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<SEC-DOCUMENT>0001047469-07-000350.txt : 20070124
<SEC-HEADER>0001047469-07-000350.hdr.sgml : 20070124
<ACCEPTANCE-DATETIME>20070123214826
ACCESSION NUMBER:		0001047469-07-000350
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20070124
DATE AS OF CHANGE:		20070123

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-138664
		FILM NUMBER:		07548010

	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
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21980
		FILM NUMBER:		07548011

	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/A
<SEQUENCE>1
<FILENAME>a2175157zn-2a.htm
<DESCRIPTION>N-2/A
<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>

<!-- TOC_END -->
<P ALIGN="CENTER">


<FONT SIZE=2><B>As filed with the Securities and Exchange Commission on January 24, 2007

 </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;333-138664<BR>
Registration File No.&nbsp;811-21980  </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.&nbsp;3&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT><BR>
POST-EFFECTIVE AMENDMENT NO.<BR>
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF&nbsp;1940 <FONT FACE="WINGDINGS">&#253;</FONT><BR>
AMENDMENT NO.&nbsp;3&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT>

  </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>

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<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>
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<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>

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<TH WIDTH="33%" 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>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="33%"><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>
<TD WIDTH="2%"><FONT SIZE=2>(3)</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>Estimated solely for the purpose of calculating the registration fee, in accordance with Rule&nbsp;457(o) of the Securities Act of&nbsp;1933. </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><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Previously
paid. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=542221,FOLIO='blank',FILE='DISK123:[06DEN3.06DEN1813]BA1813A.;11',USER='BSKELLE',CD='23-JAN-2007;20:09' -->
<!-- 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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<TR VALIGN="TOP">
<TD WIDTH="33%" VALIGN="CENTER"><FONT COLOR="#FF4040" 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 DECEMBER&nbsp;20, 2006</B></FONT></TD>
</TR>
</TABLE>
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<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><B>
<IMG SRC="g171320.jpg" ALT="LOGO" WIDTH="307" HEIGHT="85">
  </B></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;&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 plus amounts borrowed for investment purposes in the equity
securities of domestic and foreign corporations that pay dividends. The Fund seeks to provide dividend income without regard to whether the dividends qualify for the reduced federal income tax rates
applicable to qualified dividends under the Internal Revenue Code. 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;&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 common shares have been approved for listing on the New&nbsp;York Stock Exchange under the symbol&nbsp;"AOD," subject to notice of issuance. </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;28 of this
prospectus.</B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><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="2%"><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 VALIGN="TOP">
<TD WIDTH="74%"><FONT COLOR="#0019C5" SIZE=2>Public Offering Price</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>20.00</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT COLOR="#0019C5" SIZE=2>Sales Load(2)</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>0.90</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT COLOR="#0019C5" SIZE=2>Estimated Offering Expenses(3)</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>0.04</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT COLOR="#0019C5" SIZE=2>Proceeds, After Expenses, to the Fund</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>19.06</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<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) may pay additional compensation to qualifying underwriters and will pay a structuring fee to each of Wachovia
Capital Markets,&nbsp;LLC, Citigroup Global Markets Inc. and A.G. Edwards&nbsp;&amp; Sons, Inc. 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>
<BR>

<P><FONT COLOR="#0019C5" SIZE=2>&nbsp;&nbsp;&nbsp;&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;&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">

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<TD WIDTH="32%"><FONT COLOR="#0019C5" SIZE=4><B>Wachovia Securities</B></FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=4>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>Citigroup</B></FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=4>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=4><B>A.G. Edwards</B></FONT></TD>
</TR>
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<TD WIDTH="49%"><FONT COLOR="#0019C5" SIZE=3><B>BB&amp;T Capital Markets<BR>
Ferris, Baker Watts<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT COLOR="#0019C5" SIZE=2><B>Incorporated<BR> </B></FONT><FONT COLOR="#0019C5" SIZE=3><B>Janney Montgomery Scott&nbsp;LLC<BR>
Raymond James<BR>
Ryan Beck&nbsp;&amp;&nbsp;Co.<BR>
Stifel Nicolaus<BR>
Wedbush Morgan Securities&nbsp;Inc.</B></FONT></TD>
<TD WIDTH="2%"><FONT COLOR="#0019C5" SIZE=3>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT"><FONT COLOR="#0019C5" SIZE=3><B>Robert W. Baird&nbsp;&amp;&nbsp;Co.<BR>
H&amp;R Block Financial Advisors,&nbsp;Inc.<BR> </B></FONT><FONT COLOR="#0019C5" SIZE=2><B>&nbsp;&nbsp;<BR> </B></FONT><FONT COLOR="#0019C5" SIZE=3><B>Oppenheimer&nbsp;&amp;&nbsp;Co.<BR>
RBC Capital Markets<BR>
Southwest Securities<BR>
SunTrust Robinson Humphrey<BR>
Wells Fargo Securities</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<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>

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<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;&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;&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;&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;&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;57 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;&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><A
NAME="page_bg1813_1_3"> </A> </FONT></P>

<!-- TOC_END -->

<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="#di1813_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="#dj1813_management_of_the_fund"><FONT SIZE=2>Management Of The Fund</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dj1813_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="#dj1813_distribution_policy"><FONT SIZE=2>Distribution Policy</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%"><A HREF="#dj1813_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;&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;&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 ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_bg1813_1_4"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&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" 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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<P ALIGN="CENTER"><FONT SIZE=2><A
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;&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>

<!-- User-specified TAGGED TABLE -->
<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, Citigroup Global Markets Inc. and A.G.&nbsp;Edwards &amp; Sons,&nbsp;Inc. 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 common shares have been approved for listing on the New&nbsp;York Stock Exchange under the symbol "AOD," subject to notice of issuance.</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 plus amounts borrowed for
investment purposes in the equity securities of domestic and foreign corporations that pay dividends. The Fund seeks to provide dividend income without regard to whether the dividends qualify for the reduced federal income tax rates applicable to
qualified dividends under the Internal Revenue Code of 1986, as amended (the&nbsp;"Code").</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%"><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>1</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_ca1813_1_2"> </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> 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 four research-driven investment strategies&nbsp;&#151;&nbsp;growth, value, special dividends and dividend capture rotation&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.</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 expects to invest at least 80% of its net assets plus amounts borrowed for investment purposes 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 and 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>
Although it is not the Fund's current intent, the Fund may invest up to 100% of its total assets in the securities of non-U.S. issuers and is not restricted on how much may be invested in the issuers of any single country, provided the Fund limits
its investments in countries that are considered emerging markets to no more than 25% of the Fund's total assets at any one time. Under normal circumstances, however, the Fund expects to invest 50-80% of its total assets in the securities of non-U.S.
issuers and among the securities of issuers located in approximately 10 to 30 countries. Allocation of the Fund's assets to issuers outside of the U.S. and among countries outside of the U.S. is dependent on the economic outlook of those countries
and the dividend yields available in their markets. Markets which the Adviser considers to currently provide attractive dividend yields include, but are not limited to, Australia, Canada, Finland, France, Germany, Hong&nbsp;Kong, Italy, Netherlands,
Singapore, Sweden, Taiwan and United Kingdom. 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 may from time to time engage in short sales of securities, for investment or for hedging purposes. 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. In the event that the Fund elects to pursue such a strategy, the Fund
expects it would sell shares of portfolio securities short through a pair trade system, where it would maintain a long position in a basket of dividend-paying stocks and a short position in a security or securities replicating an index, which the
Fund expects to be outperformed by the dividend-paying stocks it owns.</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 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.</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>2</FONT></P>

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<P style='page-break-before:always'></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>&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 requirements of the Investment Company Act 1940, as amended (the "1940&nbsp;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 assets.
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>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="67%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
Certain of the Fund's investment strategies may limit the amount of dividend income the Fund receives from qualifying for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as
to what portion of the Fund's distributions will be designated as qualified dividend income. See "Federal Income Tax Matters."</FONT></TD>
</TR>
<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." Certain of the Fund's investment strategies may limit the amount of dividend income the Fund receives from qualifying for the
reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund's distributions will be designated as qualified dividend income. See "Federal Income
Tax&nbsp;Matters."</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 (the "Advisers&nbsp;Act").
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 1.00% 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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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=355304,FOLIO='3',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;42',USER='BSKELLE',CD='23-JAN-2007;20:10' -->
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<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 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%"><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%"><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>4</FONT></P>

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<P style='page-break-before:always'></p>
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<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.</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>Qualified Dividend Tax Risk</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance as to what portion of the distributions paid to the Fund's shareholders will consist of
tax-advantaged qualified dividend income. For taxable years beginning on or before December&nbsp;31, 2010, certain distributions designated by the Fund as derived from qualified dividend income will be taxed in the hands of non-corporate shareholders
at the rates applicable to long-term capital gain, provided holding period and other requirements are met by both the Fund and the holders. Additional requirements apply in determining whether distributions by foreign issuers should be regarded as
qualified dividend income. Certain investment strategies of the Fund will limit the Fund's ability to meet these requirements and consequently will limit the amount of qualified dividend income received and distributed by the Fund. A change in the
favorable provisions of the federal tax laws with respect to qualified 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>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_ca1813_1_6"> </A>
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<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 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. Dividends paid on foreign securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no
assurance as to what portion of the Fund's distributions attributable to foreign securities will be designated as qualified dividend income. See "Federal Income Tax Matters."</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 total assets in securities of issuers located in "emerging markets." Because of
less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial
business in emerging market countries. These risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and
financial intermediaries; lack of liquidity and greater price volatility due to the smaller size of the market for such securities and lower trading volume; political and social uncertainties; national policies that may restrict the Fund's investment
opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests; greater risks of expropriation, confiscatory taxation and nationalization; over-dependence on exports, especially with respect
to primary commodities, making these economies vulnerable to changes in commodity prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; less reliable custodial services
and settlement practices. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. See "Federal Income Tax Matters."</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>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=11,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=573384,FOLIO='6',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;42',USER='BSKELLE',CD='23-JAN-2007;20:10' -->
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<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%"><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%"><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>7</FONT></P>

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<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=12,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=436437,FOLIO='7',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;42',USER='BSKELLE',CD='23-JAN-2007;20:10' -->
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<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>
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<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>
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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 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><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%"><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>8</FONT></P>

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<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=13,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=227529,FOLIO='8',FILE='DISK123:[06DEN3.06DEN1813]CA1813A.;42',USER='BSKELLE',CD='23-JAN-2007;20:10' -->
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<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%"><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>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1813_1_10"> </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;&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>4.50%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</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>0.20%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(1)</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>1.50%</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>0.20%</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</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.18%</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>0.16%</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>5.03%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<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 1.00% 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 utilized leverage in an
aggregate amount of 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets. Assuming no borrowing or issuance of preferred shares, the Fund's expenses would be as set forth in footnote&nbsp;5 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 utilized leverage in an aggregate amount of 33<SUP>1</SUP>/<SMALL>3</SMALL>% of its total assets. Assuming no borrowing or issuance of preferred shares, the Fund's expenses would be as set forth in
footnote&nbsp;5 below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Assumes
the Fund (i)&nbsp;utilizes leverage through borrowings 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 is 6.35%. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=15,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=294680,FOLIO='10',FILE='DISK123:[06DEN3.06DEN1813]DE1813A.;24',USER='BSKELLE',CD='23-JAN-2007;20:10' -->
<A NAME="page_de1813_1_11"> </A>
<UL>

<P><FONT SIZE=2>However,
assuming the Fund has not utilized any such leverage the Fund's estimated annual expenses (as&nbsp;a percentage of net assets attributable to common shares) would&nbsp;be: </FONT></P>

</UL>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="89%"><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="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="89%"><FONT SIZE=2>Investment Advisory fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.00%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="89%"><FONT SIZE=2>Administration fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0.13%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="89%"><FONT SIZE=2>Interest payments on borrowed funds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="89%"><FONT SIZE=2>Other expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0.16%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="89%"><FONT SIZE=2>Total Annual Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.29%</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 0.16% 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
maximum permitted 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 20% 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>

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&nbsp;&nbsp;The following example illustrates the hypothetical expenses (including the sales load of $45.00 and estimated offering expenses of this offering of $2.00) that
you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;annual expenses of 5.03% of net assets attributable to common shares (which assumes the Fund's use of leverage through
borrowings in an aggregate amount equal to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Fund's total assets) and (ii)&nbsp;a 5% annual&nbsp;return: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<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>97</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>306</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>585</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<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>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1813_1_12"> </A> </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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>
<BR></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;&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. The Fund seeks to provide dividend income without regard to whether the dividends qualify for the
reduced federal income tax rates applicable to qualified dividends under the Code. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund combines four research-driven investment strategies&nbsp;&#151;&nbsp;growth, value, special dividends and dividend capture
rotation&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;&nbsp;&nbsp;The
Fund expects to invest at least 80% of its net assets plus amounts borrowed for investment purposes 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 and pay dividends. The Board of Trustees may change this 80% policy on not less than
60&nbsp;days' notice to shareholders. Although it is not the Fund's current intent, the Fund may invest up to 100% of its total assets in the securities of non-U.S. issuers and is not
restricted on how much may be invested in the issuers of any single country, provided the Fund limits its investments in countries that are considered emerging markets to no more than 25% of the
Fund's total assets at any one time. Under normal circumstances, however, the Fund expects to invest 50-80% of its total assets in the securities of non-U.S. issuers and among
the securities of issuers located in approximately 10 to 30 countries. Allocation of the Fund's assets to issuers outside of the U.S. and among countries outside of the U.S. is dependent on the
economic outlook of those countries and the dividend yields available in their markets. Markets which the Adviser considers to currently provide attractive dividend yields include, but are not limited
to, Australia, Canada, Finland, France, Germany, Hong Kong, Italy, Netherlands, Singapore, Sweden, Taiwan and United Kingdom. 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 ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dg1813_1_13"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&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 January 1972 to October 2006, 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;&nbsp;&nbsp;The
Fund will invest in equity securities issued by U.S.&nbsp;issuers, and foreign issuers whose equity securities are readily traded on an 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>&nbsp;&nbsp;&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. See "Effects of
Leverage." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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 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;&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;&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
the 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of the Fund's investment strategies may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no
assurance as to what portion of the Fund's distributions will be designated as qualified dividend income. See "Federal Income Tax Matters." </FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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, that have the potential for higher earnings
growth through capital appreciation or increasing dividend payments. </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;&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>Special Dividend Strategy  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's special dividend strategy seeks to maximize the level of dividend income that the Fund receives by identifying special dividend situations. Special
dividend situations may include those where companies decide to return large cash balances to shareholders as one-time dividend payments (e.g.&nbsp;due to a restructuring or recent
strong operating performance). Other special dividends may arise in a variety of situations. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's dividend capture rotation strategy seeks to maximize the level of dividend income that the Fund receives by engaging in dividend capture trading. 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's dividend capture trading strategy may limit the Fund's ability to meet certain holding period requirements for dividends that it receives to qualify for the reduced federal
income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund's distributions will be designated as qualified dividend
income. See "Federal Income Tax Matters." </FONT></P>

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

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<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;&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;&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;&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;&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 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;&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;&nbsp;&nbsp;Under normal circumstances, the Fund expects, although it is not required, to invest 50-80% of its total 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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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;&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;&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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid on foreign securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as
to what portion of the Fund's distributions attributable to foreign securities will be designated as qualified dividend income. See "Federal Income Tax Matters." </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;&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 </FONT></P>

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

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

<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;&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. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>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;&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;&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;&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;&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. 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 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, </FONT></P>

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

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<BR>

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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. See "Effects of Leverage." </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;&nbsp;&nbsp;The Fund may from time to time engage in short sales of securities, for investment or for hedging purposes. 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. The Fund may be required to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed
securities. In the event that the Fund elects to pursue such a strategy, the Fund expects it would sell shares of portfolio securities short through a pair trade system, where it would maintain a long
position in a basket of dividend-paying stocks and a short position in a security or securities replicating an index, which the Fund expects to be outperformed by the dividend-paying stocks it owns. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 assets. </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;&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 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;&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;&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 the excess of the security's market value at the time of the option exercise over the price at which the Fund is
required to sell the underlying security less the premium received for writing the option. 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;&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 ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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 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;&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;&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;&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;&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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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 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;&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;&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;&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;&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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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><A
NAME="di1813_effects_of_leverage"> </A>
<A NAME="toc_di1813_1"> </A>
<BR></FONT><FONT SIZE=2><B>EFFECTS OF LEVERAGE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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;&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;&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 </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>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 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;&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;&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="36%"><FONT SIZE=2>Assumed portfolio return (net&nbsp;of expenses)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(10.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(5.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>5.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Corresponding common share return</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(18.18</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(10.68</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3.17</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>4.33</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>11.83</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;&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;&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 </FONT></P>

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

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<BR>

<P><FONT SIZE=2>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;&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><A
NAME="di1813_risk_factors"> </A>
<A NAME="toc_di1813_2"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

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

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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualified Dividend Tax Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance as to what portion of the distributions paid
to the Fund's shareholders will consist of tax-advantaged qualified dividend income. For taxable years beginning on or before December&nbsp;31, 2010, certain distributions designated by
the Fund as derived from qualified dividend income will be taxed in the hands of non-corporate shareholders at the rates applicable to long-term capital gain, provided holding
period and other requirements are met by both the Fund and the holders. Additional requirements apply in determining whether distributions by foreign issuers should be regarded as qualified dividend
income. Certain investment strategies of the Fund will limit the Fund's ability to meet these requirements and consequently will limit the amount of qualified dividend income received and distributed
by the Fund. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Dividends paid on foreign securities
may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund's distributions
attributable to foreign securities will be designated as qualified dividend income. See "Federal Income Tax Matters." </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Market Securities Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest up to 25% of its total assets in securities of
issuers located in "emerging markets." Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign
securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries. These risks include high concentration of market
capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; lack of liquidity
and greater price volatility due to the smaller size of the market for such securities and lower trading volume; political and social </FONT></P>

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

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<A NAME="page_di1813_1_30"> </A>
<BR>

<P><FONT SIZE=2>uncertainties;
national policies that may restrict the Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests;
greater risks of expropriation, confiscatory taxation and nationalization; over-dependence on exports, especially with respect to primary commodities, making these economies vulnerable to
changes in commodity prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; less reliable custodial services and
settlement practices. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. See
"Federal Income Tax Matters." </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<A NAME="page_di1813_1_31"> </A>
<UL>
<UL>
</UL>
<DL compact>
<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;&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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 </FONT></P>

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

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<P><FONT SIZE=2>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;&nbsp;&nbsp;Dividends
paid by REITs will not generally qualify for the reduced federal income tax rates applicable 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;&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLP Tax Risk.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Certain diversification requirements imposed by the Code will limit the Fund's ability
to invest in MLP securities. In addition, 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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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;&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Risks Associated with Foreign Currency Futures Contracts and Related Options.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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;&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 ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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

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

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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 </FONT></P>

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

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<BR>

<P><FONT SIZE=2>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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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_3"> </A>
<BR></FONT><FONT SIZE=2><B>LISTING OF SHARES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares have been approved for listing on the NYSE under the ticker symbol "AOD," subject to notice of issuance, and will therefore be required to meet
the NYSE's initial and continued listing requirements. </FONT></P>

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

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<A NAME="toc_dj1813_1"> </A>
<BR></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;&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;&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 Advisers Act. 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;&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 1.00% 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;&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;&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;&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;&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 </FONT></P>

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

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<BR>

<P><FONT SIZE=2>Investment
Officer and the Chief Executive Officer of the Adviser, generally consult with each Portfolio Manager regarding investment decisions. Mr. Andrew Kohl is the Fund's quantitative dividend
analyst. In carrying out their responsibilities for the 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;&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;&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;&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;&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;&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 Dynamic
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 rotation and special dividend
strategies 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;&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 </FONT></P>

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

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<BR>

<P><FONT SIZE=2>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 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;&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;&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;&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;&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;&nbsp;&nbsp;Upon
leaving Evergreen Asset Management Corp., Mr.&nbsp;Lieber formed Saxon Woods Advisors,&nbsp;LLC, an investment advisory firm registered under the Advisers Act 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;&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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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 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;&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>Quantitative Dividend Analyst  </B></FONT></P>

<P><FONT SIZE=2><B><I>Andrew Kohl, CFA  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew Kohl is the Fund's quantitative dividend analyst and provides research and support to the Portfolio Managers. Mr.&nbsp;Kohl joined the Adviser in
September, 2005 as an analyst, after working for two years at Wachovia Securities as an Equity Research Associate Analyst covering infrastructure software and data storage companies. Prior to that
position, he spent three years at Putnam Investments as a Senior Investment Associate on the Global Asset Allocation team. Mr.&nbsp;Kohl earned a bachelor's degree at Williams College, an M.B.A.
from the MIT Sloan School of Management, and is a Chartered Financial Analyst. </FONT></P>

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

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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. 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;&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>40</FONT></P>

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<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;&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;&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;&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;&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>41</FONT></P>

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<A NAME="toc_dj1813_3"> </A>
<BR></FONT><FONT SIZE=2><B>DISTRIBUTION POLICY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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;&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>42</FONT></P>

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<BR></FONT><FONT SIZE=2><B>DIVIDEND REINVESTMENT PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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;&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 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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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;&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;&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;&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;&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;&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>44</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>
<BR></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;&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;&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;&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><FONT SIZE=2>&nbsp;&nbsp;&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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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;&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;&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 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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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;&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;&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;&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;&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;&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><FONT SIZE=2>&nbsp;&nbsp;&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, </FONT></P>

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

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<P><FONT SIZE=2>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;&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>
<BR></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;&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;&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><FONT SIZE=2>&nbsp;&nbsp;&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 </FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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;&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;&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 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, </FONT></P>

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

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<BR>

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

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&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>
<BR></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;&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;&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;&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 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 </FONT></P>

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

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<P><FONT SIZE=2>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;&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>
<BR></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;&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>52</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Capital Markets,&nbsp;LLC, Citigroup Global Markets Inc. and A.G.&nbsp;Edwards&nbsp;&amp; Sons,&nbsp;Inc. are acting as the 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>

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<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="BOTTOM">
<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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Citigroup Global Markets Inc.&nbsp;&nbsp;</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>A.G.&nbsp;Edwards&nbsp;&amp; Sons,&nbsp;Inc.&nbsp;&nbsp;</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>BB&amp;T Capital Markets, a division of Scott&nbsp;&amp; Stringfellow,&nbsp;Inc.&nbsp;&nbsp;</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Robert W. Baird&nbsp;&amp;&nbsp;Co. Incorporated</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Ferris, Baker Watts, Incorporated</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>H&amp;R Block Financial Advisors,&nbsp;Inc.&nbsp;&nbsp;</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Janney Montgomery Scott&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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Oppenheimer&nbsp;&amp;&nbsp;Co.&nbsp;Inc.&nbsp;&nbsp;</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Raymond James&nbsp;&amp; Associates,&nbsp;Inc.&nbsp;&nbsp;</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>RBC Capital Markets Corporation</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Ryan Beck&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.&nbsp;&nbsp;</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Southwest Securities,&nbsp;Inc.&nbsp;&nbsp;</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>SunTrust Capital Markets,&nbsp;Inc.&nbsp;&nbsp;</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="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Wedbush Morgan Securities&nbsp;Inc.&nbsp;&nbsp;</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="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="76%"><FONT SIZE=2>Wells Fargo Securities,&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 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="White" VALIGN="BOTTOM">
<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>
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<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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 4.5% 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;&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 ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser (and not the Fund) has agreed to pay to Citigroup Global Markets Inc., 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 Citigroup Global Markets Inc.
will not
exceed&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 offering. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser (and not the Fund) has agreed to pay to A.G. Edwards&nbsp;&amp; Sons, Inc., 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 A.G.
Edwards&nbsp;&amp; Sons,
Inc. will not exceed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total public offering price of the Common Shares sold in this offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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 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;&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;&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;&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 common shares have been approved for listing on the New York Stock Exchange under the symbol "AOD," subject to notice of issuance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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>

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<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;&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 ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dm1813_1_55"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&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;&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 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;&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;&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;&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;&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;&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 ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dm1813_1_56"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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. The principal business address of
Citigroup Global Markets Inc. is 388&nbsp;Greenwich Street, New York, New York&nbsp;10013. The principal business address of A.G.&nbsp;Edwards&nbsp;&amp; Sons,&nbsp;Inc. is One North Jefferson
Avenue, St.&nbsp;Louis, Missouri 63103. </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;&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 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;&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>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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>
<BR></FONT><FONT SIZE=2><B>REPORTS TO SHAREHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&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>
<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;Deloitte &amp; Touche is the independent registered public accounting firm for the Fund and will audit the Fund's financial statements. Deloitte &amp; Touche is located
at 555&nbsp;East Wells Street, Milwaukee, Wisconsin, 53202. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&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;333-138664). 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>56</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do1813_1_57"> </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>

<!-- User-specified TAGGED TABLE -->
<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-21</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1813_the_fund_s_privacy_policy"> </A>
<A NAME="toc_do1813_2"> </A>
<BR></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;&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;&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;&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>57</FONT></P>

<HR NOSHADE>
<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>
<IMG SRC="g171320.jpg" ALT="LOGO" WIDTH="307" HEIGHT="85">
  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="240" COLOR="#0019C5">
<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>

<HR NOSHADE ALIGN="CENTER" WIDTH="240" COLOR="#0019C5">
<P ALIGN="CENTER"><FONT COLOR="#0019C5" SIZE=4><B>Wachovia Securities<BR>
Citigroup<BR>
A.G. Edwards<BR>
BB&amp;T Capital Markets<BR>
Robert W. Baird&nbsp;&amp; Co.<BR>
Ferris, Baker Watts<BR>  </B></FONT><FONT COLOR="#0019C5" SIZE=3><B>Incorporated<BR>  </B></FONT><FONT COLOR="#0019C5" SIZE=4><B>H&amp;R Block Financial Advisors,&nbsp;Inc.<BR>
Janney Montgomery Scott&nbsp;LLC<BR>
Oppenheimer&nbsp;&amp;&nbsp;Co.<BR>
Raymond James<BR>
RBC Capital Markets<BR>
Ryan Beck&nbsp;&amp;&nbsp;Co.<BR>
Southwest Securities<BR>
Stifel Nicolaus<BR>
SunTrust Robinson Humphrey<BR>
Wedbush Morgan Securities&nbsp;Inc.<BR>
Wells Fargo Securities</B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- TOC_END -->

<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>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- TOC_END -->
<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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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<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
NAME="da1818_additional_investment_information_and_restrictions"> </A>
<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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<A NAME="page_da1818_1_2"> </A>
<BR>

<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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<A NAME="page_da1818_1_3"> </A>

<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>

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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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<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Age<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) Held with the Fund</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past&nbsp;Five&nbsp;Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><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="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Other Directorships Held by Trustee</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=1>Laurence B. Ashkin&nbsp;(78)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>Independent Trustee</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=1>Real estate developer and construction consultant since 1980; Founder and President of Centrum Properties,&nbsp;Inc. since 1980.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>Chicago Public Radio; Vice-Chairman, Perspective Charter Schools; Trustee, each of the Alpine Trusts.*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=1><BR>
H. Guy Leibler&nbsp;(52)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1><BR>
Independent Trustee</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=1><BR>
Vice Chair and Chief Operating Officer of L&amp;L Holding Company,&nbsp;LLC since 2004; President, Skidmore, Owings &amp; Merrill&nbsp;LLP (2001-2003).</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1><BR>
10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
Chairman Emeritus, White Plains Hospital Center; Trustee, each of the Alpine Trusts.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=1><BR>
Jeffrey E. Wacksman&nbsp;(46)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1><BR>
Independent Trustee</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=1><BR>
Partner, Loeb, Block&nbsp;&amp; Partners&nbsp;LLP since 1994.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1><BR>
10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
Dynasty Holdings,&nbsp;Inc.; Bondi Icebergs&nbsp;Inc.; MH Properties,&nbsp;Inc.; 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>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>

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

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" 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="31%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past&nbsp;Five&nbsp;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="17%" ALIGN="CENTER"><FONT SIZE=1><B>Other Directorships Held by Trustee</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Samuel A. Lieber* (50)</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="31%"><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="17%"><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 </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>B-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=70,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="1",CHK=232957,FOLIO='B-5',FILE='DISK121:[06DEN8.06DEN1818]DA1818A.;27',USER='BSKELLE',CD='23-JAN-2007;20:17' -->
<A NAME="page_da1818_1_6"> </A>
<UL>

<P><FONT SIZE=2>a
closed-end management investment company. The Trustees oversee each of the ten portfolios within the Alpine&nbsp;Trusts. </FONT></P>

</UL>

<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>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Age<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) Held with the Fund</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="28%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation During Past&nbsp;Five&nbsp;Years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B># of Portfolios in Fund Complex**</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Directorships Held by Officer</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=1>Stephen A. Lieber (81)*</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=1>Executive Vice President</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="28%"><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="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>None</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><BR><FONT SIZE=1> Sheldon R. Flamm (58)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=1><BR>
Vice President/Treasurer/Chief Compliance Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="28%"><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="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><BR>
N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
None</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><BR><FONT SIZE=1> Oliver Sun (42)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=1><BR>
Secretary</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT SIZE=1><BR>
Controller of Alpine Woods Capital Investors,&nbsp;LLC since&nbsp;1998.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1><BR>
N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><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>

<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="21%" ALIGN="LEFT"><FONT SIZE=1><B>Members<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="53%" 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="21%" 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="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>H. Guy Leibler<BR>
Jeffrey E. Wacksman<BR>
Laurence B. Ashkin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><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="21%"><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="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>H. Guy Leibler<BR>
Jeffrey E. Wacksman<BR>
Laurence B. Ashkin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><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="21%"><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="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>H. Guy Leibler<BR>
Jeffrey E. Wacksman<BR>
Laurence B. Ashkin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><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="21%"><FONT SIZE=2>The nominating committee will meet as necessary, and at least once a year.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<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 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>
<BR>

<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 December&nbsp;15, 2006, the
Adviser purchased $100,000 in shares of the Fund at an initial subscription price of $19.10 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>Jeffrey E. Wacksman</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>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Laurence B. Ashkin</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>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>H. Guy Leibler</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>None</FONT></TD>
</TR>
<TR BGCOLOR="White" 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="#CCEEFF" 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 December&nbsp;31, 2006, 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 December&nbsp;31, 2005 and December&nbsp;31, 2006, 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 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></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>
</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 December&nbsp;31, 2005 and December&nbsp;31, 2006, 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
$16,000. 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>

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<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>Laurence B. Ashkin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>$16,000</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><B>$0</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><B>$0</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>$12,000</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>H. Guy Leibler</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>$16,000</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><B>$12,000</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Jeffrey E. Wacksman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><B>$16,000</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><B>$12,000</B></FONT></TD>
</TR>
<TR BGCOLOR="White" 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="#CCEEFF" 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="White" 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="#CCEEFF" 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 December&nbsp;18, 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;</FONT><FONT SIZE=2><B>[TO COME]</B></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
April&nbsp;30, 2007. </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 and that of each of the
other investment companies managed by Portfolio Manager 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 ALIGN="CENTER"><FONT SIZE=2>B-12</FONT></P>

<HR NOSHADE>
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<A NAME="page_dc1818_1_13"> </A>
<BR>

<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 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
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 </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_dc1818_1_14"> </A>
<BR>

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

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

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<BR>

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

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

<HR NOSHADE>
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<BR>

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

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

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<BR>

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

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

<HR NOSHADE>
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<BR>

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

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

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<BR>

<P><FONT SIZE=2>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 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>B-20</FONT></P>

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<A NAME="page_dc1818_1_21"> </A>
<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;Deloitte &amp; Touche LLP 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-21</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1818_1_22"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1818_report_of_independent_r__dg102301"> </A>
<A NAME="toc_dg1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P><FONT SIZE=2>To
the Stockholders and Board of Trustees of<BR>
Alpine Total Dynamic Dividend Fund: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying statement of assets and liabilities of Alpine Total Dynamic Dividend Fund (the "Fund") as of December&nbsp;15, 2006. This statement of assets and
liabilities is the responsibility of the Fund's management. Our responsibility is to express an opinion on this financial statement based on our audit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the statement of assets and liabilities is free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. Our procedures included confirmation of cash owned as of December&nbsp;15, 2006, by correspondence with the custodian. We believe
that our audit provides a reasonable basis for our opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, the statement of assets and liabilities referred to above presents fairly, in all material respects, the financial position of the Fund as of December&nbsp;15, 2006, in
conformity with accounting principles generally accepted in the United States of America. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;<BR>
/s/ Deloitte&nbsp;&amp; Touche LLP </FONT></P>

<P><FONT SIZE=2>Milwaukee,
WI<BR>
January&nbsp;16, 2007 </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_di1818_1_23"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1818_alpine_total_dynamic_dividend___alp03102"> </A>
<A NAME="toc_di1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND    <BR>    <BR>    STATEMENT OF ASSETS AND LIABILITIES    <BR>    <BR>    DECEMBER 15, 2006    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>ASSETS:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Cash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Deferred offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>280,799</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>TOTAL ASSETS</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>380,799</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>LIABILITIES</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Accrued offering costs</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>280,799</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>TOTAL LIABILITIES</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>280,799</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>NET ASSETS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><BR><FONT SIZE=2><B>COMPONENTS OF NET ASSETS:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Paid in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>NET ASSETS</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Shares of beneficial interest outstanding, no par value, unlimited shares authorized</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>5,235.602</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net asset value per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>19.10</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Offering price per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>20.00</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><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><I>SEE NOTES TO STATEMENT OF ASSETS AND LIABILITIES  </I></FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk1818_1_24"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1818_alpine_total_dynamic_dividend___alp03203"> </A>
<A NAME="toc_dk1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND    <BR>    <BR>    NOTES TO STATEMENT OF ASSETS AND LIABILITIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>NOTE 1&#151;ORGANIZATION  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine Total Dynamic Dividend Fund (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 has an investment objective to invest in equity securities that provide high current dividend income. The
Fund also focuses on long-term growth of capital as a secondary investment objective. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has no operations to date other than matters relating to its organization and the sale and issuance of 5,235.602 shares of beneficial interest in the Fund to Alpine Woods
Capital Investors, LLC at a net asset value of $19.10 per share. Shares issued by the Fund are subject to a sales load of 4.50%. Alpine Woods Capital Investors, LLC (the "Adviser") serves as the
Fund's investment adviser. </FONT></P>

<P><FONT SIZE=2><B><I>NOTE 2&#151;SIGNIFICANT ACCOUNTING POLICIES  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimates&#151;The Fund's financial statement is prepared in accordance with accounting principles generally accepted in the United States of America. This
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement. Actual results could differ from these
estimates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes&#151;The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable
income to its shareholders. Therefore, no federal income tax provision is required. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational
Expenses&#151;The Adviser has agreed to pay all of the Fund's organizational expenses. As a result, organizational expenses of the Fund are not reflected in the
Fund's financial statements. Total organizational expenses incurred through December&nbsp;15, 2006 are $18,911. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering
Costs&#151;Offering costs are paid directly by the Fund. The Adviser or an affiliate of the Adviser has agreed to pay the amount, if any, by which the Fund's offering
costs (other than the sales load) exceed $.04 per share (.20% of the offering price). Offering costs incurred through December&nbsp;15, 2006 have been reported on the Statement of Assets and
Liabilities as deferred offering costs. These offering costs, as well as offering costs incurred subsequent to December&nbsp;15, 2006, will be charged to paid-in-capital upon
sale of the shares to the public or reimbursed by the Adviser. </FONT></P>


<P><FONT SIZE=2><B><I>NOTE 3&#151;INVESTMENT ADVISORY AND OTHER AGREEMENTS  </I></B></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 1.00% of the
average daily total assets of the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS
Fund Services,&nbsp;Inc. (or "ALPS") 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><I>NOTE 4&#151;CONCENTRATION OF CREDIT RISK  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at December&nbsp;15, 2006 is on deposit at the Bank of New York. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dm1818_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1818_part_c_other_information"> </A>
<A NAME="toc_dm1818_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>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Previously
filed. </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 filed as Exhibit&nbsp;2(h)(i).


</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>

<!-- User-specified TAGGED TABLE -->
<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>
<!-- end of user-specified TAGGED TABLE -->

<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_dm1818_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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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<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>
<!-- end of user-specified TAGGED TABLE -->


<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_dm1818_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_dm1818_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>
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<UL>
</UL>
</UL>
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NAME="page_do1818_1_5"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1818_signatures"> </A>
<A NAME="toc_do1818_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 23rd&nbsp;day of January,&nbsp;2007.

 </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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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="39%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" 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="39%"><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="20%" ALIGN="CENTER"><FONT SIZE=2><BR>
January 23, 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" 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="39%"><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="20%" ALIGN="CENTER"><FONT SIZE=2><BR>
January 23, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=2> /s/&nbsp;&nbsp;</FONT><FONT SIZE=2>*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Laurence B. Ashkin</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP"><FONT SIZE=2><BR>
Trustee</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
January 23, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=2> /s/&nbsp;&nbsp;</FONT><FONT SIZE=2>*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> H. Guy Leibler</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP"><FONT SIZE=2><BR>
Trustee</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
January 23, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=2> /s/&nbsp;&nbsp;</FONT><FONT SIZE=2>*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jeffrey E. Wacksman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP"><FONT SIZE=2><BR>
Trustee</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
January 23, 2007</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
*By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SAMUEL A. LIEBER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT>
<HR NOSHADE><FONT SIZE=2> Samuel A. Lieber<BR>
as Attorney-In-Fact</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</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_dq1818_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq1818_index_to_exhibits"> </A>
<A NAME="toc_dq1818_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX TO EXHIBITS    <BR>    </B></FONT></P>




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<TR VALIGN="BOTTOM">
<TH WIDTH="8%" 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="90%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>2(h)(i)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form of Underwriting Agreement</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>2(h)(ii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Master Agreement Among Underwriters</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>2(k)(iii)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form of Distribution Assistance Agreement</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>2(l)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Opinion and Consent of Blank Rome LLP</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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.(H)(I)
<SEQUENCE>2
<FILENAME>a2175647zex-2_hi.htm
<DESCRIPTION>EXHIBIT 2.(H)(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&nbsp;2(h)(i)  </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="CENTER"><FONT SIZE=2>ALPINE
TOTAL DYNAMIC DIVIDEND FUND </FONT></P>

<P ALIGN="CENTER"><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;Common
Shares of Beneficial Interest<BR>
$20.00 per Share </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la1814_underwriting_agreement"> </A>
<A NAME="toc_la1814_1"> </A>
<BR></FONT><FONT SIZE=2><I>UNDERWRITING AGREEMENT    <BR>    </I></FONT></P>

<P><FONT SIZE=2>Dated:
January&nbsp;25, 2007 </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>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lc1814_1_1"> </A> </FONT> <FONT SIZE=2><B>Table of Contents  </B></FONT></P>

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<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="74%" 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>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>SECTION 1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2>Representations and Warranties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Sale and Delivery to Underwriters; Closing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Covenants of the Fund and the Adviser</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Payment of Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Conditions of Underwriters' Obligations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Indemnification</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Contribution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Representations, Warranties and Agreements to Survive Delivery</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Termination of Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Default by One or More of the Underwriters</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Notices</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 12.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Parties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 13.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
GOVERNING LAW AND TIME</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 14.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Effect of Headings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 15.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Definitions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
SECTION 16.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="74%"><FONT SIZE=2><BR>
Absence of Fiduciary Relationship</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>EXHIBITS  </B></FONT></P>

<P><FONT SIZE=2>Exhibit&nbsp;A
&#151; Initial Securities to be Sold<BR>
Exhibit&nbsp;B &#151; Form&nbsp;of Opinion of Fund Counsel<BR>
Exhibit&nbsp;C &#151; Form&nbsp;of Opinion of Adviser Counsel<BR>
Exhibit&nbsp;D &#151; Price-Related Information </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_le1814_1_1"> </A> </FONT> <FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Beneficial Interest </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>UNDERWRITING AGREEMENT  </I></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>January&nbsp;25, 2007 </FONT></P>

<P><FONT SIZE=2>Wachovia
Capital Markets, LLC<BR>
Citigroup Global Markets&nbsp;Inc.<BR>
A.G. Edwards&nbsp;&amp; Sons,&nbsp;Inc.<BR>
BB&amp;T Capital Markets, a division of Scott&nbsp;&amp; Stringfellow,&nbsp;Inc.<BR>
Robert W. Baird&nbsp;&amp; Co. Incorporated<BR>
Ferris, Baker Watts, Incorporated<BR>
H&amp;R Block Financial Advisors,&nbsp;Inc.<BR>
Janney Montgomery Scott LLC<BR>
Oppenheimer&nbsp;&amp; Co.&nbsp;Inc.<BR>
Raymond James&nbsp;&amp; Associates,&nbsp;Inc.<BR>
RBC Capital Markets Corporation<BR>
Ryan Beck&nbsp;&amp; Co.,&nbsp;Inc.<BR>
Stifel, Nicolaus&nbsp;&amp; Company, Incorporated<BR>
Wedbush Morgan Securities&nbsp;Inc.<BR>
Wells Fargo Securities LLC<BR>
As Representatives of the several Underwriters<BR>
listed on Exhibit&nbsp;A hereto </FONT></P>

<P><FONT SIZE=2>c/o
Wachovia Capital Markets, LLC<BR>
375 Park Avenue<BR>
New York, New York 10152 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine
Total Dynamic Dividend Fund, a Delaware statutory trust (the "</FONT><FONT SIZE=2><I>Fund</I></FONT><FONT SIZE=2>"), and Alpine Woods Capital Investors, LLC, a Delaware limited
liability company (the "</FONT><FONT SIZE=2><I>Adviser</I></FONT><FONT SIZE=2>"), confirm their respective agreements with Wachovia Capital Markets, LLC
("</FONT><FONT SIZE=2><I>Wachovia</I></FONT><FONT SIZE=2>") and each of the other Underwriters named in Exhibit&nbsp;A hereto (collectively, the
"</FONT><FONT SIZE=2><I>Underwriters</I></FONT><FONT SIZE=2>," which term shall also include any underwriter substituted as hereinafter provided in Section&nbsp;10 hereof), for whom Wachovia,
Citigroup Global Markets&nbsp;Inc. and A.G. Edwards&nbsp;&amp; Sons,&nbsp;Inc. are acting as representatives (in such capacity, the
"</FONT><FONT SIZE=2><I>Representatives</I></FONT><FONT SIZE=2>"), with respect to the issue and sale by the Fund of a total
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;common shares of beneficial interest, no par value per
share (the "</FONT><FONT SIZE=2><I>Initial Securities</I></FONT><FONT SIZE=2>"), and the purchase by the Underwriters, acting severally and not jointly, of the respective numbers of Initial
Securities set forth in said Exhibit&nbsp;A hereto, and with respect to the grant by the Fund to the Underwriters, acting severally and not jointly, of the option described in
Section&nbsp;2(b)&nbsp;hereof to purchase all or any part of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional common shares of beneficial interest to cover over-allotments, if any. The Initial Securities to
be purchased by the Underwriters and all or any part of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares of beneficial interest subject to the option described in Section&nbsp;2(b)&nbsp;hereof (the
"</FONT><FONT SIZE=2><I>Option Securities</I></FONT><FONT SIZE=2>") are hereinafter called, collectively, the "</FONT><FONT SIZE=2><I>Securities</I></FONT><FONT SIZE=2>." Certain terms used in this
Agreement are defined in Section&nbsp;15 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund understands that the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement has been executed and
delivered. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has entered into (i)&nbsp;an Investment Advisory Agreement with the Adviser dated as of December&nbsp;18, 2006, (ii)&nbsp;a Custody Agreement with The Bank of New York
dated 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;, 200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (iii)&nbsp;a
Stock Transfer Agency Agreement with The Bank of New York dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_le1814_1_2"> </A>
<BR>

<P><FONT SIZE=2>200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
(iv)&nbsp;a Marketing, Administration, Bookkeeping and Pricing Services Agreement with ALPS Mutual Funds Services,&nbsp;Inc. dated as of&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;
and such agreements are herein referred to as the "</FONT><FONT SIZE=2><I>Investment Advisory Agreement</I></FONT><FONT SIZE=2>," the "</FONT><FONT SIZE=2><I>Custodian
Agreement</I></FONT><FONT SIZE=2>", the "</FONT><FONT SIZE=2><I>Transfer Agency Agreement</I></FONT><FONT SIZE=2>" and the "</FONT><FONT SIZE=2><I>Administration Agreement</I></FONT><FONT SIZE=2>,"
respectively. Collectively, the Investment Advisory Agreement, the Custodian Agreement, the Transfer Agency Agreement and the Administration Agreement are herein referred to as the "Fund Agreements."
The Adviser has entered into a Structuring Fee Agreement with Wachovia dated as of January&nbsp;30, 2007, a Structuring Fee Agreement with Citigroup Global Markets&nbsp;Inc. dated as of
January&nbsp;30, 2007 and a Structuring Fee Agreement with A.G. Edwards&nbsp;&amp; Sons,&nbsp;Inc. dated as of January&nbsp;30, 2007, and such agreements are herein referred to as the
"</FONT><FONT SIZE=2><I>Structuring Fee Agreements</I></FONT><FONT SIZE=2>." In addition, the Fund has adopted a dividend reinvestment plan pursuant to which holders of common shares of beneficial
interest shall have their dividends automatically reinvested in additional common shares of beneficial interest of the Fund unless they elect to receive such dividends in cash, and such plan is herein
referred to as the "</FONT><FONT SIZE=2><I>Dividend Reinvestment Plan</I></FONT><FONT SIZE=2>." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has prepared and filed with the Commission a registration statement (file numbers 333-138664 and 811-21980) on Form&nbsp;N-2, including a
related preliminary prospectus (including the statement of additional information incorporated by reference therein), for registration under the Act and the 1940 Act of the offering and sale of the
Securities. The Fund may have filed one or more amendments thereto, including a related preliminary prospectus (including the statement of additional information incorporated by reference therein),
each of which has previously been furnished to you. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will next file with the Commission one of the following: either (1)&nbsp;prior to the effective date of the registration statement, a further amendment to the registration
statement (including the form of final prospectus (including the statement of additional information incorporated by reference therein)) or (2)&nbsp;after the effective date of the registration
statement, a final prospectus (including the statement of additional information incorporated by reference therein) in accordance with Rules&nbsp;430A and 497. In the case of clause&nbsp;(2), the
Fund has included or incorporated by reference in the Registration Statement, as amended at the effective date, all information (other than Rule&nbsp;430A Information) required by the 1933 Act and
the 1940 Act and the Rules&nbsp;and Regulations to be included in the registration statement and the Prospectus. As filed, such amendment and form of final prospectus (including the statement of
additional information incorporated by reference therein), or such final prospectus (including the statement of additional information incorporated by reference therein), shall contain all
Rule&nbsp;430A Information, together with all other such required information, and, except to the extent the Representatives shall agree in writing to a modification, shall be in all substantive
respects in the form furnished to you prior to the Applicable Time or, to the extent not completed at the Applicable Time, shall contain only such specific additional information and other changes
(beyond that contained in the latest preliminary prospectus) as the Fund has advised you, prior to the Applicable Time, will be included or made therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. </FONT><FONT SIZE=2><I>Representations and Warranties</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Representations and Warranties by the Fund, and the Adviser. </I></FONT><FONT SIZE=2>The Fund, and the Adviser, jointly and severally, represent
and warrant to each Underwriter as of the date hereof, as of the Applicable Time, as of the Closing Date referred to in Section&nbsp;2(c)&nbsp;hereof, and as of each Option Closing Date (if any)
referred to in Section&nbsp;2(b)&nbsp;hereof, and agree with each Underwriter, as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Compliance with Registration Requirements</I></FONT><FONT SIZE=2>. The Securities have been duly registered under the 1933 Act and the 1940 Act
pursuant to the Registration Statement. Each of the Initial Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement has become effective under the 1933 Act and the 1940 Act,
and no stop order suspending the effectiveness of the Initial Registration Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement has been issued under the 1933 Act or the 1940 Act, and no
proceedings for that purpose have been instituted or are pending or, </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=4,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=626068,FOLIO='2',FILE='DISK124:[06DEN4.06DEN1814]LE1814A.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_le1814_1_3"> </A>
<UL>

<P><FONT SIZE=2>to
the knowledge of the Fund or the Adviser, are contemplated by the Commission, and any request on the part of the Commission for additional information has been complied with. The Preliminary
Prospectus and the Prospectus complied when filed with the Commission in all material respects with the requirements of the 1933 Act, the 1940 Act and the Rules&nbsp;and Regulations. The Preliminary
Prospectus and the Prospectus and any amendments or supplements thereto delivered to the Underwriters for use in connection with the offering of the Securities each was identical to the electronically
transmitted copy thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation&nbsp;S-T. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the respective times the Initial Registration Statement, any Rule&nbsp;462(b) Registration Statement and any post-effective amendments thereto became or become effective
and at the Closing Date (and, if any Option Securities are purchased, at the applicable Option Closing Date), the Initial Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement
will, and the 1940 Act Notification when originally filed with the Commission and any amendments and supplements thereto did or will, comply in all material respects with the requirements of the 1933
Act, the 1940 Act and the Rules&nbsp;and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or supplements thereto, as of its date, at the Closing Date (and, if any Option Securities are
purchased, at the applicable Option Closing Date), and at any time when a prospectus is required by applicable law to be delivered in connection with sales of Securities, included or will include an
untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Preliminary Prospectus and the information included on Exhibit&nbsp;D hereto, all considered together (collectively, the "</FONT><FONT SIZE=2><I>General Disclosure
Package</I></FONT><FONT SIZE=2>") did not or will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the Fund makes
no representations or warranties as to the information contained in or omitted from the Preliminary Prospectus or the Prospectus in reliance upon and in conformity with information furnished in
writing to the Fund by or on behalf of any Underwriter specifically for inclusion therein, it being understood and agreed that the only such
information furnished by any Underwriter consists of the information described as such in Section&nbsp;6(b)&nbsp;hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's registration statement on Form&nbsp;8-A under the 1934 Act is effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Independent Accountants</I></FONT><FONT SIZE=2>. Deloitte&nbsp;&amp; Touche LLP who certified and audited the financial statements and supporting
schedules included in the Registration Statement, the Preliminary Prospectus and the Prospectus are independent public accountants as required by the 1933 Act, the 1940 Act and the Rules&nbsp;and
Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Financial Statements</I></FONT><FONT SIZE=2>. The financial statements of the Fund included in the Registration Statement, the Preliminary
Prospectus and the Prospectus, together with the related schedules (if any) and notes, present fairly the financial position of the Fund at the dates indicated and the results of operations and cash
flows of the Fund for the periods specified; and all such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved and comply with
all applicable accounting requirements under the 1933 Act, the 1940 Act and the Rules&nbsp;and Regulations. The supporting schedules, if any, included in the Registration Statement present fairly,
in accordance with GAAP, the information required to be stated therein, and the other financial and statistical information and data included in the Registration Statement, the Preliminary Prospectus
and the Prospectus are accurately derived from such financial statements and the books and records of the Fund. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=5,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=211786,FOLIO='3',FILE='DISK124:[06DEN4.06DEN1814]LE1814A.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_le1814_1_4"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>No Material Adverse Change in Business</I></FONT><FONT SIZE=2>. Since the respective dates as of which information is given in the Preliminary
Prospectus and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has been no Fund Material Adverse Effect and (B)&nbsp;there have been no transactions entered into by the Fund
which are material with respect to the Fund other than those in the ordinary course of its business as described in the Preliminary Prospectus and the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Good Standing of the Fund</I></FONT><FONT SIZE=2>. The Fund has been duly formed and is validly existing in good standing as a statutory trust
under the laws of the State of Delaware and has power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Preliminary
Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement and the Fund Agreements; and the Fund is duly qualified to transact business and is in good standing
under the laws of each jurisdiction which requires qualification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>No Subsidiaries</I></FONT><FONT SIZE=2>. The Fund has no subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Investment Company Status.</I></FONT><FONT SIZE=2> The Fund is duly registered under the 1940 Act as a closed-end, diversified
management investment company under the 1940 Act, the Rules&nbsp;and Regulations, and the 1940 Act Notification has become effective. The Fund has not received any notice from the Commission
pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act with respect to the 1940 Act Notification or the Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Officers and Trustees</I></FONT><FONT SIZE=2>. No person is serving or acting as an officer, trustee or investment adviser of the Fund except in
accordance with the provisions of the 1940 Act and the Rules&nbsp;and Regulations and the Advisers Act. Except as disclosed in the Registration Statement, the Preliminary Prospectus and the
Prospectus, no trustee of the Fund is (A)&nbsp;an "interested person" (as defined in the 1940 Act) of the Fund or (B)&nbsp;an "affiliated person" (as defined in the 1940 Act) of any Underwriter.
For purposes of this Section&nbsp;1(a)(8), the Fund and the Adviser shall be entitled to rely on representations from such officers and trustees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Capitalization</I></FONT><FONT SIZE=2>. The authorized, issued and outstanding common shares of beneficial interest of the Fund are as set forth
in the Preliminary Prospectus and in the Prospectus. All issued and outstanding common shares of beneficial interest of the Fund have been duly authorized and validly issued and are fully paid and
non-assessable and have been offered and sold or exchanged by the Fund in compliance with all applicable laws (including, without limitation, federal and state securities laws); none of
the outstanding common shares of beneficial interest of the Fund was issued in violation of the preemptive or other similar rights of any securityholder of the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;</FONT><FONT
SIZE=2><I>Power and Authority</I></FONT><FONT SIZE=2>. The Fund has full power and authority to enter into this Agreement and the Fund Agreements; the
execution and delivery of, and the performance by the Fund of its obligations under this Agreement and the Fund Agreements have been duly and validly authorized by the Fund; and this Agreement and the
Fund Agreements have been duly executed and delivered by the Fund and constitute the valid and legally binding agreements of the Fund, enforceable against the Fund in accordance with their terms,
except as rights to indemnity and contribution may be limited by federal or state securities laws and subject to the qualification that the enforceability of the Fund's obligations hereunder and
thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws relating to or affecting creditors' rights generally and by general equitable
principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;</FONT><FONT
SIZE=2><I>Agreements' Compliance with Law</I></FONT><FONT SIZE=2>. This Agreement and each of the Fund Agreements comply in all material respects with all
applicable provisions of the 1940 Act, the 1940 Act Rules and Regulations, the Advisers Act and the Advisers Act Rules&nbsp;and Regulations. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=6,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=433202,FOLIO='4',FILE='DISK124:[06DEN4.06DEN1814]LE1814A.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_le1814_1_5"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Defaults and Conflicts</I></FONT><FONT SIZE=2>. The Fund is not (i)&nbsp;in violation of its Declaration of Trust or bylaws,
(ii)&nbsp;in breach or default in the performance of the terms of any indenture, contract, lease, mortgage, declaration of trust, note agreement, loan agreement or other agreement, obligation,
condition, covenant or instrument to which it is a party or bound or to which its property is subject or (iii)&nbsp;in violation of any law, ordinance, administrative or governmental rule or
regulation applicable to the Fund or of any decree of the Commission, the NASD, any state securities commission, any foreign securities commission, any national securities exchange, any arbitrator,
any court or any other governmental, regulatory, self-regulatory or administrative agency or any official having jurisdiction over the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Proceedings</I></FONT><FONT SIZE=2>. There is no action, suit, proceeding, inquiry or investigation before or brought by any court or
governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Fund, threatened, against or affecting the Fund which is required to be disclosed in the Preliminary
Prospectus and Prospectus (other than as disclosed therein), or that could reasonably be expected to result in a Material Adverse Effect, or that could reasonably be expected to materially and
adversely affect the properties or assets of the Fund or the consummation of the transactions contemplated in this Agreement or the performance by the Fund of its obligations under this Agreement or
the Fund Agreements; the aggregate of all pending legal or governmental proceedings to which the Fund is a party or of which any of its property or assets is the subject which are not described in the
Preliminary Prospectus or the Prospectus or to be filed as an exhibit to the Registration Statement that are not described or filed as required by the 1933 Act, the 1940 Act or the Rules and
Regulations, including ordinary routine litigation incidental to the business, could not reasonably be expected to result in a Fund Material Adverse Effect. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;</FONT><FONT
SIZE=2><I>Accuracy of Descriptions and Exhibits</I></FONT><FONT SIZE=2>. The statements set forth under the headings "Description of Capital Structure,"
"Anti-Takeover Provisions in the Declaration of Trust" and "Federal Income Tax Matters" in the Preliminary Prospectus and the Prospectus and "Taxes" in the Statement of Additional
Information, insofar as such statements purport to summarize certain provisions of the 1940 Act, the Delaware Statutory Trust Act, the Fund's Declaration of Trust, U.S. federal income tax law and
regulations or legal conclusions with respect thereto, fairly and accurately summarize such provisions in all material respects; all descriptions in the Registration Statement, the Preliminary
Prospectus and the Prospectus of any Fund documents are accurate in all material respects; and there are no franchises, contracts, indentures, mortgages, deeds of trust, loan or credit agreements,
bonds, notes, debentures, evidences of indebtedness, leases or other instruments or agreements required to be described or referred to in the Registration Statement, the Preliminary Prospectus or the
Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required by the 1933 Act, the 1940 Act or the Rules&nbsp;and Regulations which have not been so
described and filed as required. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Further Requirements</I></FONT><FONT SIZE=2>. (A)&nbsp;No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any court or governmental authority or agency, domestic or foreign, and (B)&nbsp;no authorization, approval, vote or other consent of any other person or
entity, is necessary or required for the performance by the Fund of its obligations under this Agreement or the Fund Agreements, for the offering, issuance, sale or delivery of the Securities
hereunder, or for the consummation of any of the other transactions contemplated by this Agreement or the Fund Agreements, in each case on the terms contemplated by the Registration Statement, the
Preliminary Prospectus and the Prospectus, except such as have been already obtained and under the 1933 Act, the
1940 Act, the Rules&nbsp;and Regulations, the rules and regulations of the NASD and the NYSE and such as may be required under state securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;</FONT><FONT
SIZE=2><I>Non-Contravention</I></FONT><FONT SIZE=2>. Neither the execution, delivery or performance of this Agreement, the Fund Agreements nor
the consummation by the Fund of the transactions herein or therein </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=7,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=370538,FOLIO='5',FILE='DISK124:[06DEN4.06DEN1814]LE1814B.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_le1814_1_6"> </A>
<UL>
<BR>

<P><FONT SIZE=2>contemplated
(i)&nbsp;conflicts or will conflict with or constitutes or will constitute a breach of the Declaration of Trust or bylaws of the Fund, (ii)&nbsp;conflicts or will conflict with or
constitutes or will constitute a breach of or a default under, any agreement, indenture, lease or other instrument to which the Fund is a party or by which it or any of its properties may be bound or
(iii)&nbsp;violates or will violate any statute, law, regulation or filing or judgment, injunction, order or decree applicable to the Fund or any of its properties or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Fund pursuant to the terms of any agreement or instrument to which the Fund is a party or by which the Fund may be
bound or to which any of the property or assets of the Fund is subject. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;</FONT><FONT
SIZE=2><I>Possession of Licenses and Permits</I></FONT><FONT SIZE=2>. The Fund has such licenses, permits, and authorizations of governmental or
regulatory authorities ("permits") as are necessary to own its property and to conduct its business in the manner described in the Preliminary Prospectus and the Prospectus; the Fund has fulfilled and
performed all its material obligations with respect to such permits and no event has occurred which allows or, after notice or lapse of time, would allow, revocation or termination thereof or results
in any other material impairment of the rights of the Fund under any such permit, subject in each case to such qualification as may be set forth in the Preliminary Prospectus and the Prospectus; and,
except as described in the Preliminary Prospectus and the Prospectus, none of such permits contains any restriction that is materially burdensome to the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;</FONT><FONT
SIZE=2><I>Distribution of Offering Material</I></FONT><FONT SIZE=2>. The Fund has not distributed and, prior to the later to occur of (i)&nbsp;the
Closing Date and (ii)&nbsp;completion of the distribution of the Securities, will not distribute any offering material in connection with the offering and sale of the Securities other than the
Registration Statement, the Preliminary Prospectus, the Prospectus, the sales material or other materials permitted by the Act, the 1940 Act or the Rules and Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Registration Rights</I></FONT><FONT SIZE=2>. There are no persons with registration rights or other similar rights to have any
securities (debt or equity) (A)&nbsp;registered pursuant to the Registration Statement or included in the offering contemplated by this Agreement or (B)&nbsp;otherwise registered by the Fund under
the 1933 Act or the 1940 Act. There are no persons with tag-along rights or other similar rights to have any securities (debt or equity) included in the offering contemplated by this
Agreement or sold in connection with the sale of Securities by the Fund pursuant to this Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;</FONT><FONT
SIZE=2><I>NYSE</I></FONT><FONT SIZE=2>. The Securities are duly listed and admitted and authorized for trading, subject to official notice of issuance and
evidence of satisfactory distribution, on the NYSE. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)&nbsp;</FONT><FONT
SIZE=2><I>NASD Matters</I></FONT><FONT SIZE=2>. All of the information provided to the Underwriters or to counsel for the Underwriters by the Fund, its
officers and Trustees in connection with letters, filings or other supplemental information provided to NASD Regulation&nbsp;Inc. pursuant to the NASD's conduct rules is true, complete and correct. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)&nbsp;</FONT><FONT
SIZE=2><I>Tax Returns</I></FONT><FONT SIZE=2>. The Fund has filed all tax returns that are required to be filed and has paid all taxes required to be paid
by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such tax, assessment, fine or penalty that is currently
being contested in good faith by appropriate actions and except for such taxes, assessments, fines or penalties the nonpayment of which would not, individually or in the aggregate, have a Fund
Material Adverse Effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)&nbsp;</FONT><FONT
SIZE=2><I>Subchapter M</I></FONT><FONT SIZE=2>. The Fund is currently in compliance with the requirements of Subchapter M of the Internal Revenue Code of
1986, as amended (the "</FONT><FONT SIZE=2><I>Code</I></FONT><FONT SIZE=2>") to qualify as a regulated investment company under the Code and intends to direct the investment of the net proceeds of </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=8,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=272501,FOLIO='6',FILE='DISK124:[06DEN4.06DEN1814]LE1814B.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_le1814_1_7"> </A>
<UL>
<BR>

<P><FONT SIZE=2>the
offering of the Securities in such a manner as to comply with the requirements of Subchapter M of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)&nbsp;</FONT><FONT
SIZE=2><I>Insurance</I></FONT><FONT SIZE=2>. The Fund's trustees and officers/errors and omissions insurance policy and its fidelity bond required by
Rule&nbsp;17g-1 of the 1940 Act Rules&nbsp;and Regulations are in full force and effect; the Fund is in compliance with the terms of such policy and fidelity bond in all material
respects; and there are no claims by the Fund under any such policy or fidelity bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Fund
has not been refused any insurance coverage sought or applied for; and the Fund has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Fund Material Adverse Effect, except as set forth in or
contemplated in the Preliminary Prospectus and Prospectus (exclusive of any supplement thereto). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)&nbsp;</FONT><FONT
SIZE=2><I>Accounting Controls and Disclosure Controls</I></FONT><FONT SIZE=2>. The Fund maintains a system of internal accounting controls sufficient to
provide reasonable assurances that (A)&nbsp;transactions are executed in accordance with management's general or specific authorizations and with the investment objectives, policies and restrictions
of the Fund and the applicable requirements of the 1940 Act, the 1940 Act Rules&nbsp;and Regulations and the Code; (B)&nbsp;transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset accountability to calculate net asset value and to maintain material compliance with the books and records requirements under the
1940 Act and
the 1940 Act Rules&nbsp;and Regulations; (C)&nbsp;access to assets is permitted only in accordance with management's general or specific authorization; and (D)&nbsp;the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Fund employs "disclosure controls and procedures" (as such
term is defined in Rule&nbsp;30a-3 under the 1940 Act); such disclosure controls and procedures are effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)&nbsp;</FONT><FONT
SIZE=2><I>Compliance with the Sarbanes-Oxley Act.</I></FONT><FONT SIZE=2> There is and has been no failure on the part of the Fund or any of the Fund's
trustees or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including
Sections&nbsp;302 and 906 related to certifications. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)&nbsp;</FONT><FONT
SIZE=2><I>Fund Compliance with Policies and Procedures</I></FONT><FONT SIZE=2>. The Fund has adopted and implemented written policies and procedures
reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule&nbsp;38a-1 under the 1940 Act) by the Fund, including policies and procedures
that provide oversight of compliance for each investment adviser, administrator and transfer agent of the Fund. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Manipulation</I></FONT><FONT SIZE=2>. The Fund has not taken and will not take, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities, and
the Fund is not aware of any such action taken or to be taken by any affiliates of the Fund, other than such actions as taken by the Underwriters that are affiliates of the Fund, so long as such
actions are in compliance with all applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)&nbsp;</FONT><FONT
SIZE=2><I>Statistical, Demographic or Market-Related Data</I></FONT><FONT SIZE=2>. Any statistical, demographic or market-related data included in the
Registration Statement, the Preliminary Prospectus or the Prospectus is based on or derived from sources that the Fund believes to be reliable and accurate and all such data included in the
Registration Statement, the Preliminary Prospectus or the Prospectus accurately reflects the materials upon which it is based or from which it was derived. </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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<A NAME="page_le1814_1_8"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)&nbsp;</FONT><FONT
SIZE=2><I>Advertisements</I></FONT><FONT SIZE=2>. All advertising, sales literature or other promotional material (including "prospectus wrappers",
"broker kits", "road show slides" and "road show scripts"), whether in printed or electronic form, authorized in writing by or prepared by or at the direction of the Fund or the Adviser for use in
connection with the offering and sale of the Securities (collectively, "sales material") complied and comply in all material respects with the applicable requirements of the 1933 Act, the 1940 Act,
the Rules&nbsp;and Regulations and the rules and interpretations of the NASD and if required to be filed with the NASD under the NASD's conduct rules were provided to Simpson Thacher&nbsp;&amp;
Bartlett LLP, counsel for the Underwriters, for filing. No sales material contained or contains an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Representations and Warranties by the Adviser</I></FONT><FONT SIZE=2>. The Adviser represents and warrants to each Underwriter as of the date
hereof, as of the Applicable Time, as of the Closing Date and as of each Option Closing Date (if any), and agrees with each Underwriter, as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Investment Manager Status</I></FONT><FONT SIZE=2>. The Adviser is duly registered as an investment adviser under the Advisers Act and it not
prohibited by the Advisers Act, the 1940 Act, the Advisers Act Rules&nbsp;and Regulations or the 1940 Act Rules&nbsp;and Regulations from acting under the Investment Advisory Agreement, the
Administration Agreement or the Structuring Fee Agreements as contemplated by the Preliminary Prospectus and the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Capitalization</I></FONT><FONT SIZE=2>. The Adviser has the financial resources available to it necessary for the performance of its services and
obligations as contemplated in the Preliminary Prospectus and the Prospectus and under this Agreement and the Advisory Agreement, the Administration Agreement and the Structuring Fee Agreements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>No Material Adverse Change in Business</I></FONT><FONT SIZE=2>. Since the respective dates as of which information is given in the Preliminary
Prospectus and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has been no Adviser Material Adverse Effect and (B)&nbsp;there have been no transactions entered into by the
Adviser which are material with respect to the Adviser other than those in the ordinary course of its business as described in the Preliminary Prospectus and the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Good Standing</I></FONT><FONT SIZE=2>. The Adviser has been duly formed and is validly existing in good standing as a limited liability company
under the laws of the State of Delaware and has power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Preliminary
Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement, the Fund Agreements and the Structuring Fee Agreements; and the Adviser is duly qualified to transact
business and is in good standing under the laws of each jurisdiction which requires qualification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Power and Authority</I></FONT><FONT SIZE=2>. The Adviser has full power and authority to enter into this Agreement, the Advisory Agreement, the
Administration Agreement and the Structuring Fee Agreements; the execution and delivery of, and the performance by the Adviser of its obligations under this Agreement, the Advisory Agreement and the
Structuring Fee Agreements have been duly and validly authorized by the Adviser; and this Agreement, the Advisory Agreement and the Structuring Fee Agreements have been duly executed and delivered by
the Adviser and constitute the valid and legally binding agreements of the Adviser, enforceable against the Adviser in accordance with their terms, except as rights to indemnity and contribution may
be limited by federal or state securities laws and subject to the qualification that the enforceability of the Adviser's obligations hereunder and thereunder may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws relating to or affecting creditors' rights generally and by general equitable principles. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2><A
NAME="page_lg1814_1_9"> </A> </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Description of the Adviser</I></FONT><FONT SIZE=2>. The description of the Adviser and its business and the statements attributable to the
Adviser in the Preliminary Prospectus and Prospectus complied and comply in all material respects with the provisions of the 1933 Act, the 1940 Act, the Advisers Act, the 1940 Act Rules&nbsp;and
Regulations and the Advisers Act Rules&nbsp;and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Non-Contravention</I></FONT><FONT SIZE=2>. Neither the execution, delivery or performance of this Agreement, the Advisory Agreement
or the Structuring Fee Agreements nor the consummation by the Fund or the Adviser of the transactions herein or therein contemplated (i)&nbsp;conflicts or will conflict with or constitutes or will
constitute a breach of the Organizational Documents of the Adviser, (ii)&nbsp;conflicts or will conflict with or constitutes or will constitute a breach of or a default under, any agreement,
indenture, lease or other instrument to which the Adviser is a party or by which it or any of its properties may be bound or (iii)&nbsp;violates or will violate any statute, law, regulation or
filing or judgment, injunction, order or decree applicable to the Adviser or any of its properties or will result in the creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Adviser pursuant to the terms of any agreement or instrument to which the Adviser is a party or by which the Adviser may be bound or to which any of the property or assets of the Adviser
is subject. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Agreements' Compliance with Laws</I></FONT><FONT SIZE=2>. This Agreement, the Advisory Agreement and the Structuring Fee Agreements comply in all
material respects with all applicable provisions of the 1940 Act, the 1940 Act Rules&nbsp;and Regulations, the Advisers Act, and the Advisers Act Rules&nbsp;and Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Absence of Proceedings</I></FONT><FONT SIZE=2>. There is no action, suit, proceeding, inquiry or investigation before or brought by any court or
governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Adviser, threatened, against or affecting the Adviser which is required to be disclosed in the Preliminary
Prospectus and Prospectus (other than as disclosed therein), or that could reasonably be expected to result in an Adviser Material Adverse Effect, or that could reasonably be expected to materially
and adversely affect the properties or assets thereof or the consummation of the transactions contemplated in this Agreement or the performance by the Adviser of its obligations under this Agreement,
the Advisory Agreement or the Structuring Fee Agreements; the aggregate of all pending legal or governmental proceedings to which the Adviser is a party or of which any of its property or assets is
the subject which are not described in the Preliminary Prospectus or the Prospectus, including ordinary routine litigation incidental to the business, could not reasonably be expected to result in an
Adviser Material Adverse Effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Further Requirements</I></FONT><FONT SIZE=2>. (A)&nbsp;No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any court or governmental authority or agency, domestic
or foreign, and (B)&nbsp;no authorization, approval, vote or other consent of any other person or entity, is necessary or required for the performance by the Adviser of its obligations under this
Agreement, the Advisory Agreement or the Structuring Fee Agreements, except such as have been already obtained under the 1933 Act, the 1940 Act, the Rules and Regulations, the rules and regulations of
the NASD and the NYSE and such as may be required under state securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;</FONT><FONT
SIZE=2><I>Possession of Permits</I></FONT><FONT SIZE=2>. The Adviser has such licenses, permits and authorizations of governmental or regulatory
authorities ("permits") as are necessary to own its property and to conduct its business in the manner described in the Preliminary Prospectus and the Prospectus; the Adviser has fulfilled and
performed all its material obligations with respect to such permits and no event has occurred which allows, or after notice or lapse of time would allow, revocation or </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_lg1814_1_10"> </A>
<UL>
<BR>

<P><FONT SIZE=2>termination
thereof or results in any other material impairment of the rights of the Adviser under any such permit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;</FONT><FONT
SIZE=2><I>Adviser Compliance with Policies and Procedures</I></FONT><FONT SIZE=2>. The Adviser has adopted and implemented written policies and procedures
under Rule&nbsp;206(4)-7 of the Advisers Act reasonably designed to prevent violation of the Advisers Act and the Advisers Act Rules&nbsp;by the Adviser and its supervised persons. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;</FONT><FONT
SIZE=2><I>Absence of Manipulation</I></FONT><FONT SIZE=2>. The Adviser has not taken and will not take, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities, and
the Adviser is not aware of any such action taken or to be taken by any affiliates of the Adviser, other than such actions as taken by the Underwriters that are affiliates of the Adviser, so long as
such actions are in compliance with all applicable law. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certificates.</I></FONT><FONT SIZE=2> Any certificate signed by any officer of the Fund or the Adviser and delivered to the Representatives or to
counsel for the Underwriters shall be deemed a representation and warranty by the Fund or the Adviser, as the case may be, to each Underwriter as to the matters covered thereby. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. </FONT><FONT SIZE=2><I>Sale and Delivery to Underwriters; Closing</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Initial Securities.</I></FONT><FONT SIZE=2> On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, the Fund agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Fund, at a purchase
price of $19.06 per share, the amount of the Initial Securities set forth opposite such Underwriter's name in Exhibit&nbsp;A hereto. The Fund is advised that the Underwriters intend to
(i)&nbsp;make a public offering of their respective portions of the Securities as soon after the Applicable Time as is advisable and (ii)&nbsp;initially to offer the Securities upon the terms set
forth in the Preliminary Prospectus and the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Option Securities.</I></FONT><FONT SIZE=2> Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, the Fund hereby grants an option to the several Underwriters to purchase, severally and not jointly, up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Securities at the same purchase price per share as the
Underwriters shall pay for the Initial Securities. Said option may be exercised only to cover over-allotments in the sale of the Initial Securities by the Underwriters. Said option may be
exercised in whole or in part at any time and from time to time on or before the 45th day after the date of the Prospectus upon written or telegraphic notice by the Representatives to the Fund setting
forth the number of shares of the Option Securities as to which the several Underwriters are exercising the option and the settlement date. The number of Option Securities to be purchased by each
Underwriter shall be the same percentage of the total number of shares of the Option Securities to be purchased by the several Underwriters as such Underwriter is purchasing of the Initial Securities,
subject to such adjustments as you in your absolute discretion shall make to eliminate any fractional shares. Any such time and date of delivery (an "</FONT><FONT SIZE=2><I>Option Closing
Date</I></FONT><FONT SIZE=2>") shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing
Date, as hereinafter defined. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Payment.</I></FONT><FONT SIZE=2> Payment of the purchase price for the Initial Securities, and delivery of the related closing certificates
therefor, shall be made at the offices of Simpson Thacher&nbsp;&amp; Bartlett LLP, 425 Lexington Avenue, New York, New York 10017, or at such other place as shall be agreed upon by the Representatives
and the Fund, at 9:00&nbsp;A.M. (Eastern time) on January&nbsp;30, 2007 (unless postponed in accordance with the provisions of Section&nbsp;10), or such other time not later than ten
business&nbsp;days after such date as shall be agreed upon by the Representatives and the Fund (such time and date of payment and delivery being herein called "</FONT><FONT SIZE=2><I>Closing
Date</I></FONT><FONT SIZE=2>"). </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_lg1814_1_11"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for, and delivery of certificates for, such Option
Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives and the Fund, on each Option Closing Date as specified in the notice from
the Representatives to the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of the Securities shall be made to the Representatives for the respective accounts of the several Underwriters against payment by the several Underwriters through the
Representatives of the
purchase price thereof to or upon the order of the Fund by Federal Funds wire transfer payable in same-day funds to an account specified by the Fund. Delivery of the Initial Securities and
the Option Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. Wachovia, individually and not as Representative of the
Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have
not been received by the Closing Date or the relevant Option Closing Date, as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Denominations; Registration.</I></FONT><FONT SIZE=2> Certificates for the Initial Securities and the Option Securities, if any, shall be in such
denominations and registered in such names as the Representatives may request in writing at least one full business day before the Closing Date or the relevant Option Closing Date, as the case may be.
The certificates for the Initial Securities and the Option Securities, if any, will be made available for examination and packaging by the Representatives in The City of New York not later than noon
(Eastern Time) on the business day prior to the Closing Date or the relevant Option Closing Date, as the case may be. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. </FONT><FONT SIZE=2><I>Covenants of the Fund and the Adviser</I></FONT><FONT SIZE=2>. The Fund and the Adviser, jointly and severally, covenant with each Underwriter as
follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Compliance with Securities Regulations and Commission Requests. </I></FONT><FONT SIZE=2>The Fund, subject to Section&nbsp;3(a)(ii), will comply
with the requirements of Rule&nbsp;430A and will notify the Representatives immediately, and confirm the notice in writing, (i)&nbsp;when any post-effective amendment to the
Registration Statement shall become effective, or any supplement to the Prospectus or any amended Prospectus shall have been filed, (ii)&nbsp;of the receipt of any comments from the Commission,
(iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information, (iv)&nbsp;of the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus, or of the
suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination
pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act concerning the Registration Statement and (v)&nbsp;if the Fund becomes the subject of a proceeding under Section&nbsp;8A of the 1933 Act in
connection with the offering of the Securities. The Fund will use its best efforts in connection with the offering of the Securities to prevent the issuance of any stop order or the suspension of any
such qualification and, if issued, to obtain as soon as possible the withdrawal thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Filing of Amendments.</I></FONT><FONT SIZE=2> The Fund will give the Representatives notice of its intention to file or prepare any amendment to
the Registration Statement (including any filing under Rule&nbsp;462(b)) or any amendment, supplement or revision to either the prospectus included in the Registration Statement at the time it
became effective or to the Prospectus, whether pursuant to the 1933 Act or otherwise, or will furnish the Representatives with copies of any such documents within a reasonable amount of time prior to
such proposed filing or use, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall object. </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_lg1814_1_12"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Delivery of Registration Statements.</I></FONT><FONT SIZE=2> The Fund has furnished or will deliver to the Representatives and counsel for the
Underwriters, without charge, signed copies of the Registration Statement as originally filed and of each amendment thereto (including exhibits filed therewith) and signed copies of all consents and
certificates of experts. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation&nbsp;S-T. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Delivery of Prospectuses.</I></FONT><FONT SIZE=2> The Fund has delivered to each Underwriter, without charge, as many copies of each preliminary
prospectus prepared prior to the date of this Agreement as such Underwriter reasonably requested, and the Fund hereby consents to the use of such copies for purposes permitted by the 1933 Act. The
Fund will furnish to each Underwriter, without charge, such number of copies of the documents constituting the General Disclosure Package prepared on or after the date of this Agreement and the
Prospectus (and any amendments or supplements thereto) as such Underwriter may reasonably request. The Preliminary Prospectus and the Prospectus and any amendments or supplements thereto furnished to
the Underwriters is or will be, as the case may be, identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by
Regulation&nbsp;S-T. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Continued Compliance with Securities Laws.</I></FONT><FONT SIZE=2> The Fund will comply with the 1933 Act, the 1940 Act and the Rules&nbsp;and
Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Prospectus. If at any time when a prospectus is required by the 1933 Act
to be delivered in connection with sales of the Securities (including, without limitation, pursuant to Rule&nbsp;172), any event shall occur or condition shall exist as a result of which it is
necessary, in the opinion of counsel for the Underwriters or for the Fund, to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is
delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply
with the requirements of the 1933 Act, the 1940 Act or the Rules&nbsp;and Regulations, the Fund will promptly prepare and file with the Commission, subject to Section&nbsp;3(b)&nbsp;hereof, such
amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Fund will furnish to
the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Blue Sky Qualifications.</I></FONT><FONT SIZE=2> The Fund will use its best efforts, in cooperation with the Underwriters, to qualify, if
necessary, the Securities for offering and sale under the applicable securities laws of states of the United States, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands as the
Representatives may designate and to maintain such qualifications in effect for a period of not less than one year from the date of this Agreement; provided, however, that the Fund shall not be
obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself
to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Rule&nbsp;158.</I></FONT><FONT SIZE=2> The Fund will timely file such reports pursuant to the 1934 Act as are necessary in order to make
generally available to its security holders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of
Section&nbsp;11(a)&nbsp;of the 1933 Act. </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_lg1814_1_13"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Use of Proceeds</I></FONT><FONT SIZE=2>. The Fund will use the net proceeds received by it from the sale of the Securities in the manner
specified in the Prospectus under "Use of Proceeds." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Reporting Requirements.</I></FONT><FONT SIZE=2> The Fund, during the period when the Prospectus is required to be delivered under the 1933 Act,
the 1940 Act or the Rules&nbsp;and Regulations, will file all documents required to be filed with the Commission pursuant to the 1933 Act, the 1940 Act or the Rules&nbsp;and Regulations within the
time periods required by the 1934 Act, the 1940 Act or the Rules&nbsp;and Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Subchapter M.</I></FONT><FONT SIZE=2> The Fund will comply with the requirements of Subchapter M of the Code to qualify as a regulated investment
company under the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Absence of Manipulation</I></FONT><FONT SIZE=2>. The Fund and the Adviser have not taken and will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the
Securities, and the Fund and the Advisers are not aware of any such action taken or to be taken by any affiliates of the Fund or the Advisers, other than such actions as taken by the Underwriters that
are affiliates of the Fund or the Advisers, so long as such actions are in compliance with all applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Restriction on Sale of Securities.</I></FONT><FONT SIZE=2> The Fund will not, without the prior written consent of Wachovia, offer, sell,
contract to sell, pledge, or otherwise dispose of, or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise) by the Fund or any affiliate of the Fund or any person in privity with the Fund, directly or indirectly, including the filing (or
participation in the filing) of a registration statement with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section&nbsp;16 of the Exchange Act, any other Securities or any securities convertible into, or exercisable, or exchangeable for, Securities; or publicly announce an intention
to effect any such transaction for a period of 180&nbsp;days following the Execution Time, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the Fund may issue and sell Securities
pursuant to any dividend reinvestment plan of the Fund in effect at the Execution Time. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. </FONT><FONT SIZE=2><I>Payment of Expenses</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Expenses.</I></FONT><FONT SIZE=2> The Fund will pay all expenses incident to the performance of its obligations under this Agreement, including
(i)&nbsp;the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment thereto, (ii)&nbsp;the word
processing, printing and delivery to the Underwriters of this Agreement, any Agreement among Underwriters and such other documents as may be required in connection with the offering, purchase, sale,
issuance or delivery of the Securities, (iii)&nbsp;the preparation, issuance and delivery of the certificates for the Securities to the Underwriters, including any stock or other transfer taxes and
any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to
the Fund, (v)&nbsp;the qualification of the Securities under securities laws in accordance with the provisions of Section&nbsp;3(f)&nbsp;hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the Blue Sky Survey and any supplements thereto, (vi)&nbsp;the printing and delivery
to the Underwriters of copies of each preliminary prospectus, the documents constituting the General Disclosure Package, the Prospectus and the 1940 Act Notification, any sales material and any
amendments or supplements thereto, (vii)&nbsp;the preparation, printing and delivery to the Underwriters of copies of the Blue Sky Survey and any supplements thereto, (viii)&nbsp;the fees and
expenses of the custodian and the transfer agent and registrar for the Securities, (ix)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of counsel to the Underwriters in
connection with, the review by the NASD of the terms of the sale of the Securities, </FONT></P>

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

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

<P><FONT SIZE=2>(x)&nbsp;the
transportation and other expenses incurred in connection with presentations to prospective purchasers of the Securities, (xi)&nbsp;the fees and expenses incurred in connection with
the listing of the Securities on the NYSE and (xii)&nbsp;all other costs and expenses incident to the performance by the Fund of its obligations hereunder. To the extent that the foregoing costs and
expenses incidental to the performance of the obligations of the Fund under this Agreement exceed $0.04 per share, the Adviser will pay all such costs and expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Agreement.</I></FONT><FONT SIZE=2> If this Agreement is terminated by the Representatives in accordance with the provisions of
Section&nbsp;5 or Section&nbsp;9(a)(i)&nbsp;or (v)&nbsp;hereof, the Fund and the Adviser, jointly and severally, agree that they shall reimburse the Underwriters for all of their
out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. </FONT><FONT SIZE=2><I>Conditions of Underwriters' Obligations</I></FONT><FONT SIZE=2>. The obligations of the Underwriters to purchase the Initial Securities and the Option
Securities, as the case may be, shall be subject to the accuracy of the representations and warranties on the part of the Fund and the Advisers contained herein as of the Applicable Time, the Closing
Date and any Option Closing Date pursuant to Section&nbsp;4 hereof, to the accuracy of the statements of the Fund and the Advisers made in any certificates pursuant to the provisions hereof, to the
performance by the Fund and the Advisers of their respective covenants and other obligations hereunder and to the following additional conditions: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Effectiveness of Registration Statement.</I></FONT><FONT SIZE=2> The Registration Statement, including any Rule&nbsp;462(b)&nbsp;Registration
Statement, has become effective and at Closing Date (or the applicable Option Closing Date, as the case may be) no stop order suspending the effectiveness of the Registration Statement shall have been
issued under the 1933 Act or any notice objecting to its use or order pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act shall have been issued and proceedings therefor initiated or, to the
knowledge of the Fund, threatened by the Commission, and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to
the Underwriters. A prospectus containing the Rule&nbsp;430A Information shall have been filed with the Commission in accordance with Rule&nbsp;497 or a post-effective amendment
providing such information shall have been filed and declared effective in accordance with the requirements of Rule&nbsp;430A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for Fund.</I></FONT><FONT SIZE=2> At the Closing Date, the Representatives shall have received the favorable opinion, dated as
of the Closing Date, of Blank Rome LLP, counsel for the Fund ("</FONT><FONT SIZE=2><I>Fund Counsel</I></FONT><FONT SIZE=2>"), in form and substance satisfactory to counsel for the Underwriters,
together with signed or reproduced copies of such letter for each of the other Underwriters, to the effect set forth in Exhibit&nbsp;B hereto and to such further effect as counsel to the
Underwriters may reasonably request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for Underwriters.</I></FONT><FONT SIZE=2> At Closing Date, the Representatives shall have received the favorable opinion,
dated as of Closing Date, of Simpson Thacher&nbsp;&amp; Bartlett LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter for each of the other Underwriters, in form
and substance satisfactory to the Representatives. Insofar as the opinion expressed above relates to or is dependent upon matters governed by Delaware law, Simpson Thacher&nbsp;&amp; Bartlett LLP will
be permitted to rely on the opinion of Blank Rome LLP. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certificate of the Fund.</I></FONT><FONT SIZE=2> At the Closing Date or the applicable Option Closing Date, as the case may be, there shall not
have been, since the date hereof or since the respective dates as of which information is given in the Prospectus or the General Disclosure Package (exclusive of any amendments or supplements thereto
subsequent to the date of this Agreement), any Fund Material Adverse Effect, and, at the Closing Date, the Representatives shall have received a certificate of the Chairman, the President, the Chief
Executive Officer or an Executive Vice President or Senior Vice President of the Fund and of the Chief Financial Officer or Chief Accounting Officer of the Fund, dated as of the Closing Date, to the
effect that (i)&nbsp;there has been no such Fund Material </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<UL>
<BR>

<P><FONT SIZE=2>Adverse
Effect, (ii)&nbsp;the representations and warranties of the Fund in this Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Date,
(iii)&nbsp;the Fund has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date under or pursuant to this Agreement, and
(iv)&nbsp;no stop order suspending the effectiveness of the Registration Statement or order of suspension or revocation of registration pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act has
been issued, and no proceedings for that purpose have been instituted or are pending or, to their knowledge, are contemplated by the Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for the Adviser.</I></FONT><FONT SIZE=2> At the Closing Date, the Representatives shall have received the favorable opinion,
dated as of the Closing Date, of Blank Rome LLP, counsel for the Adviser, in form and substance satisfactory to counsel for the Underwriters, together with signed or reproduced copies of such letter
for each of the other Underwriters, to the effect set forth in Exhibit&nbsp;C hereto and to such further effect as counsel to the Underwriters may reasonably request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certificate of the Adviser</I></FONT><FONT SIZE=2>. At the Closing Date or the applicable Option Closing Date, as the case may be, there shall
not have been, since the date hereof or since the respective dates as of which information is given in the Prospectus or the General Disclosure Package (exclusive of any amendments or supplements
thereto subsequent to the date of this Agreement), any Adviser Material Adverse Effect, and, at the Closing Date, the Representatives shall have received a certificate of the Chairman, the President,
the Chief Executive Officer or an Executive Vice President or Senior Vice President of the Adviser and of the Chief Financial Officer of Chief Accounting Officer of the Adviser, dated as of the
Closing Date, to the effect that (i)&nbsp;there has been no such Adviser Material Adverse Effect, (ii)&nbsp;the representations and warranties of the Adviser in this Agreement are true and correct
with the same force and effect as though expressly made at and as of the Closing Date, (iii)&nbsp;the Adviser has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied at or prior to the Closing Date under or pursuant to this Agreement, and (iv)&nbsp;no stop order suspending the effectiveness of the Registration Statement or order of
suspension or revocation of registration pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act has been issued and no proceedings for that purpose have been instituted or are pending or, to their
knowledge, are contemplated by the Commission</FONT><FONT SIZE=2><I>.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Accountant's Comfort Letter.</I></FONT><FONT SIZE=2> At the time of the execution of this Agreement, the Representatives shall have received from
Deloitte&nbsp;&amp; Touche LLP a letter, dated the date of this Agreement and in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such letter for each
of the other Underwriters, containing statements and information of the type ordinarily
included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information of the Fund contained in the Registration Statement or the
Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Bring-down Comfort Letter.</I></FONT><FONT SIZE=2> At the Closing Date, the Representatives shall have received from
Deloitte&nbsp;&amp; Touche LLP a letter, dated as of the Closing Date and in form and substance satisfactory to the Representatives, to the effect that they reaffirm the statements made in the letter
furnished pursuant to subsection&nbsp;(g)&nbsp;of this Section, except that the specified date referred to shall be a date not more than three business&nbsp;days prior to the Closing Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Fee Agreements.</I></FONT><FONT SIZE=2> At the Closing Date, the Adviser shall deliver to each of the other parties to the Structuring Fee
Agreements copies of the Structuring Fee Agreements, executed by the Advisor and dated the Closing Date, together with reproduced copies of such agreements executed by the Adviser for each of the
other parties thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>No Objection.</I></FONT><FONT SIZE=2> Prior to the date of this Agreement, NASD Regulation&nbsp;Inc. shall have confirmed that it has no
objection with respect to the fairness and reasonableness of the underwriting terms and arrangements. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=17,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=487092,FOLIO='15',FILE='DISK124:[06DEN4.06DEN1814]LG1814B.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_lg1814_1_16"> </A>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conditions to Purchase of Option Securities.</I></FONT><FONT SIZE=2> In the event that the Underwriters exercise their option provided in
Section&nbsp;2(b)&nbsp;hereof to purchase all or any portion of the Option Securities on any Option Closing Date that is after the Closing Date, the obligations of the several Underwriters to
purchase the applicable Option Securities shall be subject to the conditions specified in the introductory paragraph of this Section&nbsp;5 and to the further condition that, at the applicable
Option Closing Date, the Representatives shall have received: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Officers' Certificate</I></FONT><FONT SIZE=2>. A certificate, dated such Option Closing Date, to the effect set forth in, and signed by two of
the officers specified in, Section&nbsp;5(d)&nbsp;hereof, except that the references in such certificate to the Closing Date shall be changed to refer to such Option Closing Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for Fund</I></FONT><FONT SIZE=2>. The favorable opinion of Fund Counsel in form and substance satisfactory to counsel for the
Underwriters, dated such Option Closing Date, relating to the Option Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by
Section&nbsp;5(b)&nbsp;hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for Underwriters</I></FONT><FONT SIZE=2>. The favorable opinion of Simpson Thacher&nbsp;&amp; Bartlett LLP, counsel for the
Underwriters, dated such Option Closing Date, relating to the Option Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by
Section&nbsp;5(c) hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Opinion of Counsel for the Adviser</I></FONT><FONT SIZE=2>. The favorable opinion of Blank Rome LLP, counsel for the Adviser, dated such Option
Closing Date, relating to the Option Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section&nbsp;5(e) hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certificate of the Adviser</I></FONT><FONT SIZE=2>. A certificate, dated such Option Closing Date, to the effect set forth in, and signed by two
of the officers specified in, Section&nbsp;5(f) hereof, except that the references in such certificate to the Closing Date shall be changed to refer to such Option Closing Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Bring-down Comfort Letter</I></FONT><FONT SIZE=2>. A letter from Deloitte&nbsp;&amp; Touche LLP, in form and substance satisfactory to
the Representatives and dated such Option Closing Date, substantially in the same form and substance as the letter furnished to the Representatives pursuant to Section&nbsp;5(j) hereof, except that
the "specified date" in the letter furnished pursuant to this paragraph shall be a date not more than five&nbsp;days prior to such Option Closing Date. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Additional Documents.</I></FONT><FONT SIZE=2> At the Closing Date and at each Option Closing Date, counsel for the Underwriters shall have been
furnished with such documents and opinions as they may require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the
accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement; and all proceedings taken by the Fund and the Adviser in connection with
the issuance and sale of the Securities as herein contemplated and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance to the
Representatives and counsel for the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Delivery of Documents</I></FONT><FONT SIZE=2>. The documents required to be delivered by this Section&nbsp;5 shall be delivered at the office
of Simpson Thacher&nbsp;&amp; Bartlett LLP, counsel for the Underwriters, at 425 Lexington Avenue, New York, New York, 10017, on the Closing Date and at each Option Closing Date. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2><A
NAME="page_li1814_1_17"> </A> </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Agreement.</I></FONT><FONT SIZE=2> If any condition specified in this Section&nbsp;5 shall not have been fulfilled when and as
required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on an Option Closing Date which is after the Closing Date, the obligations of the
several Underwriters to purchase the relevant Option Securities, may be terminated by the Representatives by notice to the Fund. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. </FONT><FONT SIZE=2><I>Indemnification</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification by the Fund and the Adviser.</I></FONT><FONT SIZE=2> The Fund and the Adviser, jointly and severally, agree to indemnify and hold
harmless each Underwriter and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any preliminary prospectus, any sales material, the Preliminary
Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or
any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section&nbsp;6(e)&nbsp;below) any such settlement is effected with the written consent of the Fund and the Adviser; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by Wachovia), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above, </FONT></P>

</UL>

<P><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this indemnity agreement shall not apply to any loss, liability, claim, damage
or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Fund
or the Adviser by any Underwriter through Wachovia expressly for use in the Registration Statement (or any amendment thereto), or in any preliminary prospectus, any sales material, the Preliminary
Prospectus or the Prospectus (or any amendment or supplement thereto). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification by the Underwriters</I></FONT><FONT SIZE=2>. Each Underwriter severally agrees to indemnify and hold harmless each of the Fund
and the Adviser, each of their directors, trustees, members, each of their officers who signed the Registration Statement, and each person, if any, who controls the Fund or the Adviser within the
meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in
subsection&nbsp;(a)&nbsp;of this Section&nbsp;6, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto), or any preliminary prospectus, any sales material, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in
conformity with written information furnished to the Fund or the Adviser by such Underwriter through Wachovia expressly for use in the Registration Statement (or any amendment thereto) or such
preliminary prospectus, any </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_li1814_1_18"> </A>
<BR>

<P><FONT SIZE=2>sales
material, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto). The Fund and the Adviser acknowledge that the statements set forth [in the last
paragraph of the cover page&nbsp;regarding delivery of the Securities and, under the heading "Underwriting", (i)&nbsp;the list of Underwriters and their respective participation in the sale of the
Securities, (ii)&nbsp;the sentences related to concessions and reallowances and (iii)&nbsp;the paragraph related to stabilization, syndicate covering transactions and penalty bids] in
any Preliminary Prospectus and the Prospectus constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in any Preliminary Prospectus or the
Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Actions against Parties; Notification.</I></FONT><FONT SIZE=2> Each indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on
account of this indemnity agreement. Counsel to the indemnified parties shall be selected as follows: counsel to the Underwriters and each person, if any, who controls any Underwriter within the
meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act shall be selected by Wachovia; counsel to the Fund, its directors, trustees, members, each of its officers who signed
the Registration Statement and each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act shall be selected by the Fund;
and counsel to each Adviser and each person, if any, who controls such Adviser within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act shall be selected by such
Adviser. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the
indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for the Underwriters and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act,
the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Fund, each of their directors, trustees, members, each of its officers who
signed the Registration Statement and each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act, the fees and expenses of
more than one counsel (in addition to any local counsel) separate from their own counsel for each of the Advisers, and the fees and expenses of more than one counsel, in each case in connection with
any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section&nbsp;6 or Section&nbsp;7 hereof (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Settlement Without Consent if Failure to Reimburse.</I></FONT><FONT SIZE=2> If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
Section&nbsp;6(a)(ii)&nbsp;effected without its written consent if (i)&nbsp;such settlement is entered into more than 45&nbsp;days after receipt by such indemnifying party of the aforesaid
request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30&nbsp;days prior to such settlement being entered into and (iii)&nbsp;such
indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_li1814_1_19"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Other Agreements with Respect to Indemnification and Contribution</I></FONT><FONT SIZE=2>. The provisions of this Section&nbsp;6 and in
Section&nbsp;7 hereof shall not affect any agreements among the Fund and the Adviser with respect to indemnification of each other or contribution between themselves. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. </FONT><FONT SIZE=2><I>Contribution</I></FONT><FONT SIZE=2>. If the indemnification provided for in Section&nbsp;6 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of
such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the
Fund and the Adviser on the one hand and the Underwriters on the other hand from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided by
clause&nbsp;(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i) above but also the relative fault
of the Fund and the Adviser on the one hand and of the Underwriters on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative benefits received by the Fund and the Adviser on the one hand and the Underwriters on the other hand in connection with the offering of the Securities pursuant to this
Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the
Fund and the Adviser and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public
offering price of the Securities as set forth on such cover. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative fault of the Fund and the Adviser on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Fund, by the Adviser or by the Underwriters and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund, the Adviser and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined by pro rata allocation (even if
the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this
Section&nbsp;7. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section&nbsp;7 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of this Section&nbsp;7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the
Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such
Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. </FONT></P>

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

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;7, each person, if any, who controls an Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act and
each trustees, officer, employee and agent of an Underwriter shall have the same rights to contributions as such Underwriters, and each person who controls the Fund or the Adviser within the meaning
of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act, each officer of the Fund and the Adviser and each trustee, director or member of the Fund and the Adviser shall have the same
rights to contribution as the Fund and the Adviser. The Underwriters' respective obligations to contribute pursuant to this Section&nbsp;7 are several in proportion to the number of Initial
Securities set forth opposite their respective names in Exhibit&nbsp;A hereto and not joint. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. </FONT><FONT SIZE=2><I>Representations, Warranties and Agreements to Survive Delivery</I></FONT><FONT SIZE=2>. All representations, warranties and agreements contained in
this Agreement or in certificates of officers of the Fund or signed by or on behalf of the Adviser submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of any Underwriter or controlling person, or by or on behalf of the Fund, or by or on behalf of the Adviser, and shall survive delivery of the Securities to the
Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. </FONT><FONT SIZE=2><I>Termination of Agreement</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination; General.</I></FONT><FONT SIZE=2> The Representatives may terminate this Agreement, by notice to the Fund or the Adviser, at any time
on or prior to the Closing Date (and, if any Option Securities are to be purchased on an Option Closing Date which occurs after the Closing Date, the Representatives may terminate the obligations of
the several Underwriters to purchase such Option Securities, by notice to the Fund, at any time on or prior to such Option Closing Date) (i)&nbsp;if there has been, since the time of execution of
this Agreement or since the respective dates as of which information is given in the Prospectus or the General Disclosure Package, any Fund Material Adverse Effect or Adviser Material Adverse Effect,
or (ii)&nbsp;if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof
or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the judgment of the Representatives, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if trading in
any securities of the Fund has been suspended or materially limited by the Commission or the NYSE, or if trading generally on the NYSE or in the Nasdaq National Market has been suspended or materially
limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission, the NASD
or any other governmental authority, or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or (iv)&nbsp;if a banking
moratorium has been declared by either Federal or New York authorities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Liabilities.</I></FONT><FONT SIZE=2> If this Agreement is terminated pursuant to this Section&nbsp;9, such termination shall be without
liability of any party to any other party except as provided in Section&nbsp;4 hereof, and provided further that Sections&nbsp;1, 6, 7 and 8 hereof shall survive such termination and remain in
full force and effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10. </FONT><FONT SIZE=2><I>Default by One or More of the Underwriters</I></FONT><FONT SIZE=2>. If one or more of the Underwriters shall fail at the Closing Date or an Option
Closing Date to purchase the Securities which it or they are obligated to purchase under this Agreement (the "</FONT><FONT SIZE=2><I>Defaulted Securities</I></FONT><FONT SIZE=2>"), the
Representatives shall have the right, within 24&nbsp;hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase
all, but not less than all, of the Defaulted </FONT></P>

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

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>Securities
in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour
period, then: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;if
the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting Underwriters
shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of
all non-defaulting Underwriters; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;if
the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement or, with respect to any Option Closing Date
which occurs after the Closing Date, the obligation of the Underwriters to purchase and of the Fund to sell the Option Securities that were to have been purchased and sold on such Option Closing Date,
shall terminate without liability on the part of any non-defaulting Underwriter. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
action taken pursuant to this Section&nbsp;10 shall relieve any defaulting Underwriter from liability in respect of its default. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any such default which does not result in a termination of this Agreement or, in the case of an Option Closing Date which is after the Closing Date, which does not result
in a termination of the obligation of the Underwriters to purchase and the Fund to sell the relevant Option Securities, as the case may be, the Representatives shall have the right to postpone Closing
Date or the relevant Option Closing Date, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other
documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section&nbsp;10. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11. </FONT><FONT SIZE=2><I>Notices</I></FONT><FONT SIZE=2>. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representatives at Wachovia Capital Markets, LLC, 375 Park Avenue, New York, New
York 10152, Attention: Equity Syndicate; notices to the Fund and the Adviser shall be directed to them at 2500 Westchester Avenue, Suite&nbsp;215, Purchase, New York 10577, Attention: President. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12. </FONT><FONT SIZE=2><I>Parties</I></FONT><FONT SIZE=2>. This Agreement shall inure to the benefit of and be binding upon the Underwriters, the Fund and the Adviser and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters, the Fund and the Adviser
and their respective successors and the controlling persons and directors, officers, members and trustees referred to in Sections&nbsp;6 and 7 and their heirs and legal representatives, any legal or
equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters, the Fund and the Adviser and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and
for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13. </FONT><FONT SIZE=2><I>GOVERNING LAW AND TIME</I></FONT><FONT SIZE=2>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
14. </FONT><FONT SIZE=2><I>Effect of Headings</I></FONT><FONT SIZE=2>. The Section&nbsp;and Exhibit&nbsp;headings herein are for convenience only and shall not affect the
construction hereof. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
15. </FONT><FONT SIZE=2><I>Definitions</I></FONT><FONT SIZE=2>. As used in this Agreement, the following terms have the respective meanings set forth below: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Advisers Act</I></FONT><FONT SIZE=2>" means the Investment Advisers Act of 1940, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Advisers Act Rules&nbsp;and Regulations</I></FONT><FONT SIZE=2>" means the rules and regulations of the Commission under the Advisers Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Adviser Material Adverse Effect</I></FONT><FONT SIZE=2>" means a material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Adviser, whether or not arising in the ordinary course of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agreement and Declaration of Trust</I></FONT><FONT SIZE=2>" means the Declaration of Trust of Alpine Total Dynamic Dividend Fund dated as of October&nbsp;27,
2006. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Applicable Time</I></FONT><FONT SIZE=2>" means the date and time that this Agreement is executed and delivered by the parties hereto. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Commission</I></FONT><FONT SIZE=2>" means the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>EDGAR</I></FONT><FONT SIZE=2>" means the Commission's Electronic Data Gathering, Analysis and Retrieval System. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fund Material Adverse Effect</I></FONT><FONT SIZE=2>" means a material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Fund, whether or not arising in the ordinary course of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>GAAP</I></FONT><FONT SIZE=2>" means generally accepted accounting principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Initial Registration Statement</I></FONT><FONT SIZE=2>" means the Fund's registration statement (File Nos. 333-138664 and 811-21980) on
Form&nbsp;N-2 (including the statement of additional information incorporated by reference therein), as amended (if applicable), at the time it became effective, including the
Rule&nbsp;430A Information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>NASD</I></FONT><FONT SIZE=2>" means the National Association of Securities Dealers,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>NYSE</I></FONT><FONT SIZE=2>" means the New York Stock Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Organizational Documents</I></FONT><FONT SIZE=2>" means (a)&nbsp;in the case of a corporation, its charter and by-laws; (b)&nbsp;in the case of a
limited or general partnership, its partnership certificate, certificate of formation or similar organizational document and its partnership agreement; (c)&nbsp;in the case of a limited liability
company, its articles of organization, certificate of formation or similar organizational documents and its operating agreement, limited liability company agreement, membership agreement or other
similar agreement; (d)&nbsp;in the case of a trust, its certificate of trust, certificate of formation or similar organizational document and its trust agreement or other similar agreement; and
(e)&nbsp;in the case of any other entity, the organizational and governing documents of such entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>preliminary prospectus</I></FONT><FONT SIZE=2>" means any prospectus (including the statement of additional information incorporated by reference therein) used
in connection with the offering of the Securities that was used before the Initial Registration Statement became effective, or that was used after such effectiveness and prior to the execution and
delivery of this Agreement, or that omitted the Rule&nbsp;430A Information or that was captioned "Subject to Completion". </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Preliminary Prospectus</I></FONT><FONT SIZE=2>" shall mean the preliminary prospectus (including the statement of additional information incorporated by
reference therein) dated&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;and any preliminary prospectus (including the statement of additional
information incorporated by reference therein) included in the
Registration Statement at the Applicable Time that omits Rule&nbsp;430A Information. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Prospectus</I></FONT><FONT SIZE=2>" shall mean the prospectus (including the statement of additional information incorporated by reference therein) relating to
the Securities that is first filed pursuant to Rule&nbsp;497 after the Applicable Time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Registration Statement</I></FONT><FONT SIZE=2>" means the Initial Registration Statement; provided that, if a Rule&nbsp;462(b) Registration Statement is filed
with the Commission, then the term "Registration Statement" shall also include such Rule&nbsp;462(b) Registration Statement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rule&nbsp;172</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>Rule&nbsp;497</I></FONT><FONT SIZE=2>,"
"</FONT><FONT SIZE=2><I>Rule&nbsp;430A</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>Rule&nbsp;433</I></FONT><FONT SIZE=2>" and
"</FONT><FONT SIZE=2><I>Rule&nbsp;462(b)</I></FONT><FONT SIZE=2>" refer to such rules under the 1933 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rule&nbsp;430A Information</I></FONT><FONT SIZE=2>" means the information included in the Prospectus that was omitted from the Initial Registration Statement
at the time it became effective but that is deemed to be a part of the Initial Registration Statement at the time it became effective pursuant to Rule&nbsp;430A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rule&nbsp;462(b)&nbsp;Registration Statement</I></FONT><FONT SIZE=2>" means a registration statement filed by the Fund pursuant to
Rule&nbsp;462(b)&nbsp;for the purpose of registering any of the Securities under the 1933 Act, including the Rule&nbsp;430A Information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rules&nbsp;and Regulations</I></FONT><FONT SIZE=2>" means, collectively, the 1933 Act Rules&nbsp;and Regulations and the 1940 Act Rules&nbsp;and
Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Sarbanes-Oxley Act</I></FONT><FONT SIZE=2>" means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the
provisions thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1933 Act</I></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1933 Act Rules&nbsp;and Regulations</I></FONT><FONT SIZE=2>" means the rules and regulations of the Commission under the 1933 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1934 Act</I></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1934 Act Rules&nbsp;and Regulations</I></FONT><FONT SIZE=2>" means the rules and regulations of the Commission under the 1934 Act. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1940 Act</I></FONT><FONT SIZE=2>" means the Investment Company Act of 1940, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1940 Act Notification</I></FONT><FONT SIZE=2>" means a notification of registration of the Fund as an investment company under the 1940 Act on
Form&nbsp;N-8A, as the 1940 Act Notification may be amended from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>1940 Act Rules&nbsp;and Regulations</I></FONT><FONT SIZE=2>" means the rules and regulations of the Commission under the 1940 Act. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references in this Agreement to the Registration Statement, the Initial Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement, any preliminary prospectus, the
Preliminary Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
16. </FONT><FONT SIZE=2><I>Absence of Fiduciary Relationship</I></FONT><FONT SIZE=2>. Each of the Fund and the Adviser acknowledges and agrees that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the Underwriters is acting solely as an underwriter in connection with the public offering of the Securities and no fiduciary, advisory or agency relationship
between the Fund or the Adviser, on the one hand, and any of the Underwriters, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement,
irrespective of whether or not any of the Underwriters have advised or is advising the Fund or the Adviser on other matters and none of the Underwriters has any obligation to the Fund or the Adviser
with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement; </FONT></P>

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

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
public offering price of the Securities and the price to be paid by the Underwriters for the Securities set forth in this Agreement were established by the Fund
following discussions and arms-length negotiations with the Representatives; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;in
connection with each transaction contemplated by this Agreement and the process leading to such transactions, each Underwriter is and has been acting solely as
principal and not as fiduciary, advisor or agent of the Fund or the Adviser or any of their respective affiliates; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;none
of the Underwriters has provided any legal, accounting, regulatory or tax advice to the Fund or the Adviser with respect to the transactions contemplated by this
Agreement and it has consulted its own legal, accounting, regulatory and tax advisers to the extent it has deemed appropriate; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;it
is aware that the Underwriters and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the
Fund and the Adviser, and that none of the Underwriters has any obligation to disclose such interests and transactions to the Fund or the Adviser by virtue of any fiduciary, advisory or agency
relationship; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against any of the Underwriters for breach of fiduciary duty or alleged breach of fiduciary
duty and agrees that none of the Underwriters shall have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person
asserting a fiduciary duty claim on its behalf or on behalf of the Fund or the Adviser. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>[Signature Page&nbsp;Follows]</B></FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=26,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=877460,FOLIO='24',FILE='DISK124:[06DEN4.06DEN1814]LI1814B.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_li1814_1_25"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Fund and the Adviser a counterpart hereof, whereupon this instrument, along with
all counterparts, will become a binding agreement among the Underwriters, the Fund and the Adviser in accordance with its terms. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>ALPINE WOODS CAPITAL INVESTORS, LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
CONFIRMED AND ACCEPTED, as of the date first above written:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=7 VALIGN="TOP"><FONT SIZE=2><BR>
WACHOVIA CAPITAL MARKETS, LLC<BR>
CITIGROUP GLOBAL MARKETS&nbsp;INC.<BR>
A.G. EDWARDS&nbsp;&amp; SONS,&nbsp;INC.<BR>
BB&amp;T CAPITAL MARKETS, A DIVISION OF SCOTT&nbsp;&amp; STRINGFELLOW,&nbsp;INC.<BR>
ROBERT W. BAIRD&nbsp;&amp; CO. INCORPORATED<BR>
FERRIS, BAKER WATTS, INCORPORATED<BR>
H&amp;R BLOCK FINANCIAL ADVISORS,&nbsp;INC.<BR>
JANNEY MONTGOMERY SCOTT LLC<BR>
OPPENHEIMER&nbsp;&amp; CO.&nbsp;INC.<BR>
RAYMOND JAMES&nbsp;&amp; ASSOCIATES,&nbsp;INC.<BR>
RBC CAPITAL MARKETS CORPORATION<BR>
RYAN BECK&nbsp;&amp; CO.,&nbsp;INC.<BR>
STIFEL, NICOLAUS&nbsp;&amp; COMPANY, INCORPORATED<BR>
WEDBUSH MORGAN SECURITIES&nbsp;INC.<BR>
WELLS FARGO SECURITIES LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
WACHOVIA CAPITAL MARKETS, LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><BR><HR NOSHADE><FONT SIZE=2> Authorized Signatory</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
themselves and as Representatives of the Underwriters named in Exhibit&nbsp;A hereto. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=27,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=100724,FOLIO='25',FILE='DISK124:[06DEN4.06DEN1814]LI1814B.;4',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lk1814_1_1"> </A> </FONT> <FONT SIZE=2><B>EXHIBIT A  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="84%" ALIGN="LEFT"><FONT SIZE=1><B>Name of Underwriter<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Initial Securities</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Wachovia Capital Markets, LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Citigroup Global Markets Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>A.G. Edwards&nbsp;&amp; Sons,&nbsp;Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>BB&amp;T Capital Markets, a division of Scott&nbsp;&amp; Stringfellow,&nbsp;Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Robert W. Baird&nbsp;&amp; Co. Incorporated</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Banc of America Securities LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Ferris, Baker Watts Incorporated</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>H&amp;R Block Financial Advisors,&nbsp;Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Janney Montgomery Scott LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Oppenheimer&nbsp;&amp; Co. Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Raymond James&nbsp;&amp; Associates,&nbsp;Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>RBC Capital Markets Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Ryan Beck&nbsp;&amp; Co.,&nbsp;Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Wedbush Morgan Securities Inc.&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Wells Fargo Securities, LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>Total:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="84%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=155443,FOLIO='A-1',FILE='DISK124:[06DEN4.06DEN1814]LK1814A.;3',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lm1814_1_1"> </A> </FONT> <FONT SIZE=2><B>EXHIBIT B  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> FORM OF OPINION OF FUND COUNSEL  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has been duly formed and is validly existing in good standing as a statutory trust under the laws of the State of Delaware, with full statutory
trust power and authority to own, lease and operate its properties and to conduct its business as described in the Preliminary Prospectus and the Prospectus, and has filed a certificate of designation
with the Secretary of State of the State of New York; and to the knowledge of such counsel, the Fund has no subsidiaries; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund is duly registered with the Commission under the 1940 Act as a closed-end, diversified management investment company, and all action
has been taken by the Fund as required by the Act, the 1940 Act, and the Rules&nbsp;and Regulations to permit the Fund to issue and sell the Securities to make the public offering and consummate the
sale of the Securities as contemplated by the Underwriting Agreement; the Fund Agreements comply in all material respects with all applicable provisions of the Act, the 1940 Act, the Advisers Act, the
Rules&nbsp;and Regulations, and the Advisers Act Rules&nbsp;and Regulations; and the Fund has not received any notice from the Commission pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act
with respect to the 1940 Act Notification or the Registration Statement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has full power and authority to enter into the Underwriting Agreement and the Fund Agreements; the execution and delivery of, and the
performance by the Fund of its obligations under the Underwriting Agreement and the Fund Agreements have been duly and validly authorized by the Fund; the Underwriting Agreement and the Fund
Agreements have been duly executed and delivered by the Fund and constitute the valid and legally binding agreements of the Fund, enforceable against the Fund in accordance with their terms, except as
rights to indemnity and contribution may be limited by federal or state securities laws and subject to the qualification that the enforceability of the Fund's obligations hereunder and thereunder may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws relating to or affecting creditors' rights generally and by general equitable principles; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the issuance and sale of the Securities in accordance with this Agreement, the execution, delivery or performance of this Agreement or any of the
Fund Agreements by the Fund, nor the consummation by the Fund of the transactions herein or therein contemplated or the adoption of the Fund's Dividend Reinvestment Plan (i)&nbsp;conflicts or will
conflict with or constitutes or will constitute a breach of the certificate of trust, agreement and declaration of trust or by-laws of the Fund, (ii)&nbsp;conflicts or will conflict with
or constitutes or will constitute a breach of or a default under, any agreement, indenture, lease or other instrument that is filed as an exhibit to the Registration Statement (the "Filed Agreements")
or (iii)&nbsp;violates or will violate any applicable federal or New York law, rule or regulation or the Delaware Statutory Trust Act ("Fund Applicable Law") or any order known to us issued pursuant
to any Fund Applicable Law by any court or governmental agency or body having jurisdiction over the Fund; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund's authorized equity capitalization is as set forth in the Preliminary Prospectus and the Prospectus; the common shares of beneficial interest of
the Fund conform in all material respects to the description thereof contained in the Registration Statement, the Preliminary Prospectus and the Prospectus; all outstanding Common Shares have been
duly and validly authorized and issued and are fully paid and nonassessable; the Securities have been duly and validly authorized, and, when issued and delivered to and paid for by the Underwriters
pursuant to the Underwriting Agreement, will be fully paid and nonassessable; based on an authorization letter from the NYSE, the Securities are duly listed, and admitted and authorized for trading,
subject to official notice of issuance and evidence of satisfactory distribution, on the NYSE; and the global certificate for the Securities in the form filed as an exhibit to the Registration
Statement is in compliance, in all material respects, with the Delaware Statutory Trust Act, as amended and the NYSE. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=29,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=550118,FOLIO='B-1',FILE='DISK124:[06DEN4.06DEN1814]LM1814A.;3',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_lm1814_1_2"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware Statutory Trust Act, as amended, the Fund's agreement and declaration of trust or by-laws, the holders of outstanding
Common Shares are not entitled to preemptive or other rights to subscribe for the Securities. To such counsel's knowledge, except as set forth in the Preliminary Prospectus and the Prospectus, no
options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of beneficial interest of or
ownership interests in the Fund are outstanding; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;To
the knowledge of such counsel, there is no pending or threatened action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Fund or its property of a character required to be disclosed in the Registration Statement which is not adequately disclosed in the Preliminary Prospectus and
the Prospectus, and there are no agreements, contracts, indentures, leases or other instruments that are required to be described in the Registration Statement, the Preliminary Prospectus or the
Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required by the Act, the 1940 Act or the Rules&nbsp;and Regulations; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;The
statements set forth under the headings "Description of Capital Structure," "Anti-Takeover Provisions in the Declaration of Trust" and
"Federal Income Tax Matters" in the Preliminary Prospectus and the Prospectus and "Taxes" in the Statement of Additional Information, insofar as such statements purport to summarize certain provisions
of the 1940 Act, the Delaware Statutory Trust Act, the Fund's Declaration of Trust, U.S. federal income tax law and regulations or legal conclusions with respect thereto, fairly and accurately
summarize such provisions in all material respects; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;No
consent, approval, authorization, filing with or order of any federal or New York governmental agency or governmental body or any Delaware governmental agency or
governmental body acting pursuant to the Delaware Statutory Trust Act or, to such counsel's knowledge, any federal or New York court or any Delaware court acting pursuant to the Delaware Statutory
Trust Act is required to be made or sought by the Fund in connection with the transactions contemplated herein or in the Fund Agreements, except such as have been made or obtained under the Act and
the 1940 Act and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in the manner contemplated
in this Agreement and in the Preliminary Prospectus and the Prospectus and such other approvals (specified in such opinion) as have been obtained; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;To
such counsel's knowledge, no holders of securities of the Fund have rights to the registration of such securities under the Registration Statement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement has become effective under the Act; any required filing of the Prospectus, and any supplements thereto, pursuant to Rule&nbsp;497 have been
made in the manner and within the time period required by Rule&nbsp;497; to the knowledge of such counsel, no stop order suspending the effectiveness of the Registration Statement has been issued,
no proceedings for that purpose have been instituted or threatened by the Commission, and the Registration Statement, the Preliminary Prospectus and the Prospectus (other than the financial statements
and other financial and statistical information contained therein, as to which such counsel need express no statement) comply as to form in all material respects with the applicable requirements of
the Act, the 1940 Act and the Rules and Regulations; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Nothing
has come to such counsel's attention that causes such counsel to believe that (a)&nbsp;the Registration Statement, at the time it became effective, contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (b)&nbsp;the Preliminary
Prospectus and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page&nbsp;of the Prospectus, when taken together as a
whole, as amended or supplemented at the </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=30,EFW="2175647",CP="ALPINE TOTAL DYNAMIC DIVIDEND FU",DN="2",CHK=1043379,FOLIO='B-2',FILE='DISK124:[06DEN4.06DEN1814]LM1814A.;3',USER='BSKELLE',CD='23-JAN-2007;20:18' -->
<A NAME="page_lm1814_1_3"> </A>
<BR>

<P><FONT SIZE=2>Applicable
Time, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of
circumstances under which they were made, not misleading, or (c)&nbsp;the Prospectus, as of its date and as of the Closing Date, contains an untrue statement of a material fact or omitted or omits
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial
statements and schedules and any other financial or statistical information or calculations contained therein or incorporated therein by reference and other than any exhibits, schedules or appendices
included or incorporated by reference therein, as to which such counsel expresses no opinion). </FONT></P>

<P><FONT SIZE=2>In
rendering such opinion, such counsel may rely as to matters involving the application of laws of any jurisdiction other than the laws of the State of New York, the federal laws of the United
States, the Delaware Statutory Trust Act, as amended, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable
and who are satisfactory to counsel for the Underwriters and as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Fund and public officials. References
to the Preliminary Prospectus or the Prospectus shall also include any supplements thereto at the Closing Date. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lo1814_1_1"> </A> </FONT> <FONT SIZE=2><B>EXHIBIT C  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> FORM OF OPINION OF ADVISER'S COUNSEL  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser has been duly formed and is validly existing in good standing as a limited liability company under the Delaware Limited Liability Company Act, with full
limited liability company power and authority to own, lease and operate its properties and to conduct its business as described in the Preliminary Prospectus and the Prospectus, and is duly qualified
to do business as a limited liability company and is in good standing under the laws of the State of New York. The opinion set forth in this paragraph&nbsp;(i)&nbsp;with respect to the Adviser's
formation is based solely upon such counsel's review of the certificate of formation of the Adviser as certified by the Secretary of State of the State of Delaware. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
Adviser is duly registered with the Commission as an investment adviser under the Advisers Act, and is not prohibited by the Advisers Act, the 1940 Act or the
Advisers Act Rules&nbsp;and Regulations or the 1940 Act Rules&nbsp;and Regulations from acting under the Underwriting Agreement, the Advisory Agreement or the Structuring Fee Agreements and, to
the best of such counsel's knowledge after reasonable inquiry, there does not exist any proceeding which should reasonably be expected to adversely affect the registration of the Adviser with the
Commission; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
Adviser has full limited liability company power and authority to enter into the Underwriting Agreement, the Investment Advisory Agreement, the Administration
Agreement and the Structuring Fee Agreements; the execution and delivery of, and the performance by such Adviser of its obligations under the Underwriting Agreement, the Advisory Agreement and the
Structuring Fee Agreements have been duly executed and delivered by such Adviser constitute the valid and legally binding agreements of such Adviser, enforceable against such Adviser in accordance
with their terms, except as rights to indemnity and contribution may be limited by federal or state securities laws and subject to the qualification that the enforceability of such Adviser's
obligations hereunder and thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws relating to or affecting creditors' rights generally and
by general equitable principles.; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;The
Underwriting Agreement, the Investment Advisory Agreement and the Structuring Fee Agreements comply in all material respects with all applicable provisions of the
Advisers Act, the 1940 Act and the Advisers Act Rules&nbsp;and Regulations and the 1940 Act Rules&nbsp;and Regulations; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
execution, delivery or performance of this Agreement, the Investment Advisory Agreement and the Structuring Fee Agreements, nor the consummation by the Adviser of
the transactions herein or therein contemplated (i)&nbsp;conflicts or will conflict with or constitutes or will constitute a breach of or default under the limited liability company agreement, or
the certificate of formation of the Adviser, (ii)&nbsp;conflicts or will conflict with, or constitutes or will constitute a breach of or default under any Filed Agreement or (iii)&nbsp;violates or
will violate any applicable federal or New York law, rule or regulation or the Delaware Limited Liability Company Act ("Adviser Applicable Law") or any order known to us issued pursuant to any Adviser
Applicable Law by any court or governmental agency or body having jurisdiction over the Fund; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Adviser and its business in the Preliminary Prospectus and the Prospectus complies in all material respects with all requirements of the Act, the
1940 Act and the Rules&nbsp;and Regulations; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;To
the knowledge of such counsel, there is no pending or threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Adviser or its property of a character required to be disclosed in the Registration Statement which is not adequately disclosed in the Preliminary Prospectus and the
Prospectus, and there are no agreements, contracts, indentures, leases or other instruments that are required to be </FONT></P>

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

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<P><FONT SIZE=2>described
in the Registration Statement, the Preliminary Prospectus or Prospectus, or to be filed as an exhibit to the Registration Statement, which is not described or filed as required by the Act,
the 1940 Act or the Rules&nbsp;and Regulations; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;No
consent, approval, authorization, filing with or order of any federal or New York governmental agency or governmental body or any Delaware governmental agency or
governmental body acting pursuant to the Delaware Limited Liability Company Act or, to our knowledge, any federal or New York court or any Delaware court acting pursuant to the Delaware Limited
Liability Company Act is required to be made or sought by the Fund in connection with the transactions contemplated herein or in the Investment Advisory Agreement or the Structuring Fee Agreements,
except such as have been made or obtained under the Act, the 1940 Act and the Advisers Act and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and
distribution of the Securities by the Underwriters in the manner contemplated in this Agreement and in the Prospectus and the Preliminary Prospectus and such other approvals (specified in such
opinion) as have been obtained; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Nothing
has come to such counsel's attention that causes such counsel to believe that (a)&nbsp;the Registration Statement, at the time it became effective, contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (b)&nbsp;the Preliminary
Prospectus and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page&nbsp;of the Prospectus, when taken together as a
whole, as amended or supplemented at the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of circumstances under which they were made, not misleading, or (c)&nbsp;the Prospectus, as of its date and as of the Closing Date, contains an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each
case, other than the financial statements and schedules and any other financial or statistical information or calculations contained therein or incorporated therein by reference and other than any
exhibits, schedules or appendices included or incorporated by reference therein, as to which such counsel expresses no opinion). </FONT></P>


<P><FONT SIZE=2>In
rendering such opinion, such counsel may rely as to matters involving the application of laws of any jurisdiction other than the laws of the State of New York, the Delaware Limited Liability
Company Act, and the federal laws of the United States to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable
and who are satisfactory to counsel for the Underwriters and as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Fund and public officials. References
to the Prospectus in this paragraph&nbsp;(c)&nbsp;shall also include any supplements thereto at the Closing Date. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_lq1814_1_1"> </A> </FONT> <FONT SIZE=2><B>EXHIBIT D  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>PRICE-RELATED INFORMATION  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ALPINE TOTAL DYNAMIC DIVIDEND FUND  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>[Insert as appropriate]</B></FONT></P>

<P><FONT SIZE=2>Public
offering price: $20.00 per share </FONT></P>

<P><FONT SIZE=2>Underwriting
discounts and commissions: $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share </FONT></P>

<P><FONT SIZE=2>Proceeds,
before expenses to the Fund: $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share </FONT></P>

<P><FONT SIZE=2>Shares
offered:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>Over-allotment
option:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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

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<FONT SIZE=2><A HREF="#toc_la1814_1">UNDERWRITING AGREEMENT</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-2.(H)(II)
<SEQUENCE>3
<FILENAME>a2175647zex-2_hii.htm
<DESCRIPTION>EXHIBIT 2.(H)(II)
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2.(h)(ii)  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B><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;&nbsp;&nbsp;</U>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mm1814_master_agreement_among_underwriters"> </A>
<A NAME="toc_mm1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>MASTER AGREEMENT AMONG UNDERWRITERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Wachovia Capital Markets, LLC</B></FONT><FONT SIZE=2><BR>
375 Park Avenue<BR>
New York, New York 10152 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;We
understand that Wachovia Capital Markets, LLC ("WCM") is entering into this Master Agreement Among Underwriters in counterparts with us and other firms that may be Underwriters (as
defined below) for issues of Securities (as defined below) in which WCM is acting as Representative or one of the Representatives. Irrespective of whether we have executed this Master Agreement Among
Underwriters, this Master Agreement Among Underwriters shall apply to any offering of Securities in which we elect to act as an Underwriter after receipt of an Invitation (as defined below) from WCM
identifying the Issuer (as defined below), any applicable terms of the Securities proposed to be offered by such Issuer, the amount of our proposed participation and the names of the other
Representatives, if any, and stating that our participation as an Underwriter in the proposed offering shall be subject to the provisions of this Master Agreement Among Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
invitation will include instructions for our acceptance of such invitation. At or prior to the time of an offering, you will advise us, to the extent applicable, as to
(i)&nbsp;the expected offering date, (ii)&nbsp;the expected closing date, (iii)&nbsp;the initial offering price, (iv)&nbsp;the interest or dividend rate (or the method by which such rate is to
be determined), (v)&nbsp;the conversion, (vi)&nbsp;exercise or exchange price or rate, (vii)&nbsp;the redemption or liquidation price, (viii)&nbsp;the underwriting discount or commission,
(ix)&nbsp;the management fee, (x)&nbsp;the selling concession and (xi)&nbsp;the reallowance, except that if the offering price of the Securities is to be determined as contemplated by
Rule&nbsp;430A under the Securities Act of 1933, as amended (the "Act"), such procedure being hereinafter referred to as "430A Pricing", you shall so advise us and shall specify the maximum
underwriting discount or commission, management fee and selling concession. Such information may be conveyed by you in one or more written or verbal communications (such communications received by us
with respect to an offering being hereinafter collectively referred to as the "Invitation"). If the Underwriting Agreement (as defined below) provides for the granting of an option to purchase
additional Securities to cover over-allotments or otherwise (an "over allotment option"), you will notify us in the Invitation of such option and of our maximum obligation upon exercise of
such option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Master Agreement Among Underwriters, as amended or supplemented by the Invitation, shall become binding upon us and the Representatives with respect to such offering if you receive
our written or verbal acceptance and you do not receive a written communication revoking our acceptance prior to the time and date specified in the Invitation (our unrevoked acceptance after
expiration of such time and date being hereinafter referred to as our "Acceptance"). If we have not previously executed this Master Agreement Among Underwriters, by our Acceptance we shall be deemed
to be signatories hereof with respect to the offering to which the Acceptance relates. To the extent that any terms contained in the Invitation are inconsistent with any provisions herein, such terms
shall supersede any such provisions. Our Acceptance will also constitute our confirmation that, except as otherwise stated in such Acceptance, each applicable statement included in the Master
Underwriters' Questionnaire attached as Annex A hereto (or otherwise furnished to us) is correct. We agree to notify you immediately of any development before the termination of the offering
provisions referred to in Section&nbsp;10(a) with respect to any particular offering of Securities which makes untrue or incomplete any information that we have given or are deemed to have given in
response to the Master Underwriters' Questionnaire. The obligations of each underwriter shall be several and not joint. The securities offered in any offering of securities made pursuant to this
Master Agreement Among </FONT></P>

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<P><FONT SIZE=2>Underwriters,
including any guarantees relating to such securities or any other securities into which such securities are convertible or exchangeable into or exercisable for and any securities that
may be purchased upon exercise of an over-allotment option, are hereinafter referred to as the "Securities". The issuer or issuers of the Securities are hereinafter referred to as the
"Issuer". All references herein to "you" or the "Representatives" shall include WCM and the other firms, if any, which are named as Representatives in the Invitation, it being understood and agreed
that WCM is authorized to act on behalf of all Representatives. Any underwriters of Securities under this Master Agreement Among Underwriters, including the Representatives, are hereinafter
collectively referred to as the "Underwriters". Except as otherwise provided in Section&nbsp;10(c), the following provisions of this Master Agreement Among Underwriters shall apply separately to
each individual offering of Securities. </FONT></P>

<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall determine which signatories or other parties deemed to be signatories to this Master Agreement Among Underwriters will be invited to become Underwriters for
the Securities. Changes may be made by the Representatives in those who are to be Underwriters and in the respective amounts of Securities to be purchased by them, provided that, notwithstanding
anything to the contrary contained in this Master Agreement Among Underwriters, our consent shall be required for any increase in the amount of Securities to be purchased by us, except in the
following cases: (i)&nbsp;an increase in the amount of Securities to be purchased by us as may be required by the underwriting or purchase agreement or any associated terms or similar agreement with
the Issuer or any selling securityholders or any amendment or supplement thereto (collectively, the "Underwriting Agreement") covering the Securities in the event of a default by one or more of the
Underwriters; (ii)&nbsp;an increase in the amount of such Securities as a result of (a)&nbsp;an increase in the aggregate amount of such Securities proposed to be purchased by the Underwriters as
a whole; (b)&nbsp;a reallotment of Securities among the Underwriters; or (c)&nbsp;any other cause, which in any such case of (a)&nbsp;through (c)&nbsp;results in an aggregate net change of 25%
or less in the amount of Securities to be purchased by us. We authorize you on our behalf to execute and deliver the Underwriting Agreement or any agreement between or among Underwriters (as defined
in the next sentence), on the one hand, and one or more groups of underwriters for the Securities not acting as such pursuant to this Master Agreement Among Underwriters, on the other hand (an
"Intersyndicate Agreement"), in such forms as you determine and to take such action as you deem advisable in connection with the performance of the Underwriting Agreement, any Intersyndicate Agreement
and this Master Agreement Among Underwriters and the purchase, carrying, sale and distribution of the Securities. We further authorize you to take such action as you deem necessary or advisable to
carry out this Master Agreement Among Underwriters, the Underwriting Agreement and the purchase and sale of the Securities. You may waive performance or satisfaction by the Issuer, any selling
securityholders or any other party to the Underwriting Agreement of certain of its or their obligations or conditions included in the Underwriting Agreement, if in your judgment such waiver will not
have a material adverse effect upon the interests of the Underwriters. With respect to offerings of Securities using 430A Pricing, you are also authorized to determine the initial public offering
price and the price at which the Securities are to be purchased in accordance with the Underwriting Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that, if so specified in the Invitation for the issue, arrangements may be made for the sale of Securities by the Issuer or selling securityholders pursuant to delayed
delivery contracts. Such Securities are hereinafter referred to as "Delayed Delivery Securities", and such contracts as "Delayed Delivery Contracts". Securities for which such contracts are not
entered into by the Issuer or selling securityholders are hereinafter referred to as "Immediate Delivery Securities". References herein to delayed delivery and Delayed Delivery Contracts apply only to
offerings in which delayed delivery is authorized. The term "underwriting obligation", as used in this Master Agreement Among Underwriters with respect to any Underwriter, shall refer to the principal
amount or number of shares or units of the Securities (plus such additional Securities as may be required by the Underwriting Agreement to be purchased by such Underwriter in the event of a default by
one or more of the Underwriters) which such Underwriter is obligated to purchase pursuant to the provisions of the </FONT></P>

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

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<P><FONT SIZE=2>Underwriting
Agreement, without regard to any reduction in such obligation as a result of Delayed Delivery Contracts which are entered into by the Issuer. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Securities consist in whole or in part of debt obligations maturing serially, the serial Securities being purchased by each Underwriter pursuant to the Underwriting Agreement will
consist, subject to adjustment as provided in the Underwriting Agreement, of serial Securities of each maturity in a principal amount that bears the same proportion to the aggregate principal amount
of the serial Securities of such maturity to be purchased by all the Underwriters as the respective principal amount of serial Securities set forth opposite such Underwriter's name in the Underwriting
Agreement bears to the aggregate principal amount of the serial Securities to be purchased by all Underwriters. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for your services to each of the Underwriters in connection with the Underwriting Agreement and this Master Agreement Among Underwriters we will pay a management fee as
specified in the Invitation for the offering (without deduction in respect of Delayed Delivery Securities), and you may charge our account therefore. If there is more than one Representative, such
compensation will be divided among the Representatives in such proportions as they determine. </FONT></P>

<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;We
understand and acknowledge that if registration of the offer and sale of the Securities as contemplated by the Underwriting Agreement is required by the Issuer under the Act on a
registration statement or statements to be filed with the Securities and Exchange Commission (the "Commission"), you will either provide us with the file number or numbers of such registration
statement or statements with respect to the Securities or, as soon as practicable after the later of the date of the Invitation or the date made available to you by the Issuer, furnish to us (or make
available for our review in your office) a copy of such registration statement or statements (other than any documents incorporated therein by reference and any exhibits) and any amendments thereto.
In any event you will furnish to us, as soon as practicable after sufficient quantities thereof are made available to you by the Issuer, copies of the Prospectus or supplemented Prospectus (excluding
any documents incorporated by reference herein) to be used in connection with the offering of the Securities. As used herein "Prospectus" means the form of prospectus (including any supplements and
any documents incorporated by reference therein) authorized for use in connection with the offering of such Securities, and "Registration Statement" means the registration statement filed by the
Issuer with the Commission, as amended and including any documents incorporated by reference therein, under which the offer and sale of the Securities are registered under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
understand and acknowledge that if the offer and sale of the Securities are exempt from the registration requirements of the Act, no registration statement will be filed with the
Commission. In any such case involving an offering circular or other offering materials to be used in connection with the offering of the Securities (any such circular or materials, as it or they may
be amended or supplemented, being hereinafter referred to as the "Offering Circular"), you will either provide us with information as to the availability of a preliminary offering circular through a
specified regulatory authority or, as soon as practicable after the later of the date of the Invitation or the date made available to you by the Issuer, furnish to us (or make available for our review
in your office) a copy of any preliminary offering circular or a proof of the Offering Circular. In any event, in any such offering involving an Offering Circular you will furnish to us, as soon as
practicable after sufficient quantities thereof are made available to you by the Issuer, copies of the final Offering Circular. The Prospectus or Offering Circular, as the case may be, relating to an
offering of Securities is herein referred to as the "Offering Document". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
understand and acknowledge that we are not authorized to give any information or make any representation not contained in the Offering Document, as amended or supplemented, or in any
document incorporated by reference therein in connection with the offering of the Securities. Our Acceptance of an invitation shall constitute our agreement that, if requested by you, we will furnish
a copy of any amendment or supplement to any preliminary or final Offering Document to each person </FONT></P>

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

<HR NOSHADE>
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<P><FONT SIZE=2>to
whom we have furnished a previous preliminary or final Offering Document. Our Acceptance of an Invitation relating to an offering of Securities registered under the Act shall constitute
(i)&nbsp;our acknowledgement that we are familiar with the Registration Statement, including the documents incorporated by reference therein and the forms of Underwriting Agreement and indenture or
other documents describing the terms of the Securities filed as exhibits thereto or otherwise made available to us, with any preliminary prospectus, preliminary supplemented prospectus or Prospectus
relating to the Securities theretofore filed with the Commission, and with the information to be set forth in an amendment to the Registration Statement or in the Prospectus proposed to be filed with
the Commission and (ii)&nbsp;our confirmation that we have delivered, and our agreement that we will deliver, all preliminary and final Prospectuses required for compliance with
Rule&nbsp;15c2-8 (or any successor provision) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our Acceptance of an Invitation relating to an offering of
Securities exempt from registration under the Act shall constitute (i)&nbsp;our acknowledgment that we are familiar with the information set forth in any preliminary offering circular or proof of
the Offering Circular made available to us and with the information to be set forth in the Offering Circular, (ii)&nbsp;our confirmation that we have delivered, and our agreement that we will
deliver, all preliminary and final Offering Circulars required for compliance with the applicable Federal and state laws and the applicable rules and regulations of any regulatory body promulgated
thereunder governing the use and distribution of offering circulars by underwriters, and (iii)&nbsp;to the extent consistent with such laws, rules and regulations, our confirmation that we have
delivered and our agreement that we will deliver all preliminary and final Offering Circulars that would be required if Rule&nbsp;15c2-8 (or any successor provision) under the Exchange
Act applied to such offering. We hereby consent to being named in the Offering Document as one of the Underwriters of the Securities. </FONT></P>


<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the public offering of the Securities, we authorize you, in your discretion, to determine the time of the initial public offering, to determine the
amount of Securities, if any, to be purchased by the Underwriters pursuant to the over-allotment option, if any, to change the price and/or size of the initial public offering, to furnish
the Issuer with the information to be included in the Registration Statement or Offering Circular with respect to the terms of offering, and to determine all matters relating to advertising and
communications with dealers or others. Each Underwriter also authorizes us to reserve for sale, and authorizes us or any Underwriter designated by us to sell and deliver for its account to such retail
purchasers as we may select, at the public offering price, such number as we may determine of the Securities that such Underwriter agrees to purchase under the Underwriting Agreement. Such
reservations and sales to retail purchasers shall be made for the respective accounts of the Underwriters in the same proportions, as nearly as may be practicable and so long as Securities of the
respective Underwriters are available therefor, as the respective underwriting obligations of the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also authorize you, in your discretion, to reserve for sale, and to sell and deliver to securities dealers and others, which may include any Underwriters, selected by you ("Selected
Dealers"), and to reserve for sale pursuant to Delayed Delivery Contracts arranged by you through Selected Dealers, all or any portion of the Securities to be purchased by us under the Underwriting
Agreement, all as you shall determine. Any such sales to Selected Dealers may be made pursuant to the terms and conditions of your Master Selected Dealers Agreement or otherwise and shall be made for
the respective accounts of the Underwriters in such proportions as you may determine. Each Selected Dealer shall be a person (a "Dealer") who is (a)&nbsp;a broker or dealer (as defined in the
By-Laws of the National Association of Securities Dealers,&nbsp;Inc. (the "NASD")) actually engaged in the investment banking or securities business and (i)&nbsp;a member in good
standing of the NASD that makes the representations and agreements applicable to such a member contained in Section&nbsp;17 hereof or (ii)&nbsp;a foreign bank, broker, dealer or other institution
not eligible for membership in the NASD that makes the representations and agreements applicable to such foreign institutions contained in Section&nbsp;17 hereof, or (b)&nbsp;a "bank" as defined
in Section&nbsp;3(a)(6) of the Exchange Act (a "Bank") that is not a member of the NASD and </FONT></P>

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

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<P><FONT SIZE=2>that
makes the representations and agreements applicable to Banks contained in Section&nbsp;17 hereof. Reservations for sales to Selected Dealers for our account need not be in proportion to our
underwriting obligation, but sales of Securities reserved for our account for sale to Selected Dealers shall be made as nearly as practicable in the ratio which the amount of Securities reserved for
our account bears to the aggregate amount of Securities reserved for the account of all Underwriters, as calculated from day-to-day. Sales to Selected Dealers shall initially
be at the public offering price, less a concession not in excess of the Selected Dealers' concession set forth in the Invitation and the price to persons other than Selected Dealers shall be at the
public offering price. With your consent, the Underwriters may allow, and Selected Dealers may re-allow, a discount on sales to Dealers in an amount not in excess of the amount set forth
in the Invitation. Upon your request, we will advise you of the identity of any Dealer to whom we allow such a discount and any Underwriter or Selected Dealer from whom we receive such a discount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also authorize you, in your discretion, to buy Immediate Delivery Securities for our account from Selected Dealers at the public offering price less such amount not in excess of the
Selected Dealers' concession as you may determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
or before the time the Securities are released for sale, you shall notify us of the amount of Securities that has been reserved for our account for sale to Selected Dealers and for
sale pursuant to Delayed Delivery Contracts and the amount that is to be retained by us for direct sale. After advice from you that the Securities are released for public offering, we will offer to
the public, in conformity with the terms of the offering set forth in the Offering Document, such of our Securities, as you advise are not reserved. In connection with any offering of Securities that
are registered under the Act and issued by an Issuer that was not, immediately prior to the filing of the Registration Statement, subject to the requirements of Section&nbsp;13(a) or 15(d) of the
Exchange Act, we agree that unless otherwise advised by you and disclosed in the Prospectus we will not make sales to any account over which we exercise discretionary authority with respect to that
sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
agree that we will from time to time, upon your request, report to you the amount of Securities retained by us for direct sale that remain unsold. Upon your request, we will deliver
to you for our account, or sell to you for the account of one or more of the Underwriters, such amount of unsold Securities as you may designate at the public offering price less, in the case of sales
or deliveries for the account of Selected Dealers, an amount determined by you not in excess of the concession to Selected Dealers. You may also repurchase Securities from other Underwriters and
Selected Dealers, for the account of one or more of the other Underwriters, at the public offering price less, in the case of purchases for the account of Selected Dealers, an amount determined by you
not in excess of the concession to Selected Dealers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may from time to time deliver to any Underwriter, for carrying purposes or for sale by such Underwriter, any of the Securities then reserved for sale pursuant to Delayed Delivery
Contracts or for sale to, but not purchased and paid for by, Selected Dealers, all as above; </FONT><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> to the extent that Securities are so
delivered for sale by such Underwriter, the amount of Securities then reserved for the account of such Underwriter shall be correspondingly reduced. Securities delivered for carrying purposes only
shall be redelivered to you upon demand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
in accordance with the terms of offering set forth in the Offering Document, the offering of the Securities is not at a fixed price but at varying prices set by individual
Underwriters based on market prices or at negotiated prices, the provisions of the first paragraph of this Section relating to your right to change the public offering price and concessions and
discounts to dealers shall not apply, and other references in this Section and elsewhere in this Master Agreement among Underwriters to the public offering price or Selected Dealers' concession shall
be deemed to mean the prices and concessions determined by you from time to time in your discretion. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Securities sold or loaned by us (otherwise than through you) which you purchase in the open market for the account of any Underwriter will be repurchased by us on demand at the cost
of such purchase plus commissions and taxes on redelivery. Securities delivered on such repurchase need not be represented by the identical certificates so purchased. In lieu of such action you may in
your discretion sell for our account the Securities so purchased and debit or credit our account for the loss or profit resulting from such sale, or charge our account with an amount not in excess of
the Selected Dealers' concession with respect to such Securities. </FONT></P>

<P><FONT SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;We
authorize you to act on our behalf in making all arrangements for the solicitation of offers to purchase Delayed Delivery Securities from the Issuer pursuant to Delayed Delivery
Contracts and we agree that all such arrangements will be made only through you, directly or through Selected Dealers (including Underwriters acting as Selected Dealers) to whom you may pay a
commission as provided in the Offering document and herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of each of the Underwriters to purchase and pay for securities as set forth in the Underwriting Agreement shall be reduced in the proportion provided for therein, except
that (i)&nbsp;as to any Delayed Delivery Contract determined by you, in your discretion, to have been directed and allocated by a purchaser to a particular Underwriter, such obligation of such
Underwriter shall be reduced by the amount of Delayed Delivery Securities covered thereby, (ii)&nbsp;as to any Delayed Delivery Contracts for which arrangements are made through Selected Dealers,
such Obligation of each Underwriter shall be reduced as nearly as practicable in the proportion determined by you that the amount of Securities of such Underwriter reserved and sold pursuant to
Delayed Delivery Contracts arranged through Selected Dealers bears to the total Securities so reserved and sold, and (iii)&nbsp;such reductions shall be rounded, as you shall determine, to the
nearest $1,000 principal amount or whole share or unit of the Securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fee payable by the Issuer to each Underwriter with respect to Delayed Delivery Securities pursuant to the Underwriting Agreement shall be credited to the account of such Underwriter
based upon the amount by which such Underwriter's underwriting obligation is reduced as specified in the preceding paragraph. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the amount of Delayed Delivery Securities applied to reduce an Underwriter's underwriting obligation and the amount of Immediate Delivery Securities sold by or for the account of such
Underwriter exceeds such Underwriter's underwriting obligation, there shall be credited to such Underwriter with respect to such excess amount of Securities only the amount of the Selected Dealers'
concession; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that no amount shall be credited to such Underwriter with respect to such excess amount of such Securities if such
Underwriter is a Bank and the Securities do not constitute "exempted securities" within the meaning of Section&nbsp;3(a)(12) of the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
commissions payable to Selected Dealers in respect of Delayed Delivery Contracts arranged through them shall be charged to each Underwriter in the proportion which the amount of
Securities of such Underwriter reserved and sold pursuant to Delayed Delivery Contracts arranged through Selected Dealers bears to the total Securities so reserved and sold. </FONT></P>

<P><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;We
authorize you to make payment on our behalf to the Issuer or any selling securityholder of the purchase price of our Securities, to take delivery of our Securities, registered as
you may direct in order to facilitate deliveries, and to deliver our reserved Securities against sales. At your request we will pay you an amount equal to the public offering price, less the selling
concession, of either our Securities or our unreserved Securities as you direct, and such payment will be credited to our account and applied to the payment of the purchase price. After you receive
payment for reserved Securities sold for our account, you will remit to us the purchase price (if any) paid by us for such Securities and credit or debit our account with the difference between the
sale prices and the purchase price thereof. You will deliver to us our unreserved Securities promptly, and our reserved but unsold Securities, against payment of the purchase price therefor (except in
the case of Securities for which payment has </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>previously
been made), as soon as practicable after the termination of the provisions referred to in Section&nbsp;10(a), except that if the aggregate amount of reserved but unsold Securities upon
such termination does not exceed 20% of the total amount of the Securities, you may in your discretion sell such reserved but unsold Securities for the accounts of the several Underwriters as soon as
practicable after such termination, at such prices and in such manner as you determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Underwriting Agreement for an offering provides for the payment of a commission or other compensation, we authorize you to receive for our account payments of the
commission or other compensation payable to the Underwriters by the Issuer, as provided in the Underwriting Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Section, if transactions in the Securities can be settled through the facilities of The Depository Trust Company ("DTC"), if we are a
member of DTC we hereby authorize you, in your discretion, to make appropriate arrangements for payment and/or delivery through the facilities of DTC of the Securities to be purchased by us, or if we
are not a member of DTC, settlement may be made through a corespondent that is a member of DTC pursuant to our timely instructions. </FONT></P>

<P><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase or carrying of our Securities or other securities purchased for our account, we authorize you, in your discretion, to advance your funds for our
account, charging current interest rates, to arrange loans for our account, and in connection therewith to execute and deliver any notes or other instruments and hold or pledge as security any of our
Securities or such other securities. Any lender may rely upon your instructions in all matters relating to any such loan. Any Securities or such other securities held by you for our account may be
delivered to us for carrying purposes, and if so delivered will be redelivered to you upon demand. </FONT></P>

<P><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;We
authorize you, in your discretion, to make purchases and sales of Securities, and other securities of the Issuer of the same class and series and any other securities of the Issuer
which you may designate in the open market or otherwise, for long or short account, on such terms as you deem advisable, and to over-allot in arranging sales to Selected Dealers or others.
You may, in your discretion, liquidate any long position or cover any short position incurred pursuant to this Section&nbsp;7 at such prices and on such terms as you may determine. Such purchases
and sales (including over-allotments) will be made for the accounts of the Underwriters as nearly as practicable in proportion to their respective underwriting obligations. It is
understood that you may have made purchases of securities of the Issuer for stabilizing purposes prior to the time when we became one of the Underwriters, and we agree that any such securities so
purchased shall be treated as having been purchased for the respective accounts of the Underwriters pursuant to the foregoing authorization. We further authorize you, in your discretion, to cover any
short position incurred pursuant to this Section by purchasing securities on such terms as you deem advisable. Except as provided in this Section, at no time will our net commitment under the
foregoing provisions of this Section exceed 20% (or such other amount as may be specified in the Invitation) of our underwriting obligation excluding Securities which may be purchased upon exercise of
an over-allotment option, provided that such percentage may be increased with the approval of a majority in interest of the Underwriters. In the case of our net commitment for short
account, our net commitment will be computed assuming that all Securities which may be purchased upon exercise of an over-allotment option are acquired. We will on demand take up at cost
any securities so purchased and deliver any securities so sold or over-allotted for our account, and, if any other Underwriter defaults in its corresponding obligation, we will assume our
proportionate share of such obligation without relieving the defaulting Underwriter from liability. Upon request, we will advise you of the Securities retained by us and unsold and will sell to you
for the account of one or more of the Underwriters such of our unsold Securities and at such price, not less than the net price to Selected Dealers nor more than the public offering price, as you
determine. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you effect any stabilizing purchases pursuant to this Section&nbsp;7, you shall promptly notify us of the date and time of the first stabilizing purchase and the date and time when
stabilizing was terminated. You shall prepare and maintain such records as are required to be maintained by you as manager pursuant to Rule&nbsp;17a-2 under the Exchange Act. </FONT></P>


<P><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Securities are "exempted securities" as defined in Section&nbsp;3(a)(12) of the Exchange Act, we and you agree not to bid for, purchase, attempt to induce others to
purchase, or sell directly or indirectly, any Securities, any other securities of the Issuer of the same class and series and any other securities of the Issuer which you may designate, except as
brokers pursuant to unsolicited orders, except to the extent permitted by Regulation&nbsp;M (subject to any applicable exemption therefrom) under the Exchange Act as interpreted by the Commission,
and except as otherwise provided in this Master Agreement Among Underwriters. If the Securities are or include common stock or securities convertible or exchangeable into or exchangeable for common
stock and the Securities are not "exempted securities" as defined in Section&nbsp;3(a)(12) of the Exchange Act, we and you also agree not to effect, or attempt to induce others to effect, directly
or indirectly, any transactions in or relating to put or call options on any stock of the Issuer, except to the extent permitted by Regulation&nbsp;M (subject to any applicable exemption therefrom)
under the Exchange Act as interpreted by the Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Securities are convertible or exchangeable into or exercisable for shares of common stock and such common stock is subject to options traded on a securities exchange, we represent
and warrant that we have not, since the day following the date of the invitation telex, entered into a discount or parity opening uncovered writing transaction in options to acquire shares of such
common stock for our account or for the account of any customer and we agree that we will not enter into any such transaction prior to the termination of the provisions of Section pursuant to
Section&nbsp;10 hereof with respect to such offering of Securities. The term "discount or parity opening uncovered writing transaction" means an opening sale transaction where the seller is the
writer of an option to purchase shares of such common stock which he does not then own or have the right to acquire upon exercise of conversion or option rights, which option is sold at a price
(exclusive of commissions) per optioned share which, when added to the amount per share payable upon exercise of the option, shall be equal to or less than the last reported sales price (exclusive of
commissions) per share immediately prior to the time such option is sold. </FONT></P>

<P><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;We
represent and warrant that the incurrence by us of our obligations under this Master Agreement Among Underwriters and the Underwriting Agreement in connection with the offering of
the Securities will not place us in violation of Rule&nbsp;15c3-1 under the Exchange Act, if such requirements are applicable to us, or, if we are a financial institution subject to
regulation by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency or the Federal Deposit Insurance Corporation, will not place us in violation of the capital
requirements of such regulator or any other regulator to which we are subject. We further represent and warrant that in connection with the offering of the Securities we have complied, and agree that
we will comply, with the provisions of Regulation&nbsp;M under the Exchange Act with regard, </FONT><FONT SIZE=2><I>inter alia</I></FONT><FONT SIZE=2>, to trading in the Securities by Underwriters.
We agree that, for purposes of the foregoing sentence, in addition to the Securities, any of the Issuer's securities deemed to be of the same class and series as the Securities shall be subject to
trading restrictions under Regulation&nbsp;M. </FONT></P>

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

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<P><FONT SIZE=2>
10.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any particular offering of Securities, the terms and conditions of (i)&nbsp;the second and third sentences of the fourth paragraph of
section&nbsp;4(a), (ii)&nbsp;the last paragraph of Section&nbsp;4(a), (iii)&nbsp;the first sentence of Section&nbsp;7, and (iv)&nbsp;Section&nbsp;8 (collectively, the "Offering
Provisions") will terminate at the close of business on the 45<SUP>th</SUP> day after the date of the initial public offering of the Securities or at the close of business on the day of the closing
of the purchase of the Securities by the Underwriters pursuant to the Underwriting Agreement, whichever is later, unless in either such case the effectiveness of the Offering Provisions is extended or
sooner terminated as hereinafter provided. You may extend the effectiveness of such Offering Provisions up to an additional 15&nbsp;days by notice to us to the effect that the Offering Provisions of
this Master Agreement Among Underwriters are extended to the date or by the number of days indicated in the notice. You may terminate such Offering Provisions, other than the last paragraph of
Section&nbsp;4(a), at any time by notice to us to the effect that the Offering Provisions of this Master Agreement Among Underwriters are terminated and you may terminate the provisions of the last
paragraph of Section&nbsp;4(a) at any time at or subsequent to the termination of the other provisions by notice to us to the effect that the penalty bid provisions of this Master Agreement Among
Underwriters are terminated. All other provisions of this Master Agreement Among Underwriters shall remain operative and in full force and effect with respect to such offering of Securities. </FONT></P>

<P><FONT SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;This
Master Agreement Among Underwriters may be terminated by either party hereto upon five business days' written notice to the other party; </FONT><FONT SIZE=2><I>provided,
however</I></FONT><FONT SIZE=2>, that with respect to any particular offering of Securities, if you receive any such notice from us after our Acceptance for such offering, this Master Agreement Among
Underwriters shall remain in full force and effect as to such offering and shall terminate with respect to such offering and all previous offerings only in accordance with and to the extent provided
in subsection (a)&nbsp;of this Section. </FONT></P>

<P><FONT SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;This
Master Agreement Among Underwriters may be supplemented or amended by you by notice to us by written communication and, except for supplements or amendments set forth in an
Invitation, any such supplement or amendment to this Master Agreement Among Underwriters shall be effective with respect to any offering to which this Master Agreement Among Underwriters applies after
the date of such supplement or amendment. Each reference to "this Master Agreement Among Underwriters" herein shall, as appropriate, be to this Master Agreement Among Underwriters as so supplemented
and amended. </FONT></P>

<P><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, you may charge our account with any transfer taxes on sales made by you of Securities purchased by us under the Underwriting Agreement and with
our proportionate share (based upon our underwriting obligation) of all other expenses incurred by you under this Master Agreement Among Underwriters or in connection with the purchase, carrying, sale
or distribution of the Securities. The accounts hereunder will be settled as promptly as practicable after the termination of the Offering Provisions referred to in the first sentence of
Section&nbsp;10(a), but you may reserve such amount as you deem advisable for additional expenses. Your determination of the amount
to be paid to or by us will be conclusive. You may at any time make partial distributions of credit balances or call for payment of debit balances. Any of our funds in your hands may be held with your
general funds without accountability for interest. Notwithstanding any settlement, we will remain liable for any taxes on transfers for our account, and for our proportionate share (based upon our
underwriting obligation) of all expenses and liabilities which may be incurred by or for the accounts of the Underwriters. </FONT></P>

<P><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;Default
by one or more Underwriters hereunder or under the Underwriting Agreement will not release the other Underwriters from their obligations or affect the liability of any
defaulting Underwriter to the non-defaulting Underwriters for damages resulting from such default. If one or more Underwriters default under the Underwriting Agreement, you may arrange for
the purchase by others, including non-defaulting Underwriters, of Securities not taken up by the defaulting Underwriter or Underwriters. </FONT></P>

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

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<P><FONT SIZE=2>13.&nbsp;&nbsp;&nbsp;&nbsp;You
will be under no liability to us for any act or omission except for obligations expressly assumed by you herein, and no obligations on your part will be implied hereby or inferred
here. The rights and liabilities of the Underwriters are several and not joint, and nothing will constitute the Underwriters a partnership, association or separate entity. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
for Federal income tax purposes the Underwriters should be deemed to constitute a partnership then we elect to be excluded from the application of Subchapter K, Chapter 1, Subtitle A,
of the Internal Revenue Code of 1986, as amended, and agree not to take any position inconsistent with such election. You, as Representative, are authorized, in your discretion, to execute on behalf
of the Underwriters such evidence of such election as may be required by the Internal Revenue Service. </FONT></P>

<P><FONT SIZE=2>14.&nbsp;&nbsp;&nbsp;&nbsp;We
agree to indemnify, hold harmless and reimburse each other Underwriter and each person, if any, who controls such other Underwriter within the meaning of Section&nbsp;15 of the
Act, to the extent, and upon the terms, that such Underwriter agrees to indemnify, hold harmless and reimburse the Issuer and certain other persons pursuant to the Underwriting Agreement. This
indemnity agreement shall remain in full force and effect regardless of any investigation made by or on behalf of such other Underwriter or controlling person or any statement made to the Commission
as to the results thereof. </FONT></P>

<P><FONT SIZE=2>15.&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter (including you) agrees to pay upon your request, as contribution, its proportionate share, based upon its underwriting obligation, of any losses, claims, damages or
liabilities, joint or several, under the Act or otherwise, paid or incurred by any Underwriter (including you) to any person other than an Underwriter (including amounts paid by an Underwriter as
contribution), arising out of or based upon any untrue statement or alleged untrue statement of any material fact contained in the Offering Document, any amendment or supplement thereto, or any
related preliminary Offering Document or any other selling or advertising material approved by you for use by the Underwriters in connection with the sale of the Securities, or arising out of or based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (other than an untrue statement or
alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to he Issuer by an Underwriter through you specifically for use
therein); and we will pay such proportionate share of any legal or other expenses reasonably incurred by you or with your consent in connection with investigating or defending any such loss, claim,
damage or liability, or any action in respect thereof. In determining the amount of any Underwriter's obligation under this Section, appropriate adjustment may be made by you to reflect any amounts
received by any one or more Underwriters from any person in respect of such claim from the Issuer, any selling securityholder or any other person (other than an Underwriter) pursuant to the
Underwriting Agreement or otherwise. In respect of any claim there shall be credited against any amount paid or payable by us pursuant to this Section any loss, damage, liability or expense which is
incurred by us as a result of any such claim being asserted against us, and if such loss, claim, damage, liability or expense is incurred by us subsequent to any payment by us pursuant to this
Section, appropriate provision shall be made to effect such credit, by refund or otherwise. If any such claim is asserted, you may take such action in connection therewith as you deem necessary or
desirable, including retention of counsel for the Underwriters, and in your discretion separate counsel so retained by you shall be included in the amounts payable pursuant to this Section. In
determining amounts payable pursuant to this Section, any loss, claim, damage, liability or expense paid or incurred, and any amount received, by any person controlling any Underwriter within the
meaning of Section&nbsp;15 of the Act which has been paid or incurred or received by reason of such control relationship shall be deemed to have been paid or incurred or received by such
Underwriter. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. At your discretion, you may consent to being named as the representatives of a defendant class of underwriters. Any Underwriter may elect to retain at its own expense its
own counsel and, on advice of such counsel and with your consent, may settle or consent to </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_mo1814_1_11"> </A>
<BR>

<P><FONT SIZE=2>the
settlement of any such claim. You may settle or consent to the settlement of any such claim, on advice of counsel retained by you, with the approval of a majority in interest of the Underwriters.
Whenever we receive notice of the assertion of any claim to which the provisions of this Section would be applicable, we will give prompt notice thereof to you. Whenever you receive notice of the
assertion of any claim to which the provisions of this Section would be applicable, you will give prompt notice thereof to each Underwriter. You will also furnish each Underwriter with periodic
reports, at such times as you deem appropriate, as to the status of such claim and the action taken by you in connection therewith. If any Underwriter or Underwriters default in their obligation to
make any payments under this Section, each non-defaulting Underwriter shall be obligated to pay its proportionate share of all defaulted payments, based upon such Underwriter's
underwriting obligation as related to the underwriting obligations of all non-defaulting Underwriters without, however, relieving such defaulting Underwriter from its liability therefor. </FONT></P>

<P><FONT SIZE=2>16.&nbsp;&nbsp;&nbsp;&nbsp;We
authorize you to file with the Commission and any other governmental agency any reports required in connection with any transactions effected by you for our account pursuant to
this Master Agreement Among Underwriters, and we will furnish any information needed for such reports. We agree to transmit to you for filing with the Commission any report required to be made by us
pursuant to the Exchange Act as a result of any transactions effected in connection with the offering of the Securities. You agree to inform us, upon our request, of the states and other jurisdictions
in the United States in which it is believed that the Securities are qualified for sale under, or are exempt from the requirements of, their respective securities laws. However, you will not have any
responsibility with respect to the right of any Underwriter or other person to sell the Securities in any state or jurisdiction, notwithstanding any information you may furnish in that connection. If
we propose to offer Securities outside the United States, its territories or its possessions, we will take, at our own expense, such action, if any, as may be necessary to comply with the laws of each
foreign jurisdiction in which we propose to offer Securities. If applicable, we further authorize you to file on behalf of the several Underwriters with the NASD such required documents and
information, if any, which have been furnished to you for filing pursuant to the applicable, rules, statements and interpretations of the NASD. If in your discretion you deem it necessary, you are
further authorized to file with the Department of State of the State of New York and Further State Notice with respect to the Securities. </FONT></P>

<P><FONT SIZE=2>17.&nbsp;&nbsp;&nbsp;&nbsp;You
represent and warrant that you are a member in good standing of the NASD, and we represent and warrant that we are (a)&nbsp;a member in good standing of the NASD, (b)&nbsp;a
Bank that is not a member of the NASD or (c)&nbsp;a foreign bank, broker, dealer or other institution not eligible for membership in the NASD. If we are such a member, we agree that in making sales
of the Securities we will comply with all applicable rules of the NASD, including, without limitation, NASD Rule&nbsp;2740. If we are not an NASD member, we agree to comply as though we were a
member with NASD Rules&nbsp;2730, 2740, and 2750 and to comply with the requirements of the NASD's Interpretation with Respect to Free-Riding and Withholding. If we are such a foreign
bank, broker, dealer or other institution, we agree not to offer or sell any Securities in the United States of America except through you and in making sales of Securities we agree to comply with
NASD Rule&nbsp;2420 as it applies to a nonmember broker or dealer in a foreign country. If we are a Bank, we agree that we will not accept any portion of the management fee paid by the Underwriters
with respect to the offering of any Securities or, in connection with the public offering of any Securities that do not constitute "exempted securities" within the meaning of Section&nbsp;3(a)(12)
of the Exchange Act, purchase any Securities at a discount from the offering price from any Underwriter or Selected Dealer or otherwise accept any selling concession, discount or other allowance from
any Underwriter or Selected Dealer, which in any such case is not permitted under the NASD's Rules of Fair Practice, and we agree to comply with NASD Rule&nbsp;2420 as though we were a member. </FONT></P>

<P><FONT SIZE=2>18.&nbsp;&nbsp;&nbsp;&nbsp;Any
notice to us shall be deemed to have been duly given if mailed, hand-delivered, telephoned (and confirmed in writing), telegraphed, telexed, telecopied or wired
communicated to us at the address </FONT></P>

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

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

<P><FONT SIZE=2>set
forth on the signature page hereof, or at such other address as we shall notify you in writing. Communications by telegram, telex, telecopy, wire or other written form shall be deemed to be
"written" communications. </FONT></P>

<P><FONT SIZE=2>19.&nbsp;&nbsp;&nbsp;&nbsp;This
Master Agreement Among Underwriters shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be wholly
performed in such State. </FONT></P>

<P><FONT SIZE=2>20.&nbsp;&nbsp;&nbsp;&nbsp;This
Master Agreement Among Underwriters may be executed in any number of counterparts, each of which shall be deemed an original, which taken together shall constitute one and the
same instrument. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="TOP"><BR><HR NOSHADE><FONT SIZE=2> (Name of Firm)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
By</FONT><HR NOSHADE><FONT SIZE=2>Name:</FONT><HR NOSHADE><FONT SIZE=2>Title:</FONT><HR NOSHADE><FONT SIZE=2>Address:</FONT><HR NOSHADE><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Telephone:</FONT><HR NOSHADE><FONT
SIZE=2>Telecopy:</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2> Confirmed, as of the date<BR>
first above written</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2><B>WACHOVIA CAPITAL MARKETS, LLC</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><BR><FONT SIZE=2> By</FONT><HR NOSHADE><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="toc_mo1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX A<BR>  <BR>    WACHOVIA CAPITAL MARKETS, LLC<BR>  <U>MASTER UNDERWRITERS' QUESTIONNAIRE</U>  <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with each offering of securities ("Securities") pursuant to the Master Agreement Among Underwriters of Wachovia Capital Markets, LLC ("WCM") 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;&nbsp;&nbsp;</U>, we confirm that except as set forth in our
Acceptance of an Invitation to participate in such offering or
other communication furnished to WCM prior to the effectiveness of our commitment to purchase: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Neither
we nor any of our directors, officers or partners have a material relationship (as "material" is defined in Regulation&nbsp;C under the Securities Act of 1933)
with the Issuer and, if the offer and sale of the Securities are to be registered under the Securities Act of 1933 pursuant to a Registration Statement on Form&nbsp;S-1 or
F-1, neither we nor any "group" (as that term is used in Section&nbsp;13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of which we are a member is the
beneficial owner (determined in accordance with Rule&nbsp;13d-3 under the Exchange Act), of more than 5% of any class of voting securities of the Issuer, nor do we have any knowledge
that more than 5% of any class of voting securities of the Issuer is held or is to be held subject to any voting trust or other similar agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as described in the Offering Document, we do not know of any discounts or commissions to be allowed or paid to dealers, including all cash, securities, contracts
or other consideration to be received by any dealer in connection with the sale of the Securities, nor are we aware of any intention to overallot or that the price of any security may be stabilized to
facilitate the offering of the Securities; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;We
have not prepared any report or memorandum for external use in connection with the proposed offering and, if the offer and sale of the Securities are to be registered
under the Securities Act of 1933, as amended (the "Act") pursuant to a Registration Statement on Form&nbsp;S-1 or
F-1, we have not within the past twelve months prepared or had prepared for us any engineering, management, research or similar report or memorandum relating (i)&nbsp;to the broad
aspects of the business, operations or products of the Issuer, with the exception of reports solely comprised of recommendations to buy, sell or hold the Issuer's securities, unless such
recommendations have changed within the past six months or (ii)&nbsp;to information already contained in documents filed with the Securities and Exchange Commission; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;We
are not an "affiliate" of the Issuer for purposes of NASD Rule&nbsp;2720 on the understanding that under NASD Rule&nbsp;2720 (except as provided in
Rule&nbsp;2720(b) thereof) two entities are "affiliates" of each other if one entity controls, is controlled by, or is under common control with, the second entity and that "control" is presumed to
exist if one entity (or, in the case of an NASD member, the entity and all "persons associated with" it (as defined in the NASD Rules)) beneficially owns 10% or more of the second entity's outstanding
voting securities; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If
the Securities to be offered are debt securities and their offer and sale are to be registered under the Act, (i)&nbsp;we are not an "affiliate" (as defined in
Rule&nbsp;O-2 under the Trust Indenture Act of 1939, as amended) of the Trustee for Securities or of any parent company of such Trustee; (ii)&nbsp;neither such Trustee nor its parent
company, if any, nor any director or executive officer of either of them is a "director, officer, partner, employee, appointee or representative" of ours (as those terms are defined in the Trust
Indenture Act of 1939, as amended, or in the relevant instructions to Form&nbsp;T-1 thereunder); and (iii)&nbsp;we and our directors, partners and executive officers, taken as a group,
do not own beneficially one percent or more of the shares of any class of outstanding voting securities of such Trustee or of its parent company, if any; </FONT></P>

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

<HR NOSHADE>
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<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If
we are a corporation, we do not have outstanding nor have we assumed or guaranteed any securities issued otherwise than in our present corporate name; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;If
we are, or are affiliated with, any U.S. or non-U.S. bank, we hereby represent and warrant that our participation in the offering of the Securities on the
terms contemplated in the Master Agreement Among Underwriters and the proposed Underwriting Agreement does not contravene any U.S. or state banking law restricting the exercise of securities powers in
the United States; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;If
the Securities are not issued by a real estate investment trust, then no portion of the net offering proceeds from the sale of the Securities will be paid to us or
any of our affiliates or "persons associated with" us (as defined in the NASD Rules) or members of the immediate family of any such person; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If
the filing with the NASD is required, then neither we nor any of our directors, officers, partners or "persons associated with" us (as defined in the NASD Rules),
nor, to our knowledge, any "related person" (defined by the NASD to include counsel, financial consultants and advisors, finders, members of the selling or distribution group, any NASD member
participating in the public offering and any other persons associated with or related to, and members of the immediate family of, any of the foregoing) or any other broker-dealer, (i)&nbsp;within
the last 12&nbsp;months has purchased in private transactions, or intends before, at or within 6&nbsp;months after the commencement of the public offering of the Securities to purchase in private
transactions, any securities of the Issuer or any Issuer Related Party (as hereinafter defined, (ii)&nbsp;within the last 12&nbsp;months had any dealings with the Issuer, any of the selling
stockholders or any parent, subsidiary or controlling stockholder thereof (other than relating to the proposed Underwriting Agreement, Master Agreement Among Underwriters and selling arrangements), as
to which documents or information are required to be filed with the NASD pursuant to its Corporate Financing Rule or (iii)&nbsp;during the 12&nbsp;months immediately preceding the filing of the
registration statement, has entered into any arrangement which provided or provides for the receipt of any item of value (including, but not limited to, cash payments and expense reimbursements)
and/or the transfer of any warrants, options or other securities from the Issuer or any Issuer Related Party to us or any related person; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;If
the Securities are not issued by a registered investment company, direct participation program or real estate investment trust, then there is no association or
affiliation between us and (i)&nbsp;any officer or director of the Issuer or any Issuer Related Party, or (ii)&nbsp;any securityholder of 5% or more of any class of securities of the Issuer or an
Issuer Related Party; it being understood that for purposes of paragraph&nbsp;(k) above and this paragraph&nbsp;(l), the term "Issuer Related Party" includes any selling securityholder offering
securities to the public, any affiliate of the Issuer or a selling security holder, and the officers, general partners, directors, employees and securityholders thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;If
the Securities are not issued by a registered investment company, direct participation program or real estate investment trust, then we do not have a "conflict of
interest" with the Issuer under NASD Rule&nbsp;2720; it being understood that, except as otherwise provided in NASD Rule&nbsp;2720(b), a conflict of interest would exist if we, our "parent" (as
defined in the NASD Rules), affiliates and "persons associated with" us (as defined in the NASD Rules) in the aggregate beneficially owned 10% or more of the Issuer's "common equity", "preferred
equity" or "subordinated debt" (as each such term is defined in NASD Rule&nbsp;2720); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;If
the Issuer does not have any securities registered under Section&nbsp;12 of Exchange Act and is not otherwise subject to Section&nbsp;15(d) of the Exchange Act,
then we do not intend to confirm sales of the Securities to any accounts over which we exercise discretionary authority; and </FONT></P>

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

<HR NOSHADE>
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<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;If
the Issuer is a public utility, then we are not a "holding company" or a "subsidiary company" or an "affiliate" of a "holding company" or of a "public utility", each
as defined in the Public Utility Holding Company Act of 1935. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;We
are familiar with the rules, regulations and releases of the Securities and Exchange Commission dealing with the dissemination of information prior to and during
registration, and we hereby inform you that neither we nor any of our directors, officers or partners have disseminated or will disseminate outside our organization any information relating to the
Company or its securities of a nature or under circumstances indicated by those rules, regulations and releases to constitute a possible violation of the securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;We
have no knowledge of any untrue statement of a material fact contained in the Registration Statement or any omission to state any material fact required therein to be
stated or necessary to make the statements therein not misleading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;Our
commitment to purchase Securities, including pursuant to an over-allotment option, will not result in the violation by us of the financial responsibility
requirements of Rule&nbsp;15c3-1 under the Securities Exchange Act of 1934 or a similar provision of a securities exchange to which we are subject. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We will notify you immediately in the event of any development before the effective date of the registration statement which makes untrue or incomplete any of the
above statements as of such effective date.</B></FONT><FONT SIZE=2> We will keep an accurate record of the distribution of copies of the preliminary prospectus and agree to deliver any revised
preliminary prospectus. We also agree to furnish the final prospectus to each person who purchases Securities from us and to otherwise comply with applicable securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are aware that the staff of the Securities and Exchange Commission may not review the registration statement (and we will assume, unless advised to the contrary, that the staff of the
Commission has not reviewed the registration statement) and that the review process of the Commission may not be relied upon in any degree to indicate the registration statement is true, complete or
accurate. We are aware of our statutory responsibilities under the Securities Act of 1933, and we authorize Wachovia Securities,&nbsp;Inc. on behalf of the Representatives, on our behalf to so
advise the Commission in writing. </FONT></P>

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Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="49%" ALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> (Name of Firm)</FONT></TD>
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<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
By:</FONT><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:<BR>
Date:<BR></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<FONT SIZE=2><A HREF="#toc_mm1814_1">MASTER AGREEMENT AMONG UNDERWRITERS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_mo1814_1">ANNEX A WACHOVIA CAPITAL MARKETS, LLC MASTER UNDERWRITERS' QUESTIONNAIRE</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-2.(K)(III)
<SEQUENCE>4
<FILENAME>a2175647zex-2_kiii.htm
<DESCRIPTION>EXHIBIT 2.(K)(III)
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;2(k)(iii)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="nc1814_distribution_assistance_agreement"> </A>
<A NAME="toc_nc1814_1"> </A>
<BR></FONT><FONT SIZE=2><B>DISTRIBUTION ASSISTANCE AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Distribution Assistance Agreement, dated 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;, 2006, is entered into by and
between Alpine Total Dynamic Dividend Fund (the
"Fund"), and ALPS Distributors,&nbsp;Inc., a corporation organized under the laws of the state of Colorado ("ALPS"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration for ALPS' provision of distribution assistance services to the Fund in connection with the offering of common shares of the Fund pursuant to the Fund's prospectus 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;, 2006 (the "Offering"), which
services include assistance with coordinating the road show and designing and coordinating the printing of marketing materials, the Fund
hereby agrees to pay ALPS up to 0.10% of the amount of the Offering, provided that, the Fund has not otherwise paid expenses relating to the Offering (exclusive of sales load, but inclusive of the
reimbursement of underwriter expenses) up to the reimbursement cap of $0.04 per common share of the Fund and, further provided that, in no case shall such amount paid by the Fund to ALPS exceed
$2,500,000.00. Any such amount paid by the Fund to ALPS shall also include reimbursement to ALPS for its reasonable out-of-pocket expenses related to the road show. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund and ALPS acknowledge and agree that the compensation set forth above shall be the only compensation ALPS will receive from the Fund for its distribution assistance in connection
with the Offering. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
ALPINE TOTAL DYNAMIC DIVIDEND FUND</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
ALPS DISTRIBUTORS,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
</TR>
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<P style='page-break-before:always'></p>
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<P><br><A NAME="06DEN1813_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_nc1814_1">DISTRIBUTION ASSISTANCE AGREEMENT</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-2.(L)
<SEQUENCE>5
<FILENAME>a2175647zex-2_l.htm
<DESCRIPTION>EXHIBIT 2.(L)
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06DEN1813_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 2.(l)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mz1814_[blank_rome_llp_letterhead]"> </A>
<A NAME="toc_mz1814_1"> </A>
<BR></FONT><FONT SIZE=2>[Blank Rome LLP Letterhead]    <BR></FONT></P>

<P ALIGN="CENTER"><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;January&nbsp;23,
2007 </FONT></P>

<P><FONT SIZE=2>Alpine
Total Dynamic Dividend Fund<BR>
2500 Westchester Avenue, Suite 215<BR>
Purchase, NY 10577 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel to Alpine Total Dynamic Dividend Fund (the "</FONT><FONT SIZE=2><B><I>Trust</I></B></FONT><FONT SIZE=2>"), a Delaware statutory trust, in connection with the Trust's
Registration Statement on Form&nbsp;N-2 filed with the Securities and Exchange Commission on November&nbsp;13, 2006, as amended on December&nbsp;20, 2006, January&nbsp;22, 2007 and
January&nbsp;24, 2007 (the "</FONT><FONT SIZE=2><B><I>Registration Statement</I></B></FONT><FONT SIZE=2>"). The Registration Statement covers shares of beneficial interest in the Trust, without par value
(the "</FONT><FONT SIZE=2><B><I>Shares</I></B></FONT><FONT SIZE=2>"), offered in one series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of rendering this opinion, our examination of documents has been limited to the examination of executed or conformed counterparts, or copies otherwise proved to our
satisfaction, of the following documents: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a)</FONT></DT><DD><FONT SIZE=2>the
Registration Statement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b)</FONT></DT><DD><FONT SIZE=2>a
Certificate of the Secretary of State of the State of Delaware (the </FONT><FONT SIZE=2><B><I>"Secretary of State"</I></B></FONT><FONT SIZE=2>) as to the legal existence and good standing
of the Trust, dated January&nbsp;22, 2007;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c)</FONT></DT><DD><FONT SIZE=2>Certificate
of Trust, dated as of October&nbsp;27, 2006, as filed in the office of the Secretary of State on October&nbsp;27, 2006, and certified by the Secretary of State on
January&nbsp;22, 2007;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d)</FONT></DT><DD><FONT SIZE=2>an
Underwriting Agreement, to be dated January&nbsp;25, 2007, among the Fund, Alpine Woods Capital Investors, LLC and the underwriters listed therein (the "Underwriting Agreement");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>e)</FONT></DT><DD><FONT SIZE=2>an
officer's certificate, dated January&nbsp;23, 2007 executed by the Secretary of the Trust, certifying as to, and attaching copies of, the Trust's Agreement and Declaration of
Trust, the Trust's By-Laws and the resolutions of the Board of Trustees of the Trust authorizing the issuance of the Shares, the approval of the Underwriting Agreement and the approval of
the form of certificate representing the Shares (the "Share Certificate"); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f)</FONT></DT><DD><FONT SIZE=2>the
form of Share Certificate; </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used and not otherwise defined herein have the respective meanings ascribed to them in the Declaration of Trust or, if not defined therein, in the Delaware Statutory
Trust Act, as amended, 12 </FONT><FONT SIZE=2><I>Del. C.</I></FONT><FONT SIZE=2> Section&nbsp;3801 </FONT><FONT SIZE=2><I>et seq.</I></FONT><FONT SIZE=2> (the </FONT> <FONT SIZE=2><B><I>"Act"</I></B></FONT><FONT SIZE=2>). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this opinion, we have not reviewed any documents other than those documents listed in paragraphs (a)&nbsp;through (f)&nbsp;above. In particular, we have not reviewed
any document (other than the documents listed in paragraphs (a)&nbsp;through (f)&nbsp;above) that may be referred to in or incorporated by reference into any document reviewed by us. We have
assumed that there exists no provision in any document that we have not reviewed that is inconsistent with the opinions stated herein. We have conducted no independent factual investigation of our
own, but rather have relied solely upon the foregoing documents, the statements and information set forth therein, and the additional matters stated or assumed herein, all of which we have assumed to
be true, complete and accurate in all respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to all documents examined by us, we have assumed that: (i)&nbsp;all signatures on such documents are genuine; (ii)&nbsp;all documents submitted to us as originals are
authentic and complete; and (iii)&nbsp;all documents submitted to us as copies conform to the originals of those documents. </FONT></P>

<HR NOSHADE>
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<A NAME="page_mz1814_1_2"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion letter is limited to the Act, and we have not considered, and express no opinion on, any other laws, rules or regulations of the State of Delaware or any laws of any other
jurisdiction, including, without limitation, federal laws, rules and regulations. Our opinions are rendered only with respect to the Act as in effect on the date hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
understand that all of the foregoing assumptions and limitations are acceptable to you. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing, we are of the opinion that the Shares, when sold, paid for and issued in accordance with the Underwriting Agreement, will be validly issued, fully paid and
non-assessable as provided in the Trust's Agreement and Declaration of Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
assume no obligation to update or supplement this opinion to reflect any facts or circumstances which hereafter may come to our attention, or to reflect any changes in any facts,
circumstances or law which may hereafter occur. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the use of this opinion as Exhibit&nbsp;2(l) to the Registration Statement and to the reference to this firm in the Trust's Prospectus and the Statement of
Additional Information, in each case, included as part of the Registration Statement. In giving this consent, we do not hereby concede that we come within the categories of persons whose consent is
required by the Securities Act of 1933, as amended, or the general rules and regulations promulgated thereunder. Nothing in this paragraph shall be deemed to change the effective date of this opinion. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2><BR>
Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
/s/ BLANK ROME LLP</FONT><HR NOSHADE><FONT SIZE=2> BLANK ROME LLP</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="06DEN1813_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_mz1814_1">[Blank Rome LLP Letterhead]</A></FONT><BR>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
