series of Shares. Any meeting of Shareholders shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Voting</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Shareholders shall have no power to vote on any matter except matters on which a vote of Shares is
required by applicable law, this Declaration or resolution of the Trustees. Any matter required to be submitted for approval of any of the Shares and affecting one or more classes or series shall
require approval by the required vote of Shares of the affected class or classes and series voting together as a single class and, if such matter affects one or more classes or series thereof
differently from one or more other classes or series thereof or from one or more series of the same class, approval by the required vote of Shares of such other class or classes or series or series
voting as a separate class shall be required in order to be approved with respect to such other class or classes or series or series; provided, however, that except to the extent required by the 1940
Act, there shall be no separate class votes on the election or removal of Trustees or the selection of auditors for the Trust. Shareholders of a particular class or series thereof shall not be
entitled to vote on any matter that affects the rights or interests of only one or more other classes or series of such other class or classes or only one or more other series of the same class. There
shall be no cumulative voting in the election or removal of Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meeting, Shareholder Proposals and Record Date</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Notice of all meetings of Shareholders, stating
the time, place and purposes of the meeting, shall be given by the Trustees to each Shareholder of record entitled to vote thereat at its registered address, sent at least 10&nbsp;days before the
meeting or otherwise in compliance with applicable law. Except with respect to an annual meeting, at which any business required by the 1940 Act may be conducted, only the business stated in the
notice of the meeting shall be considered at the meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 130&nbsp;days after the record date.
For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 120&nbsp;days
prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Quorum and Required Vote</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
holders of a majority of the outstanding Shares of the Trust on the record date present in person or by proxy shall constitute a quorum at any meeting of the
Shareholders for purposes of
conducting business on which a vote of all Shareholders of the Trust is being taken. The holders of a majority of the outstanding Shares of a class or classes on the record date present in person or
by proxy shall constitute a quorum at any meeting of the Shareholders of such class or classes for purposes of conducting business on which a vote of Shareholders of such class or classes is being
taken. The holders of a majority of the outstanding Shares of a series or series on the record date present in person or by proxy shall constitute a quorum at any meeting of the Shareholders of such
series or series for purposes of conducting business on which a vote of Shareholders of such series or series is being taken. Abstentions and broker non-votes will be included for purposes
of determining whether a quorum is present. Abstentions and broker non-votes will be treated as votes present at a Shareholders' meeting, but will not be treated as votes cast. Abstentions
and broker non-votes, therefore, will have no effect on proposals which require a plurality or majority of votes cast for approval, but will have the same effect as a vote "against" on
proposals requiring any percentage of the outstanding voting securities of the Trust for approval. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2><A
NAME="page_du1814_1_12"> </A> </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Subject
to any provision of applicable law, this Declaration or resolution of the Trustees specifying or requiring a greater or lesser vote requirement for the
transaction of any matter of business at any meeting of Shareholders, (i)&nbsp;the affirmative vote of a plurality of the Shares entitled to vote for the election of any Trustee or Trustees shall be
the act of such Shareholders with respect to the election of such Trustee or Trustees, (ii)&nbsp;the affirmative vote of a majority of the Shares present in person or represented by proxy and
entitled to vote on any other matter shall be the act of the Shareholders with respect to such matter, and (iii)&nbsp;where a separate vote of one or more classes or series is required on any
matter, the affirmative vote of a majority of the Shares of such class or classes or series or series present in person or represented by proxy and entitled to vote on such matter shall be the act of
the Shareholders of such class or classes or series or series with respect to such matter. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Proxies, etc</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by
proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct,
for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or
more of the officers or employees of the Trust. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and each fractional Share shall be entitled to a
vote equal to its fraction of a full Share. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than
one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be east, such vote shall not be received in respect of
such Share. A proxy purporting to be given by or on behalf of a Shareholder of record on the record date for a meeting shall be deemed valid unless challenged at or prior to its exercise, and the
burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other
person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy. The
Trustees shall have the authority to make and modify from time to time regulations regarding the validity of proxies. In addition to signed proxies, such regulations may authorize facsimile,
telephonic, Internet and other methods of appointing a proxy that are subject to such supervision by or under the direction of the Trustees as the Trustees shall determine. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Reports</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall cause to be prepared and sent to Shareholders at least annually and more
frequently to the extent and in the form required by law, regulation or any exchange on which Shares are listed, a report of operations containing financial statements of the Trust prepared in
conformity with generally accepted accounting principles and applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Action by Written Consent</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any action which may be taken by Shareholders by vote may be taken
without a meeting if the holders of all of the Shares entitled to vote thereon consent to the
action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE VII  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Duration: Termination of Trust; Amendment; Mergers, Etc.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Duration</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to termination in accordance with the provisions of Section&nbsp;7.2 hereof, the Trust
created hereby shall have perpetual existence. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Termination</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Trust may be dissolved, after two thirds of the Trustees have approved a resolution therefor, upon approval by Shares having at least 75% of the votes of all of the
Shares outstanding on the record date for such meeting, voting as a single class, except to the extent required by the 1940 Act. Upon the dissolution of the Trust: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall carry on no further business except for the purpose of winding up its affairs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the
Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merger where the Trust is not the survivor,
transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash,
securities or other property of any kind, discharge or pay its liabilities and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger
in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and
the nature and amount of the consideration with the same vote as required for dissolution pursuant to paragraph&nbsp;(a) above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;After
paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem
necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;After
the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the
records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file&nbsp;a certificate of cancellation with the Secretary of State of the State of
Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon
cease. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Amendment Procedure</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Other
than Sections 2.2, 2.3, 3.8, 6.1, 6.7, 7.2, 7.3, 7.4, 7.5 and 7.6 and other than as set forth in the last sentence of this Section&nbsp;7.3(a), this Declaration
may be amended, after a majority of the Trustees have approved a resolution therefor, by the affirmative vote of the holders of not less than a majority of the affected Shares outstanding on the
record date and present and voting on such amendment. Sections 2.2, 2.3, 3.8, 6.1, 6.7, 7.2, 7.3, 7.4, 7.5 and 7.6 may be amended, after a majority of the Trustees have approved a resolution therefor
by the affirmative vote of the holders of not less than 75% of the affected Shares outstanding on the record date. The Trustees also may amend this Declaration without any vote of Shareholders for any
of the purposes set forth in Section&nbsp;6.2, to change the name of the Trust or any class or series, to make any change that does not adversely affect the relative rights or preferences of any
class or series of Shares or to conform this Declaration to the requirements of the 1940 Act or any other applicable law, but the Trustees shall not be liable for failing to do so. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Nothing
contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees,
officers, employees and agents of the Trust or to permit assessments upon Shareholders. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;An
amendment duly adopted by the requisite vote of the Board of Trustees and, if required, Shareholders as aforesaid, shall become effective at the time of such adoption
or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification signed by a majority of the Trustees setting forth an amendment and reciting
that it was duly adopted by the Trustees and, if required, Shareholders as aforesaid, or a copy of the Declaration, as amended, and executed by a majority of the Trustees, shall be conclusive evidence
of such amendment when lodged among the records of the Trust or at such other time designated by the Board. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision hereof, until such time as Shares are issued and outstanding, this Declaration may be terminated or amended in any respect by the affirmative vote of
a majority of the Trustees or by an instrument signed by a majority of the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Merger, Consolidation and Sale of Assets</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;7.6, the Trust may merge or consolidate
with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its goodwill, upon such
terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and approved by the affirmative vote of the holders of not less than 75% of the
affected Shares outstanding on the record date for the meeting of Shareholders to approve such transaction, and any such merger, consolidation, sale, lease or exchange shall be determined for all
purposes to have been accomplished under and pursuant to the statutes of the State of Delaware. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Redemption; Conversion of Investment Company</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No holder of Shares of any class or series, other than in
accordance with the provisions of Section&nbsp;23(c) (excluding Rule&nbsp;23c-3 thereunder) of the 1940 Act and other than to the extent expressly determined by the Trustees with
respect to Shares qualifying as preferred stock pursuant to Section&nbsp;18(a) of the 1940 Act, shall have any right to require the Trust or any person controlled by the Trust to purchase any of
such holder's Shares. The Trust may be converted at any time from a "closed-end investment company" to an "open-end investment company" as those terms are defined by the 1940
Act or a company obligated to repurchase shares under Rule&nbsp;23c-3 of the 1940 Act (and "interval company"), upon the approval of such a proposal, together with the necessary
amendments to this Declaration to permit such a conversion, by a majority of the Trustees then in office, by the holders of not less than 75% of the Trust's outstanding Shares entitled to vote thereon
and by such vote or votes of the holders of any class or classes or series of Shares as may be required by the 1940 Act. From time to time, the Trustees may consider recommending to the Shareholders a
proposal to convert the Trust from a "closed-end company" to an "open-end company" or "interval company." Upon the recommendation and subsequent adoption of such a proposal and
the necessary amendments to this Declaration to permit such a conversion of the Trust's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and
state law, become an "open-end investment company." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Certain Transactions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Declaration and subject to the exceptions provided in paragraph&nbsp;(d) of this Section, the types of transactions
described in paragraph&nbsp;(c) of this Section shall require the affirmative vote or consent of the holders of eighty percent (80%) of the Shares of each class outstanding and entitled to vote,
voting as a class, when a Principal Shareholder (as defined in paragraph&nbsp;(b) of this Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or
consent of the holders of Shares otherwise required by law or by the terms of any class or series of preferred stock, whether now or hereafter authorized, or any agreement between the Trust and any
national securities exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
term "Principal Shareholder" shall mean any Person which is the beneficial owner, directly or indirectly, of five percent (5%) or more of the outstanding Shares and
shall include any affiliate or associate, as such terms are defined in clause&nbsp;(ii) below, of such Person. For the </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>purposes
of this Section, in addition to the Shares which a Person beneficially owns directly, (a)&nbsp;any Person shall be deemed to be the beneficial owner of any Shares (i)&nbsp;which it has
the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding share options granted by the Trust) or (ii)&nbsp;which are beneficially
owned, directly or indirectly (including Shares deemed owned through application of clause&nbsp;(i) above), by any other Person with which its "affiliate" or "associate" (as defined below) has any
agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or which is its "affiliate" or "associate" as those terms are defined in
Rule&nbsp;12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934 as in effect on the date of initial adoption of this Declaration, and (b)&nbsp;the
outstanding Shares shall include Shares deemed owned through application of clauses (i)&nbsp;and (ii)&nbsp;above but shall not include any other Shares which may be issuable pursuant to any
agreement, or upon exercise of conversion rights or warrants, or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;This
Section shall apply to the following transactions: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
issuance of any securities of the Trust to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan or pursuant to any
offering in which such Principal Shareholder acquires securities that represent no greater a percentage of any class or series of securities being offered than the percentage of any class of Shares
beneficially owned by such Principal Shareholder immediately prior to such offering or, in the case of securities, offered in respect of another class or series, the percentage of such other class or
series beneficially owned by such Principal Shareholder immediately prior to such offering). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair market value
of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period.) </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;The
sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust of any assets of any Principal Shareholder (except assets
having an aggregate fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a
twelve-month period). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;The
purchase by the Trust or any Person controlled by the Trust of any Common Shares of the Trust from such Principal Shareholder or any person to whom such Principal
Shareholder shall have transferred such Common Shares. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
provisions of this Section shall not be applicable to (i)&nbsp;any of the transactions described in paragraph&nbsp;(c) of this Section if two-thirds
of the Board of Trustees of the Trust shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction
prior to the time such Person shall have become a Principal Shareholder, or (ii)&nbsp;any such transaction with any corporation of which a majority of the outstanding shares of all classes of a
stock normally entitled to vote in elections of directors is owned of record or beneficially by the Trust and its subsidiaries and of which such Person is not a Principal Shareholder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Board of Trustees shall have the power and duty to determine for the purposes of this Section on the basis of information known to the Trust whether (i)&nbsp;a
Person beneficially owns five percent (5%) or more of the outstanding Shares, (ii)&nbsp;a Person is an "affiliate" or "associate" </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2>(as
defined above) of another, (iii)&nbsp;the assets being acquired or leased to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an
aggregate fair market value of less than $1,000,000, and (iv)&nbsp;the memorandum of understanding referred to in paragraph&nbsp;(d) hereof is substantially consistent with the transaction covered
thereby. Any such determination shall be conclusive and binding for all purposes of this Section. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE VIII  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Miscellaneous  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;References; Headings; Counterparts</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In this Declaration of Trust and in any restatements and/or amendments,
references to this instrument and all expressions of similar effect to "herein," "hereof' and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such restatements
an/or amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument.
Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. Any references herein to
specific sections of the Delaware Statutory Trust Act, the Code or the 1940 Act shall refer to such sections as amended from time to time or any successor sections thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Filing</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Declaration and any amendment (including any supplement) hereto shall be filed in such places
as may be required or as the Trustees deem appropriate. Each amendment shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner
provided herein, and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all
amendments theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained
therein and may thereafter be referred to in lieu of the original Declaration and the various amendments thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Resident Agent</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall maintain a resident agent in the State of Delaware, which agent shall
initially be named in the Trust's Certificate of Trust. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until an amendment or
other necessary document is delivered to the office of the Secretary of State. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Declaration is executed by a majority of the Trustees and delivered in the State of
Delaware and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to the laws of
said State and reference shall be specifically made to the business corporation law of the State of Delaware as to the construction of matters not specifically covered herein or as to which an
ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Declaration may be simultaneously executed in several counterparts, each of which shall
be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Third Parties</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any certificate executed by an individual who, according to the records of the
Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a)&nbsp;the number or identity of Trustees or Shareholders,
(b)&nbsp;the name of the Trust, (c)&nbsp;the due authorization of the execution of any instrument or writing, (d)&nbsp;the form of any vote passed at a meeting of Trustees or Shareholders,
(e)&nbsp;the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f)&nbsp;the form of any By
Laws adopted by or the identity of any officers elected by the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>Trustees,
or (g)&nbsp;the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person
dealing with the Trustees and their successors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulation</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the
1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this
Declaration to the extent of such conflict; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action
taken or omitted prior to such determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>* * *  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and year first above written. </FONT></P>

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<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>/s/ Samuel A. Lieber</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;Samuel A. Lieber<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Initial Trustee</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><br><A NAME="06DEN1813_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm1814_1">ALPINE TOTAL DYNAMIC DIVIDEND FUND AGREEMENT AND DECLARATION OF TRUST</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dq1814_1">AGREEMENT AND DECLARATION OF TRUST ALPINE TOTAL DYNAMIC DIVIDEND FUND</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-2.(B)
<SEQUENCE>4
<FILENAME>a2174449zex-2_b.htm
<DESCRIPTION>EXHIBIT 2.(B)
<TEXT>
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<HEAD>
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<BR>
<FONT SIZE=3 ><A HREF="#06DEN1813_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_da1814_1_1"> </A> </FONT> <FONT SIZE=2><B>Exhibit 2.(b)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>BY-LAWS<BR>
OF<BR>
ALPINE TOTAL DYNAMIC DIVIDEND FUND<BR>
TABLE OF CONTENTS  </B></FONT></P>

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<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
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<TD COLSPAN=3><FONT SIZE=2>ARTICLE I</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD COLSPAN=3><FONT SIZE=2>Offices</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="4%"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Offices</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Registered Office and Registered Agent</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE II</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Shareholder Meetings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Chairman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Proxies; Voting</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Fixing Record Dates</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Inspectors of Election</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Records at Shareholder Meetings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Notice of Shareholder Business</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE III</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Trustees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Chairman; Records</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE IV</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Officers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Officers of the Trust</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Election and Tenure</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Removal of Officers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Bonds and Surety</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Chairman, President and Vice Presidents</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Secretary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Treasurer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Other Officers and Duties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE V</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Records and Reports</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Maintenance and Inspection of Share Register</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Maintenance and Inspection of Declaration of Trust and By-Laws</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Maintenance and Inspection of Other Records</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Inspection by Trustees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE VI</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Contracts and Instruments; How Executed</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Fiscal Year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Headings; References</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Provisions in Conflict with Law or Regulations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Depositories</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
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<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Seal</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE VII</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Stock Transfers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Transfer Agents, Registrars and the Like</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Transfer of Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Registered Shareholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
ARTICLE VIII</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Amendment of By-Laws</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Amendment and Repeal of By-Laws</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_alpine_total_dynamic_dividend_fund_by-laws"> </A>
<A NAME="toc_dc1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND<BR>  <BR>    BY-LAWS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These By-Laws are made and adopted pursuant to Section&nbsp;3.8 of the Declaration of Trust establishing the Alpine Total Dynamic Dividend Fund (the
"Trust") dated as of October&nbsp;27, 2006, as from time to time amended (hereinafter called the "Declaration"). All capitalized terms used, but not defined, in these By-Laws shall have
the meaning or meanings set forth for such terms in the Declaration. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_i_offices"> </A>
<A NAME="toc_dc1814_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE I<BR>  <BR>    Offices    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Offices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust may have such offices within or outside of the State of Delaware as the Trustees may from
time to time determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Registered Office and Registered Agent.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees have established a registered office in the
State of Delaware and had appointed a registered agent for service of process as set forth in a the Trust's Certificate of Trust. The Board of Trustees may change these as provided in the Declaration. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_ii_shareholder_meetings"> </A>
<A NAME="toc_dc1814_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE II<BR>  <BR>    Shareholder Meetings    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Chairman.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chairman, if any, shall act as chairman at all meetings of the Shareholders; in the Chairman's
absence, the Trustee or Trustees present at each meeting may elect a temporary chairman
for the meeting, who may be one of themselves. The chairman of the meeting may make any rules for the conduct of the meeting as he or she shall deem necessary or desirable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Proxies; Voting.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may vote either in person or by duly executed proxy and each full share
represented at the meeting shall have one vote, all as provided in Article&nbsp;6 of the Declaration. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Fixing Record Dates.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the Shareholders who are entitled to notice of or to
vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing
the transfer books, fix a record date in the manner provided in Section&nbsp;6.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the
transfer books, then the date of mailing notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Inspectors of Election.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of
Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the chairman, if any, of any meeting of Shareholders may, and on the request of any
Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors shall be either one or three, as determined by the chairman of the meeting. In case any
person appointed as Inspector fails to appear or fails or refuses to act, the vacancy may be filled by the chairman of the meeting. The Inspectors of Election shall determine the number of Shares
outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all
challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents and shall determine the results and shall do such other acts as may be
proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority of them is effective in all respects
as the decision, act or certificate of all. On request of the Chairman, if any, of the meeting, or of any Shareholder or Shareholder proxy, the </FONT></P>

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<P><FONT SIZE=2>Inspectors
of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Records at Shareholder Meetings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At each meeting of the Shareholders, there shall be made available for
inspection, if requested at least twenty-four hours in advance by Shareholders, the minutes of the last previous annual or special meeting of Shareholders of the Trust and a list of the
Shareholders of the Trust, as of the record date of the meeting. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the
number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to Shareholders of a Delaware
business corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Shareholder Business.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any annual or special meeting of the Shareholders, only such business
shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual or special meeting, the business must be (i)&nbsp;specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the Board of Trustees, (ii)&nbsp;otherwise properly brought before the meeting by or at the direction of the Board of Trustees, or
(iii)&nbsp;otherwise properly brought before the meeting by a shareholder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
business to be properly brought before an annual or special meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Secretary of the Trust.
To be timely, any such notice must be delivered to or mailed and received at the principal executive offices of the Trust not later than 60&nbsp;days prior to the date of the meeting; provided,
however, that if less than 70&nbsp;days' notice or prior public disclosure of the date of the meeting is given or made to Shareholders, any such notice by a shareholder to be timely must be so
received not later than the close of business on the 10th day following the day on which notice of the date of the annual or special meeting was given or such public disclosure was made. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such notice by a Shareholder shall set forth as to each matter the shareholder proposes to bring before the annual or special meeting (i)&nbsp;a brief description of the business
desired to be brought before the annual or special meeting and the reasons for conducting such business at the annual or special meeting, (ii)&nbsp;the name and address, as they appear on the
Trust's books, of the shareholder proposing such business, (iii)&nbsp;the class and number of shares of the capital stock of the Trust, which are beneficially owned by the shareholder, and
(iv)&nbsp;any material interest of the shareholder in such business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in these By-Laws to the contrary, no business shall be conducted at any annual or special meeting except in accordance with the procedures set forth
in this Section&nbsp;2.6. The chairman of the annual or special meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in
accordance with the provisions of this Section&nbsp;2.6, and, if he should determine, he shall so declare to the meeting that any such business not properly brought before the meeting shall not be
considered or transacted. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_iii_trustees"> </A>
<A NAME="toc_dc1814_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE III<BR>  <BR>    Trustees    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Chairman; Records.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chairman, if any, shall act as chairman at all meetings of the Trustees; in absence
of a Chairman, the Trustees present shall elect one of their number to act as chairman of the meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of
the Trustees, shall be recorded by the person appointed by the Board of Trustees as the meeting secretary. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_iv_officers"> </A>
<A NAME="toc_dc1814_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE IV<BR>  <BR>    Officers    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Officers of the Trust.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The officers of the Trust shall consist of a Chairman, if any, a President, a
Secretary, a Treasurer and such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same Person, except that the
same person may not be both President and Secretary. The Chairman, if any, shall be a Trustee, but no other officer of the Trust need be a Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Election and Tenure.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Officers shall serve at the pleasure of the Trustees or until their successors have
been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Removal of Officers.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any officer may be removed at any time, with or without cause, by action of a majority
of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may
have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chairman, if any,
President or Secretary, and such resignation shall take effect immediately upon receipt by the Chairman, if any, President or Secretary, or at a later date according to the terms of such notice in
writing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Bonds and Surety.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any officer may be required by the Trustees to be bonded for the faithful performance of
such officer's duties in such amount and with such sureties as the Trustees may determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Vice Presidents.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chairman, if any, shall, if present, preside at all meetings of
the Shareholders and of the Trustees and shall exercise and perform such other powers and duties as may be from time to time assigned to such person by the Trustees. Subject to such supervisory
powers, if any, as may be given by the Trustees to the Chairman, if any, the President shall be the chief executive officer of the Trust and, subject to the control of the Trustees, shall have general
supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of President of a
corporation. Subject to direction of the Trustees, the Chairman, if any, and the President shall each have power in the name and on behalf of the Trust or any of its Series to execute any and all
loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents
of the Trust. Unless otherwise directed by the Trustees, the Chairman, if any, and the President shall each have full authority and power, on behalf of all of the Trustees, to attend and to act and to
vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing
such persons. The Chairman, if any, and the President shall have such further authorities and duties as the Chairman, if any, or the Trustees, shall from time to time determine. In the absence or
disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the
Trustees, shall perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction of
the Trustees, and of the President, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall
have such other duties and powers as shall be designated from time to time by the Trustees or by the President. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Secretary.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Secretary shall maintain the minutes of all meetings of, and record all votes of,
Shareholders, Trustees and the Committees of the Board, unless the Trustees present at any such </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>meeting
shall appoint another person to record the minutes of a meeting. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the
Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar
instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties
commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees, the Chairman or the President shall from time to time determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Treasurer.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision of
the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the President all powers
and duties normally incident to the office. The Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall
deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the
Trustees or the President. The Treasurer shall keep accurate account of the books of the Trust's transactions which
shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer's possession, shall be subject at all times to the inspection and control of the Trustees.
Unless the Trustees shall otherwise determine, the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust. The Treasurer shall
have such other duties and authority as the Trustees, the Chairman or the President shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may
authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any Series of the Trust on behalf of such Series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Other Officers and Duties.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may elect such other officers and assistant officers as they shall
from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall
assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or
delegated to such person by the President. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_v_records_and_reports"> </A>
<A NAME="toc_dc1814_6"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE V<BR>  <BR>    Records and Reports    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance and Inspection of Share Register.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall keep at its offices or at the office of its
transfer or similar agent, records of its Shareholders, that provide the names and addresses of all Shareholders and the number of Shares held by each Shareholder. Such records may be inspected during
the Trust's regular business hours by any Shareholder, or its duly authorized representative, upon reasonable written demand to the Trust, for any purpose reasonably related to such Shareholder's
interest as a Shareholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance and Inspection of Declaration of Trust and By-Laws.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall keep at its
offices the original or a copy of the Declaration of Trust and these By-Laws, as amended or restated from time to time and shall mail a copy, upon the request of any Shareholder, to the
address requested by such Shareholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Maintenance and Inspection of Other Records.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The accounting books and records, and the minutes of
proceedings of the Shareholders, the Board, any committee of the Board or any advisory committee, shall be kept at such place or places designated by the Board or, in the absence of such designation,
at the offices of the Trust. The minutes shall be kept in written form and the accounting </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>books
are records shall be kept either in written form or in any other form capable of being converted into written form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
information is requested by a Shareholder, the Board, or, in case the Board does not act, the President, any Vice President or the Secretary, shall establish reasonable standards
governing, without limitation, the information and documents to be furnished and the time and the location, if appropriate, of furnishing such information and documents. Costs of providing such
information and documents shall be borne by the requesting Shareholder. The Trust shall be entitled to reimbursement for its direct, out-of-pocket expenses incurred in
declining unreasonable requests (in whole or in part) for information or documents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board, or, in case the Board does not act, the President, any Vice President or the Secretary, may keep confidential from Shareholders for such period of time as the Board or such
officer, as applicable, deems reasonable any information that the Board or such officer, as applicable, reasonably believes to be in the nature of trade secrets or other information that the Board or
such officer, as the case may be, in good faith believes would not be in the best interests of the Trust to disclose or that could damage the Trust or its business or that the Trust is required by law
or by agreement with a third party to keep confidential. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Inspection by Trustees.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Every Trustee shall have the absolute right during the Trust's regular business
hours to inspect all books, records and documents of every kind any the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of
inspection includes the right to copy and make extracts of documents. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_vi_miscellaneous"> </A>
<A NAME="toc_dc1814_7"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VI<BR>  <BR>    Miscellaneous    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Contracts and Instruments; How Executed.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board, except as otherwise provided in the Declaration of Trust
and these By-Laws, may authorize any officer or officers or agent
or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust, and this authority may be general or confined to specific instances. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Trust shall be determined and changed by the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Headings; References.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Headings are placed herein for convenience of reference only and shall not be taken as
part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and
feminine genders shall include each other, as applicable. Any references herein to specific sections of laws shall refer to such sections as amended from time to time or any successor sections
thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulations.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
provisions of these By-Laws are servable, and if the Board of Trustees shall determine with the advice of counsel, that any of such provision is in
conflict with the Declaration of Trust, the 1940 Act, the Code, the Delaware Statutory Trust Act, or with other applicable laws and regulations, the conflicting provision shall be deemed not to have
constituted a part of these By-Laws from the time when such provisions became inconsistent with such laws or regulations; provided, however, that such determination shall not affect any of
the remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
any provision of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such
provision in such </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<BR>

<P><FONT SIZE=2>jurisdiction
and shall not in any manner affect such provision in any other jurisdiction or any other provision of these By-Laws in any jurisdiction. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Depositories.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The funds of the Trust shall be deposited in such custodians as the Trustees shall designate
and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time
authorize. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Seal.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust is not required to have any seal, and the adoption or use of a seal shall be purely
ornamental and be of no legal effect. The seal, if any, of the Trust, or any Series of the Trust, if any,
may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and
affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity,
enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_vii_stock_transfers"> </A>
<A NAME="toc_dc1814_8"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VII<BR>  <BR>    Stock Transfers    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agents, Registrars and the Like.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As provided in Section&nbsp;5.7 of the Declaration, the Trustees
shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the various Series of the Trust as the Trustees shall deem necessary or desirable. In
addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable.
Any of such agents shall have such power and authority as is delegated to any of them by the Trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Shares of the Trust shall be transferable on the books of the Trust only upon
delivery to the Trustees or a transfer agent of the Trust of proper documentation as provided in Section&nbsp;5.8 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse
any transfer unless and until presentation of such evidence as may be reasonably required to show that the requested transfer is proper. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Registered Shareholders.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Trust may deem and treat the holder of record of any Shares as the absolute
owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1814_article_viii_amendment_of_by-laws"> </A>
<A NAME="toc_dc1814_9"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VIII<BR>  <BR>    Amendment of By-Laws    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Repeal of By-Laws.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section&nbsp;3.8 of the Declaration, only
the Trustees shall have the power to amend or repeal the By-Laws or adopt new By-Laws at any time; provided, however, that no By-Law may be amended, adopted or
repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to law, the Declaration of Trust, or these By-Laws, a vote of the Shareholders. Action by the Trustees
with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the
Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<BR>
<P><br><A NAME="06DEN1813_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc1814_1">ALPINE TOTAL DYNAMIC DIVIDEND FUND BY-LAWS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_2">ARTICLE I Offices</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_3">ARTICLE II Shareholder Meetings</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_4">ARTICLE III Trustees</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_5">ARTICLE IV Officers</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_6">ARTICLE V Records and Reports</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_7">ARTICLE VI Miscellaneous</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_8">ARTICLE VII Stock Transfers</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1814_9">ARTICLE VIII Amendment of By-Laws</A></FONT><BR>
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