-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OGnX5BHWJH1W1TqsBlL4BCNTjd0yAxq4NgR0Hg709BcnwR61OAIpcJ3N9p1dbg+A
 asb+IUL9aO/N4To4btOu5g==

<SEC-DOCUMENT>0000930413-07-000629.txt : 20070125
<SEC-HEADER>0000930413-07-000629.hdr.sgml : 20070125
<ACCEPTANCE-DATETIME>20070125143302
ACCESSION NUMBER:		0000930413-07-000629
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070312
FILED AS OF DATE:		20070125
DATE AS OF CHANGE:		20070125
EFFECTIVENESS DATE:		20070125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		07552547

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-9098

	MAIL ADDRESS:	
		STREET 1:		C/O ALPINE MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BROADWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c46349_def14a.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<B><FONT face="serif">SCHEDULE 14A INFORMATION</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">_________________________________<br>
PROXY STATEMENT PURSUANT TO SECTION 14(a)</FONT><BR>
<FONT size=2 face="serif">OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT size=1 face="serif">Filed by the Registrant</FONT>
<font size="1" face=WINGDINGS>x</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT size=1 face="serif">Filed by a Party other than the Registrant &nbsp;</FONT><font size="1" face=WINGDINGS>o</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=3 align=left nowrap>
<FONT size=1 face="serif"> Check the appropriate box:</FONT>  <div align="left"></div></TD>
  </TR>
<TR valign="bottom">
  <TD colspan=3 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="4%" align=left nowrap><font size="1" face=WINGDINGS>o</font></TD>
  <TD colspan=2 align=left nowrap><div align="left"></div>    <FONT size=1 face="serif">Preliminary Proxy Statement</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan=2 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>o</font></TD>
  <TD colspan=2 align=left nowrap><div align="left"></div>    <FONT size=1 face="serif">Confidential, for Use of the
    Commission Only (as permitted by Rule 14a-6(e)(2))</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan=2 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>x</font></TD>
  <TD width="4%" colspan="2" align=left nowrap><div align="left"></div>    <FONT size=1 face="serif">Definitive Proxy Statement</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>o</font></TD>
  <TD width="4%" colspan="2" align=left nowrap><div align="left"></div>    <FONT size=1 face="serif">Definitive Additional Materials</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>o</font></TD>
  <TD colspan="2" align=left nowrap><div align="left"></div>    <FONT size=1 face="serif">Soliciting
    Material Pursuant to &#167; 240.14a-11(c) or &#167; 240.14a-12</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>
<B><FONT size=2 face="serif">ALPINE GLOBAL DYNAMIC DIVIDEND FUND</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>
<FONT size=2 face="serif">(Name of Registrant as Specified in its Charter)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3><div style="border-bottom:3px solid #000000">&nbsp;</div>

  </TD>
</TR>
<TR>
  <TD colspan=3><div style="border-bottom:3px solid #000000">&nbsp;</div>

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>
<FONT size=2 face="serif">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT size=1 face="serif">Payment of Filing Fee (check the appropriate box):</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>x</font></TD>
  <TD colspan=2 align=left nowrap><FONT size=1 face="serif">No fee required.</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan=2 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="1" face=WINGDINGS>o</font></TD>
  <TD colspan=2 align=left nowrap><FONT size=1 face="serif">Fee computed on table below
    per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan=2 align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </div></TD>
  <TD width="92%" align=left nowrap>
<FONT size=1 face="serif">Title of each class of securities to which transaction applies:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(2)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Aggregate number of securities to which transaction applies:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(3)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">amount on which the filing fee is calculated and state how it was determined):</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(4)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Proposed maximum aggregate value of transaction:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(5)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Total fee paid:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"><font size="1" face=WINGDINGS>o</font></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Fee paid previously with preliminary materials.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"><font size="1" face=WINGDINGS>o</font></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Schedule and the date of its filing.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(1)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Amount previously paid:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(2)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Form, Schedule or Registration Statement No.:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(3)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Filing Party:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">

    <div align="left">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="left"><FONT size=1 face="serif">(4)</FONT>
  </div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">Date Filed:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">N/A</FONT>
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">Alpine Global Dynamic Dividend Fund</FONT></B><BR>
<B><FONT size=2 face="serif">c/o ALPS Fund Services, Inc. </FONT></B><BR>
<B><FONT size=2 face="serif">1625 Broadway, Suite 2200 </FONT></B><BR>
<B><FONT size=2 face="serif">Denver, Colorado 80202 </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">January 26, 2007</FONT></P>
<P align="left">
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are writing to inform you of the upcoming annual meeting of shareholders of the Alpine Global Dynamic Dividend Fund, a Delaware statutory trust (the &#147;Fund&#148; or the
&#147;Trust&#148;) scheduled to be held on March 12, 2007 (the &#147;Annual Meeting&#148;) to elect one Trustee to the Board of Trustees until his successor has been duly elected and qualified. This proposal is discussed in more detail in the
enclosed Proxy Statement, which you should read carefully. The Board of Trustees believes that this proposal is in the best interests of the Fund and its shareholders and unanimously recommends that you vote </FONT><B><FONT size=2 face="serif">&#147;FOR&#148;</FONT></B><FONT size=2 face="serif"> the election of Mr. H. Guy Leibler as a Trustee.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If you are a shareholder of record as of the close of business on January 17, 2007, you are entitled to vote at the Annual Meeting and at any adjournment thereof. While you are, of course,
welcome to join us at the Annual Meeting, most shareholders will cast their votes by filling out and signing the enclosed Proxy Card. The Board has recommended the election of Mr. Leibler as a Trustee and encourages you to vote </FONT><B><FONT size=2 face="serif">&#147;FOR&#148;</FONT></B><FONT size=2 face="serif"> his election. If you have any questions regarding the issue to be voted on, please do not hesitate to call the Fund at 1-800-617-7616. Whether or not you are planning
to attend the Annual Meeting, we need your vote. Please mark, sign, and date the enclosed Proxy Card and promptly return it in the enclosed, postage-paid envelope, so that the maximum number of shares may be voted. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Thank you for taking the time to consider these important proposals and for your continuing investment in the Fund.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Sincerely,</FONT></P>
<P align="left">
<FONT size=2 face="serif">ALPINE GLOBAL DYNAMIC DIVIDEND FUND</FONT></P>
<P align="left">
<FONT size=2 face="serif">/s/ Samuel A. Lieber, </FONT><I><FONT size=2 face="serif">President</FONT></I></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">Alpine Global Dynamic Dividend Fund</FONT></B><BR>
<B><FONT size=2 face="serif">c/o ALPS Fund Services, Inc. </FONT></B><BR>
<B><FONT size=2 face="serif">1625 Broadway, Suite 2200 </FONT></B><BR>
<B><FONT size=2 face="serif">Denver, Colorado 80202 </FONT></B></P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<P align="center"><B><FONT size=2 face="serif">NOTICE OF ANNUAL MEETING</FONT></B><BR>
  <B><FONT size=2 face="serif">TO BE HELD March 12, 2007 </FONT></B></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To the shareholders of the Alpine Global Dynamic Dividend Fund, a Delaware statutory trust (the &#147;Fund&#148; or the &#147;Trust&#148;), for the Annual Meeting (the &#147;Meeting&#148;)
of shareholders of the Fund scheduled to be held on March 12, 2007: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Notice is hereby given that the Meeting will be held on March 12, 2007, at 11:00 a.m., Eastern Time, at Reckson Conference Center,</FONT><FONT face="monospace"> </FONT><FONT size=2 face="serif">707 Westchester Avenue, White Plains, New York 10604. At the Meeting, you and the other shareholders of the Fund will be asked to consider and vote: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=94%>
<FONT size=2 face="serif">To elect Mr. H. Guy Leibler as a Trustee to the Board of Trustees until his successor has been duly elected and qualified.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD>
<FONT size=2 face="serif">To transact such other business as may properly come before the Meeting or any adjournments thereof.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The proposal is discussed in greater detail in the attached Proxy Statement. Shareholders of record at the close of business on January 17, 2007 are entitled to notice of, and to vote at,
the Meeting. Please read the accompanying Proxy Statement. Regardless of whether you plan to attend the Meeting,</FONT><B><FONT size=2 face="serif"> please complete, sign and return promptly the enclosed proxy card, </FONT></B><FONT size=2 face="serif">so that a quorum will be present and a maximum number of shares may be voted. You may change your vote at any time by notifying the undersigned or by voting at the Meeting. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=78% align=left nowrap>&nbsp;</TD>
  <TD width=22% align=left nowrap>
<FONT size=2 face="serif">By Order of the Board of Trustees</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">/s/ Samuel A. Lieber</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Samuel A. Lieber, President</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">January 26, 2007</FONT></P>
<P align="left">
<B><FONT face="serif">UNLESS YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE COMPLETE, DATE, SIGN AND MAIL THE ENCLOSED PROXY CARD IN THE ENCLOSED REPLY ENVELOPE. YOUR PROMPT RESPONSE WILL ASSURE A QUORUM AT THE MEETING. </FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><U><FONT size=2 face="serif">INSTRUCTIONS FOR SIGNING PROXY CARDS</FONT></U></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to sign your proxy
card properly. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=94%>
<FONT size=2 face="serif">Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD>
<FONT size=2 face="serif">Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
  <TD>
<FONT size=2 face="serif">Other Accounts: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<B><U><FONT face="serif">REGISTRATIONS</FONT></U></B>
  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="47%" align=left nowrap>
<B><U><FONT face="serif">VALID SIGNATURES</FONT></U></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<U><FONT face="serif">Corporate Accounts</FONT></U>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  </TD>
  <TD width="46%" align=left nowrap>
<FONT size=2 face="serif">ABC Corp</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">ABC Corp. (by John Doe, Treasurer)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(2)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">ABC Corp</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John Doe, Treasurer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(3)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">ABC Corp.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">c/o John Doe, Treasurer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John Doe</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(4)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">ABC Corp. Profit Sharing Plan</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John Doe, Trustee</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<U><FONT size=2 face="serif">Trust Accounts</FONT></U>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(1)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">ABC Trust</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Jane B. Doe, Trustee</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(2)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Jane B. Doe, Trustee</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">u/t/d/ 12/28/78</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Jane B. Doe</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<U><FONT size=2 face="serif">Custodial or Estate Accounts</FONT></U>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(1)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John B. Smith, Cust.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">f/b/o John B. Smith, Jr. UGMA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John B. Smith</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(2)</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John B. Smith</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">John B. Smith, Jr., Executor</FONT>
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">Alpine Global Dynamic Dividend Fund</FONT></B><BR>
<B><FONT size=2 face="serif">c/o ALPS Fund Services, Inc. </FONT></B><BR>
<B><FONT size=2 face="serif">1625 Broadway, Suite 2200 </FONT></B><BR>
<B><FONT size=2 face="serif">Denver, Colorado 80202 </FONT></B></P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<P align="center"><B><FONT size=2 face="serif">PROXY STATEMENT</FONT></B><BR>
  <FONT size=2 face="serif">March 12, 2007 </FONT></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">General. </FONT></B><FONT size=2 face="serif">This Proxy Statement is being furnished by the Board of Trustees (at times, the &#147;Board&#148;) of the Alpine Global Dynamic
Dividend Fund (the &#147;Fund&#148; or the &#147;Trust&#148;), to the shareholders of the Fund, in connection with the Fund&#146;s solicitation of shareholders&#146; proxies for use at its Annual Meeting (the &#147;Meeting&#148;) scheduled to be
held March 12, 2007, at 11:00 a.m., Eastern Time, at Reckson Conference Center,</FONT><FONT face="monospace"> </FONT><FONT size=2 face="serif">707 Westchester Avenue, White Plains, New York 10604, for the purposes set forth below and in the
accompanying Notice of Annual Meeting. The approximate mailing date of this Proxy Statement to shareholders is January 26, 2007. At the Meeting, the shareholders of the Fund will be asked: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=94%>
<FONT size=2 face="serif">To elect Mr. H. Guy Leibler as a Trustee to the Board of Trustees until his successor has been duly elected and qualified.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD>
<FONT size=2 face="serif">To transact such other business as may properly come before the Meeting or any adjournments thereof.</FONT></TD>
</TR>
</TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Record Date/Shareholders Entitled to Vote. </FONT></B><FONT size=2 face="serif">The Fund is a closed-end registered investment company under the Investment Company Act of 1940 (the
&#147;Investment Company Act&#148;). The record holders of outstanding shares of the Fund are entitled to vote one vote per share (and a fractional vote per fractional share) on all matters presented at the Meeting. Shareholders of the Fund at the
close of business on January 17, 2007 will be entitled to be present and vote at the Meeting. As of that date, there were 23,564,780 shares of the Fund outstanding and entitled to vote, representing total net assets of approximately
&#36;506,629,451.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Voting
Proxies.</FONT></B><FONT size=2 face="serif"> Whether you expect to be personally present at the Meeting or not, we encourage you to vote by proxy. You can do this
by completing, dating, signing and returning the enclosed proxy card. Properly executed proxies will be voted as you instruct by the persons named in the accompanying proxy statement. In the absence of such direction, however, the persons named in
the accompanying proxy statement intend to vote <B>&#147;FOR&#148;</B> the election of Mr. Leibler and may vote in their discretion with respect to other matters not now
known to the Board that may be presented at the Meeting. Shareholders who execute proxies may revoke them at any time before they are voted, either by writing to the Secretary of the Trust, Oliver Sun, c/o Alpine Woods Capital Investors, LLC, 2500
Westchester Avenue, Suite 215, Purchase, New York 10577, or in person at the time of the Meeting. If not so revoked, the shares represented by the proxy will be voted at the Meeting, and any adjournments thereof, as instructed. Attendance by a
shareholder at the Meeting does not, in itself, revoke a proxy.</FONT></P>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The election of a Trustee to the Board of Trustees requires the affirmative vote of a plurality of the shares of beneficial interest entitled to vote for the election of any Trustee
present in person or represented by proxy at a meeting with a quorum present. For purposes of the election of Trustees, abstentions and broker non-votes will be counted as shares present for quorum purposes, but will not be treated as votes cast.
Abstentions and broker non-votes, therefore, will have no effect on the election of Mr. Leibler as a Trustee. All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked
thereon. Proxies received prior to the Meeting on which no vote is indicated will be voted &#147;FOR&#148; the election of Mr. Leibler as a Trustee. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Quorum Required to Hold Meeting. </FONT></B><FONT size=2 face="serif">In order to transact business at the Meeting, a &#147;quorum&#148; must be present. Under the Trust&#146;s
Agreement and Declaration of Trust, a quorum is constituted by the presence in person or by proxy of shareholders representing a majority of the outstanding shares of the Fund on the record date entitled to vote on a matter.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Abstentions and broker non-votes (i.e., proxies from brokers or nominees indicating that they have not received instructions from the beneficial owners on an item for which the brokers or
nominees do not have discretionary power to vote) will be treated as present for determining whether a quorum is present with respect to a particular matter. Abstentions and broker non-votes will not, however, be treated as votes cast at the
Meeting. Abstentions and broker non-votes, therefore, will have no effect on proposals which require a plurality or majority of votes cast for approval, but will have the same effect as a vote &#147;against&#148; on proposals requiring any
percentage of the outstanding voting securities of the Fund for approval.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If a quorum of shareholders of the Fund is not present at the Meeting, or if a quorum is present but sufficient votes to elect Mr. Leibler as a Trustee are not received, the shareholders
present at the Meeting or the persons named as proxies shall have the power, but are under no obligation to, to propose an adjournment of the Meeting without further notice other than announcement at the Meeting until such quorum shall be present.
The shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting on a matter shall also have the power to adjourn the Meeting. Written notice of such an adjournment stating the place, date and hour
thereof, and in the case of a special meeting, specifying the purpose or purposes thereof, shall be given to each shareholder entitled to vote thereat, at least (10) days prior to the meeting, if the Meeting is adjourned to a date more than one
hundred thirty (130) days after the original Record Date set for the Meeting. With respect to the election of Mr. Leibler as a Trustee, the persons named as proxies will vote all proxies in favor of adjournment that voted in favor of the election,
and vote against adjournment all proxies that voted against such election. Abstentions and broker non-votes will have the same effect at any adjourned meeting as noted above. Any business that might have been transacted at the Meeting may be
transacted at any such adjourned session(s) at which a quorum is present.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Method and Cost of Proxy Solicitation. </FONT></B><FONT size=2 face="serif">Proxies will be solicited by the Trust primarily by mail. Although it is not anticipated, the
solicitation may also include telephone, facsimile, electronic or oral communications by certain officers or employees of the Fund, Alpine Woods Capital Investors, LLC (the &#147;Investment Adviser&#148;), or ALPS Fund Services, Inc.
(&#147;ALPS&#148;), the Fund&#146;s administrator, who will not be paid for these services. The Fund, the Investment Adviser or ALPS may also request broker-dealer firms, custodians, nominees and fiduciaries to forward proxy materials to the
beneficial owners of the shares of the Fund held </FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">of record by such persons. If requested, the Fund shall reimburse such broker-dealer firms, custodians, nominees and fiduciaries for their reasonable expenses incurred in connection with such proxy solicitation,
including reasonable expenses in communicating with persons for whom they hold shares of the Fund. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">PROPOSAL</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">ELECTION OF TRUSTEE</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Background.</FONT></B><FONT size=2 face="serif"> At the Meeting, shareholders will be asked to vote for the election of H. Guy Leibler, to serve as an Independent Trustee until his
successor is duly elected and qualified.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The persons named as proxies on the proxy card enclosed with this Proxy Statement intend to vote at the Meeting </FONT><B><FONT size=2 face="serif">&#147;FOR&#148;</FONT></B><FONT size=2 face="serif"> the election of Mr. Leibler to serve as a Trustee of the Trust (and Fund) until his successor has been duly elected and qualified. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Mr. Leibler has consented to be named in this Proxy Statement and has agreed to serve if elected. If Mr. Leibler should be unable to serve due to an event not now anticipated, the persons
named as proxies will vote for such other nominee as may be proposed by the Nominating Committee of the Trust. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Information Concerning the Nominee/ Trustees. </FONT></B><FONT size=2 face="serif">The following table sets forth information about Mr. Leibler for election to the Board of
Trustees and each currently-elected member of the Board of Trustees, his name, address, age, position with the Trust, term of office and length of service with the Trust, principal occupation or employment and other directorships during the past
five years. Mr. Leibler and each other Independent Trustee is not considered to be an &#147;interested person&#148; within the meaning of the Investment Company Act.</FONT></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center colspan=11 style="border-bottom:2px solid #000000;">
<B><FONT size=2 face="serif">NOMINEE/ TRUSTEES</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left nowrap>&nbsp;

  </TD>
  <TD width="9%">&nbsp;
  </TD>
  <TD width="9%" align=left nowrap>&nbsp;

  </TD>
  <TD width="7%">&nbsp;
  </TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD width="8%">&nbsp;
  </TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
  <TD width="11%">&nbsp;
  </TD>
  <TD width="11%" align=center nowrap>
<B><FONT size=2 face="serif">Number of</FONT></B>
  </TD>
  <TD width="9%">&nbsp;
  </TD>
  <TD width="12%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Term of</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Portfolios</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Office and</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">in Fund</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Other</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Length</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Occupation</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Complex*</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Directorships</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Name, Address</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">of Time</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">During the Past</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Overseen</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">held by</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">and Age</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Position</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Served</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Five Years</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">by Trustee</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Trustee</FONT></B>
  </TD>
</TR>
<TR>
  <TD colspan=11><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">H. Guy Leibler</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Nominee/</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Until 2007,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice Chair and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chairman</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(52),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Independent</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since June</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Operating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Emeritus,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">23, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Officer of L&amp;L</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">White Plains</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Holding Company,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hospital</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">LLC since 2004;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Center;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee, each of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Skidmore, Owings</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">the Alpine</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&amp; Merrill LLP</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trusts.*</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(2001-2003).</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=11>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Jeffrey E.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Independent</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Until 2008,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Partner, Loeb,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dynasty</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Wacksman (46)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since June</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Block &amp; Partners</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Holdings, Inc.;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">23, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">LLP since 1994.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Bondi Icebergs</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Inc.; MH</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Properties, Inc.;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee, each of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">the Alpine</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trusts</FONT><FONT face="serif">.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Laurence B.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Independent</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Until 2009,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Real estate</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago Public</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ashkin (78),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since June</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">developer and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Radio; Vice-</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">23, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">construction</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chairman,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">consultant since</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Perspective</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">1980; Founder and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Charter</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President of</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Schools;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Centrum</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee, each of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Properties, Inc.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">the Alpine</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since 1980.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trusts.</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=11>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Samuel A.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Interested</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Until 2009,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">CEO of Alpine</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee, each of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Lieber** (50),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trustee and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since May</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Woods Capital</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">the Alpine</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">11, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Investors, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Trusts.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since 1997;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President of the</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Trusts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since 1998.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left nowrap><div style="border-top:2px solid #000000">&nbsp;</div></TD>
  </TR>
</TABLE>
<BR>
<FONT size=1 face="serif">* The Fund Complex includes the Fund, each series of
the Alpine Series Trust (Alpine Dynamic Balance Fund, Alpine Dynamic Dividend
Fund, Alpine Dynamic Financial Services Fund and Alpine Dynamic Innovators Fund),
each series of the Alpine Equity Trust (Alpine U.S. Real Estate Equity Fund,
Alpine International Real Estate Equity Fund and Alpine Realty Income &amp; Growth
Fund), each series of the Alpine Income Trust (Alpine Municipal Money Market
Fund and Alpine Tax Optimized Income Fund) and the Alpine Total Dynamic Dividend
Fund.</FONT>
<P align="left">
<FONT size=1 face="serif">** Mr. Lieber is the CEO of the Investment Adviser and is also the son of Stephen A. Lieber.</FONT></P>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">EXECUTIVE OFFICERS </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The current executive officers of the Fund include the following:</FONT></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=10% align=left nowrap>

    <center>
    </center></TD>
  <TD width=15%>
    <center>
    </center></TD>
  <TD width=5% align=left nowrap>

    <center>
    </center></TD>
  <TD width=15%>
    <center>
    </center></TD>
  <TD width=5% align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Term of</FONT></B>
    </center></TD>
  <TD width=13%>
    <center>
    </center></TD>
  <TD width=14% align=left nowrap>

    <center>
    </center></TD>
  <TD width=14%>
    <center>
    </center></TD>
  <TD width=9% align=left nowrap>

    <center>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Office</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">and</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Other</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Length of</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal Occupation</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="serif">Directorships</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Name, Address</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Time</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">During the Past Five</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">held by</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">and Age</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Position</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Served</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Years</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=center nowrap>
    <center>
      <B><FONT size=2 face="serif">Trustee</FONT></B>
    </center></TD>
</TR>
<TR>
  <TD colspan=9><div style="border-bottom:1px solid #000000"></div>

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Stephen A. Lieber</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Executive</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indefinite,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Investment Officer,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">None</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(81)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since June</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Woods Capital</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">23, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Investors, LLC since</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">2003. Chairman and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Senior Portfolio Manager,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Saxon Woods Advisors,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">LLC
    since 1999.</font> </div></TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Sheldon R.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indefinite,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">None</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Flamm (58)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since May</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">and Senior Managing</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Treasurer/</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">11, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director, Alpine Woods</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Capital Investors, LLC,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Compliance</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since 2001; Chief</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">10577</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Officer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Officer, Saxon</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Woods Advisors, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">since
    1999.</font> </div></TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Oliver Sun (42)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Secretary</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indefinite,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Controller of Alpine</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">None</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">2500 Westchester</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">since June</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Woods Capital Investors,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Ave.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">23, 2006.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">LLC since 1998.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchase, NY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">10577</font> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Board Meetings and Committees. </FONT></B><FONT size=2 face="serif">The Trust&#146;s Board held three regular meetings during the fiscal year ended October 31, 2006. The Board
has also established three standing committees in connection with the governance of the Trust; an Audit Committee, a Nominating Committee, and a Valuation Committee. For the fiscal year ended October 31, 2006, Mr. Leibler attended at least 75% of
the aggregate of (1) the total number of meetings of the Board during the period for which he was a Trustee; and (2) the total number of meetings held by Fund committees during the period for which he was a Trustee.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Audit Committee. </FONT></I><FONT size=2 face="serif">The Board has an Audit Committee consisting of all the Trustees who are not &#147;interested persons&#148; as defined
in the Investment Company Act. In addition, the members of the Audit Committee are also &#147;independent,&#148; as defined in Rule 4200(a) of the National Association of Securities Dealers listing standards. The members of the Audit Committee
include H. Guy Leibler, Jeffrey E. Wacksman and Laurence B. Ashkin. Mr. Ashkin serves as the Chairman of the Audit Committee and is the Audit Committee Financial Expert, as such term is defined in Section 407 of the Sarbanes-Oxley Act of 2002. The
Audit Committee is responsible for advising the full Board regarding accounting, auditing and financial matters affecting the Trust. The Audit Committee met once during the fiscal year </FONT></P>
<P align="center">
<FONT size=2 face="serif">5 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">ended October 31, 2006. The Board has adopted a written Charter for the Audit Committee, which is attached hereto at Appendix A.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nominating Committee. </FONT></I><FONT size=2 face="serif">The Board has a Nominating Committee consisting of all the Trustees who are not &#147;interested persons.&#148; The
members of the Nominating Committee include H. Guy Leibler, Jeffrey E. Wacksman and Laurence B. Ashkin. Mr. Leibler will serve as the Chairman of the Nominating Committee. The Nominating Committee is responsible for seeking and reviewing candidates
for consideration as nominees for Trustees as is considered necessary from time to time. The Board has adopted a written Charter for the Nominating Committee on June 23, 2006. The Nominating Committee did not formally meet during the fiscal year
ended October 31, 2006.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Nominating Committee will review shareholders&#146; nominations to fill vacancies on the Board. Recommendations for consideration by the Nominating Committee should be sent to the
Chairman of the Nominating Committee in writing together with the appropriate biographical information concerning each such proposed nominee, and such recommendation must comply with the notice provisions set forth in the Trust By-Laws. In general,
to comply with such procedures, such nominations, together with all required biographical information, must be delivered to and received by the Chairman of the Nominating Committee at the principal executive offices of the Trust not later than 60
days prior to the shareholder meeting at which any such nominee would be voted on.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In identifying and evaluating nominees for Trustee, the Nominating Committee seeks to ensure that the Board of Trustees possess, in the aggregate, the strategic, managerial and financial
skills and experience necessary to fulfill its duties and to achieve its objectives, and also seeks to ensure that the Board of Trustees is comprised of trustees who have broad and diverse backgrounds. The Nominating Committee looks at each nominee
on a case-by-case basis. In looking at the qualification of each candidate to determine if their election would further the goals described above, the Nominating Committee takes into account all factors it considers appropriate, which may include
strength of character, mature judgment, career specialization, relevant technical skills or financial acumen, diversity of viewpoint and industry knowledge. However, the Board of Trustees believes that to be recommended as a nominee, whether by the
Nominating Committee or at the suggestion of a shareholder, each candidate must: (1) display the highest personal and professional ethics, integrity and values; (2) have the ability to exercise sound business judgment; (3) must be highly
accomplished in his or her respective field; (4) have a relevant expertise and experience; (5) be able to represent all shareholders and be committed to enhancing long-term shareholder value; and (6) have sufficient time available to devote to
activities of the Board of Trustees and to enhance his or her knowledge of the Trust&#146;s business.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Valuation Committee.</FONT></I><FONT size=2 face="serif"> The Board has a Valuation Committee consisting of all the Trustees who are not &#147;interested persons.&#148; The members
of the Valuation Committee include H. Guy Leibler, Jeffrey E. Wacksman and Laurence B. Ashkin. Mr. Wacksman will serve as Chairman of the Valuation Committee. The Valuation Committee is responsible for (1) monitoring the valuation of portfolio
securities and other investments, and (2) as required by the Trust&#146;s valuation
policies, when the full Board of Trustees is not in session, determining the
fair value of illiquid and other holdings after consideration of all relevant
factors, which </FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left"><FONT size=2 face="serif">determinations are reported to the
    Board of Trustees. The Valuation Committee did not meet during the fiscal
    year ended October 31, 2006. </FONT>
<FONT size=2 face="serif"> </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Communication to the Trustees. </FONT></B><FONT size=2 face="serif">Shareholders may contact the Trustees directly by contacting the Secretary of the Trust at the
  principal executive offices of the Trust with such request. Such correspondences should be sent to Oliver Sun, Secretary, c/o Alpine Woods Capital Investors, LLC, 2500 Westchester Avenue, Suite 215, Purchase, New York 10577.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Compensation of Trustees. </FONT></B><FONT size=2 face="serif">Under the federal securities laws, the Fund is required to provide to its stockholders in connection with
the Meeting information regarding compensation paid to Trustees by the Fund as well as by the various other U.S. registered investment companies advised by the Fund&#146;s investment adviser during its prior fiscal year. For the fiscal year ended
October 31, 2006, the Fund paid fees of &#36;6,000 to each Trustee who is not an officer or employee of the Investment Adviser (or any affiliated company of the Investment Adviser). Reasonable out-of-pocket expenses of Trustees who are not
affiliated persons of the Investment Adviser (or any affiliated company of the Investment Adviser) which are incurred in connection with attending meetings of the Board and its committees are also reimbursed.</FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="serif">The table below sets forth the amount of compensation (and expenses) the Trustees received from the Trust during the fiscal year ended October 31, 2006. Currently, the Trust does not have a bonus, profit sharing,
pension or retirement plan.</FONT></P>
<div style="border-bottom:2px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Aggregate Compensation</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Total Compensation from</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Name of Trustee</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">From the Fund</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Fund and Fund Complex</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Paid
    to Trustee</font></b> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Laurence B. Ashkin</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;6,000</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;12,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">H. Guy Leibler</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;6,000</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;12,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Jeffrey E. Wacksman</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;6,000</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;12,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:2px solid #000000"> <font size=2 face="serif">Samuel
    A. Lieber</font> <font size="2" face="serif">&nbsp;</font></div></TD>
  <TD align=center nowrap><div style="border-bottom:2px solid #000000"> <font size=2 face="serif">NONE</font> </div></TD>
  <TD align=center nowrap style="border-bottom:2px solid #000000;">
<FONT size=2 face="serif">NONE</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Management Ownership. </FONT></B><FONT size=2 face="serif">To the knowledge of the Fund&#146;s management, before the close of business on January 17, 2007, the officers and
Trustees of the Trust owned, as a group, less than 1% of the outstanding shares of the Fund. The following table sets forth the aggregate dollar range of equity securities beneficially owned of the Fund and of all Funds overseen by each Trustee in
the Fund Complex as of October 31, 2006: </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size=2 face="serif">Amount Invested Key</FONT></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A. &#36;1-&#36;10,000</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">B. &#36;10,001-&#36;50,000</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">C. &#36;50,001-&#36;100,000</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">D. over &#36;100,000</FONT></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="18%"  align=left nowrap>&nbsp;

  </TD>
  <TD width="16%" >&nbsp;
  </TD>
  <TD width="22%"  align=left nowrap>&nbsp;

  </TD>
  <TD width="9%" >&nbsp;
  </TD>
  <TD width="35%"  align=center nowrap>
<B><FONT size=2 face="serif">Aggregate Dollar Range</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD  align=left nowrap>&nbsp;

  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=left nowrap>&nbsp;

  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">of Equity Securities in all</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD  align=left nowrap>&nbsp;

  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=left nowrap>&nbsp;

  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Funds Overseen by</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD  align=left nowrap>&nbsp;

  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Dollar Range of</FONT></B>
  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Trustees in Fund</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Name of Trustee</FONT></B>
  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Fund Shares Owned</FONT></B>
  </TD>
  <TD >&nbsp;
  </TD>
  <TD  align=center nowrap>
<B><FONT size=2 face="serif">Complex*</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<B><FONT size=2 face="serif">Independent Trustees</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=left nowrap>&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">Jeffrey E. Wacksman</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">D</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">Laurence B. Ashkin</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">C</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">D</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">H. Guy Leibler</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">None</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">None</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<B><FONT size=2 face="serif">Interested Trustee</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=left nowrap>&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">Samuel A. Lieber</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000" >&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000"  align=center nowrap>
<FONT size=2 face="serif">D</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="serif">* The Fund Complex includes the Fund, each series of the Alpine Series Trust (Alpine Dynamic Balance Fund, Alpine Dynamic Dividend Fund, Alpine Dynamic Financial Services Fund and Alpine Dynamic Innovators Fund), each
series of the Alpine Equity Trust (Alpine U.S. Real Estate Equity Fund, Alpine International Real Estate Equity Fund and Alpine Realty Income &amp; Growth Fund), each series of the Alpine Income Trust (Alpine Municipal Money Market Fund and Alpine
Tax Optimized Income Fund) and the Alpine Total Dynamic Dividend Fund.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Trustee Transactions with Fund Affiliates. </FONT></B><FONT size=2 face="serif">As of January 17, 2007, neither the Independent Trustees nor members of their immediate family owned
securities beneficially or of record in the Investment Adviser, or an affiliate of the Investment Adviser. Furthermore, over the past five years, neither the Independent Trustees nor members of their immediate family have any direct or indirect
interest, the value of which exceeds &#36;60,000, in the Investment Adviser or any of its affiliates. In addition, since the beginning of the last two fiscal years, neither the Independent Trustees nor members of their immediate family have
conducted any transactions (or series of transactions) or maintained any direct or indirect relationship in which the amount involved exceeds &#36;60,000 and to which the Investment Adviser or any affiliate thereof was a party. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Required
Vote.</FONT></B><FONT size=2 face="serif"> The election of a Trustee to the Board of Trustees requires the affirmative vote of a plurality of the shares of
beneficial interests entitled to vote for the election any Trustee, represented in person or by proxy at a meeting of the stockholders with a quorum present. For purposes of the election of Mr. Leibler, abstentions and broker non-votes will be
treated as votes present at the Meeting, but will not be treated as votes cast. Abstentions and broker non-votes, therefore, will have no effect on the election of Mr. Leibler as a Trustee. </FONT></P>
<P align="center">
<FONT size=2 face="serif">8 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">THE BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT </FONT></B><BR>
<B><FONT size=2 face="serif">TRUSTEES, RECOMMENDS THAT YOU VOTE &#147;FOR&#148; THE ELECTION </FONT></B><BR>
<B><FONT size=2 face="serif">OF MR. H. GUY LEIBLER TO THE BOARD OF TRUSTEES. ANY </FONT></B><BR>
<B><FONT size=2 face="serif">SIGNED BUT UNMARKED PROXIES WILL BE SO VOTED &#147;FOR&#148; </FONT></B><BR>
<B><FONT size=2 face="serif">APPROVAL OF THIS PROPOSAL. </FONT></B></P>
<div style="border-top:1px solid #000000">&nbsp;</div>
<P align="center">
<B><FONT size=2 face="serif">INFORMATION ABOUT THE FUND</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund&#146;s current Investment Adviser is Alpine Woods Capital Investors, LLC, 2500 Westchester Avenue, Suite 215, Purchase New York 10577. The Fund&#146;s administrator is ALPS Fund
Services, Inc., 1625 Broadway, Suite 2200, Denver, Colorado 80202. The Fund&#146;s transfer and dividend disbursing agent is The Bank of New York, One Wall Street, New York, New York 10286. The Bank of New York also serves as the Fund&#146;s
Custodian for the Fund&#146;s securities and cash and is located at 101 Barclay Street, New York, New York 10286.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Independent Registered Public Accounting Firm. </FONT></B><FONT size=2 face="serif">Deloitte &amp; Touche LLP (&#147;Deloitte&#148;), 555 East Wells Street, Milwaukee, Wisconsin,
53202 currently serves as the independent registered public accountants for the Trust. Representatives of Deloitte are not expected to attend the Meeting but have been given the opportunity to make a statement if they so desire and will be available
should any matter arise requiring their presence. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trust has engaged Deloitte to perform audit services, audit-related services, tax services and other services for the current fiscal year. &#147;Audit services&#148; refer to
performing an audit of the Trust&#146;s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. &#147;Audit-related
services&#148; refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. &#147;Tax services&#148; refer to professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning. The following table details the aggregate fees billed for the fiscal year ended October 31, 2006 for audit fees, audit-related fees, tax fees and other fees by Deloitte: </FONT></P>
<TABLE width="50%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=48% align=left nowrap style="border-top:2px solid #000000">&nbsp;

  </TD>
  <TD width=52% align=center nowrap style="border-top:2px solid #000000">
<B><FONT size=2 face="serif">Aggregate total for fiscal</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">year</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">ended 10/31/06</FONT></B>
  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Audit Fees</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;29,000.00</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Audit-Related</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Fees</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">NONE</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Tax Fees</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;4,100.00</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=2 face="serif">All Other Fees</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:2px solid #000000;">
<FONT size=2 face="serif">&#36;34,260.00</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund&#146;s Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Trust, including
services provided to any entity affiliated with the Trust. All of Deloitte hours spent on auditing the Trust&#146;s financial statements were attributed to work performed by full-time permanent employees of Deloitte. </FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the past two fiscal years, Deloitte has not billed the Trust or the Investment Adviser (or any entity controlling, controlled by or under common control with the Investment Adviser)
for, nor accrued for on behalf of the Trust or the Investment Adviser, any non-audit fees other than certain tax fees. The Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the
Investment Adviser or any entity controlling, controlled by or under common control with the Investment Adviser, is compatible with maintaining Deloitte&#146;s independence, and has concluded that the provision of such non-audit services by Deloitte
has not compromised their independence. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif"> Audit Committee Report. </FONT></B><FONT size=2 face="serif">The Audit Committee has met and held discussions with the Fund&#146;s Administrator and the Fund&#146;s independent
accountants. The independent accountants represented to the Audit Committee that the Fund&#146;s financial statements were prepared in accordance with U.S. generally accepted accounting principles, and the Audit Committee has reviewed and discussed
the financial statements with the Fund&#146;s Administrator and its independent accountants. The Audit Committee also discussed with the independent accountants matters required to be discussed by Statement on Auditing Standards No. 61. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund&#146;s independent accountants also provided to the Audit Committee the written disclosures required by Independence Standards Board Standard No. 1 (Independence Discussions with
Audit Committees), and the Audit Committee discussed with the independent accountants&#146; their independence, in light of the services they were providing. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Based upon the Audit Committee&#146;s discussion with the Fund&#146;s Administrator and the independent accountants and the Audit Committee&#146;s review of the representations of the
Fund&#146;s Administrator and the report of the independent accountants to the Audit Committee, the Audit Committee recommended that the Board of Trustees include the audited financial statements in the Fund&#146;s Annual Report for the fiscal year
ended October 31, 2006 filed with the U.S. Securities and Exchange Commission (the &#147;Commission&#148;). </FONT></P>
<P align="left">
<FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">Section 16(a)
Beneficial Ownership Reporting Compliance. </FONT></B><FONT size=2 face="serif">Section
16(a) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and
Section 30(h) of the Investment Company Act in combination require the Fund's
directors and officers, persons who own more than ten (10%) of the Fund's common
stock, and the Fund's Investment Adviser and its directors and officers, to file
reports  of ownership and changes in ownership with the SEC. The Fund believes
that the Fund's directors and officers, the Fund's Investment Adviser and its
members and officers have complied with all applicable filing requirements during
the year ended  October 31, 2006. </FONT></P>
<P align="left">
<FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">Information Pertaining to Certain Stockholders. </FONT></B><FONT size=2 face="serif">To the knowledge of the Fund&#146;s management, before the close of business on
January 17, 2007, the following table sets forth the beneficial ownership of shares of the Fund by each person known to the Fund to be deemed the beneficial owner of more than five (5%) percent of the outstanding shares of the Fund: </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:2px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Name and Address</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Number of</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Percentage</FONT></B>
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Type of</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Shares</font></b> </div></TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Ownership</font></b> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Ownership</FONT></B>
  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">First Clearing, LLC</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">9,499,728</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">40.31%</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Beneficial</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">901 East Byrd Street, 12</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">Floor</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Mail Code WS2491</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Richmond, VA 23219</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Citigroup Global Markets</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">5,640,551</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">23.94%</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Beneficial</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">399 Park Avenue</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, NY 10022</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">National Financial Services, LLC</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">1,305,710</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">5.54%</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Beneficial</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">200 Seaport Boulevard</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Mail Zone L10C</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Boston, MA 02110</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left nowrap><div style="border-top:2px solid #000000">&nbsp;</div></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <B><FONT size=2 face="serif">INFORMATION ABOUT THE FUND</FONT></B>
</center>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund /Trust is required by federal law to file reports, proxy statements and other information with the Securities and Exchange Commission. The SEC maintains a website
that contains information about the Fund (</FONT><FONT size=2 face="serif">www.sec.gov.)</FONT><FONT size=2 face="serif">. Any such proxy material, reports and other information can be inspected and copied, after paying a duplicating fee,
at the Office of Public Reference, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-0102.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Reports to Shareholders. </FONT></B><FONT size=2 face="serif">COPIES OF THE FUND&#146;S MOST RECENT REPORT ARE AVAILABLE WITHOUT CHARGE UPON WRITING TO THE FUND, C/O ALPS FUND
SERVICES, INC., 1625 BROADWAY, SUITE 2200, DENVER, COLORADO 80202. THESE REPORTS ARE ALSO AVAILABLE ON THE SEC&#146;S WEBSITE, </FONT><FONT size=2 face="serif">WWW.SEC.GOV</FONT><FONT size=2 face="serif">, AND AT
WWW.ALPINECEF.COM.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">GENERAL INFORMATION</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Other Matters to come Before the Meeting. </FONT></B><FONT size=2 face="serif">The Trust&#146;s management does not know of any matters to be presented at the Meeting other than
those described in this Proxy Statement. If other business should properly come before the Meeting, the proxy holders will vote thereon in accordance with their best judgment. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Shareholder Proposals. </FONT></B><FONT size=2 face="serif">The Meeting is an annual meeting of shareholders. Any shareholder who wishes to submit a proposal for consideration at
the meeting should submit the proposal or notice of the proposal, if the shareholder chooses to include the proposal in the Trust&#146;s proxy materials, to the Trust within a reasonable time prior to the Trust printing and mailing its proxy
materials in accordance with, respectively, Rule 14a-8 or Rule 14a-4(c) under the Securities Exchange Act of 1934. </FONT></P>
<P align="left">
<FONT size=2 face="serif">IN ORDER THAT THE PRESENCE OF A QUORUM AT THE MEETING MAY BE ASSURED, PROMPT EXECUTION AND RETURN OF THE ENCLOSED PROXY IS REQUESTED. A SELF-ADDRESSED, POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Samuel A. Lieber, President</FONT><BR>
<BR>
<FONT size=2 face="serif">/s/ Samuel A. Lieber </FONT><BR>
<BR>
<FONT size=2 face="serif">Purchase, New York</FONT><BR>
<FONT size=2 face="serif">January 26, 2007 </FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="79%"><div style="border-bottom:1px solid #000000"><img src="c46349_def14ax17x1.jpg" border=0></div></td>
    <td width="3%" style="border-bottom:1px solid #000000">&nbsp;</td>
    <td width="18%" bgcolor="#DDDDDD" style="border-bottom:1px solid #000000"> <center>
      <B><FONT face="sans-serif">P R O X Y</FONT></B>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#DDDDDD"> <center>
      <B><FONT face="sans-serif">ALPINE GLOBAL DYNAMIC DIVIDEND FUND </FONT></B><BR>
        <B><FONT face="sans-serif">ANNUAL MEETING OF SHAREHOLDERS </FONT></B><BR>
        <B><FONT face="sans-serif">MARCH 12, 2007 </FONT></B>
    </center></td>
    <td>&nbsp;</td>
    <td rowspan="7" valign="top" bgcolor="#DDDDDD"> <center>
      <B><FONT face="sans-serif"><br>
      SOLICITED </FONT></B><br>
      <BR>
        <B><FONT face="sans-serif">ON BEHALF </FONT></B><br>
        <BR>
        <B><FONT face="sans-serif">OF THE<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">BOARD OF<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">TRUSTEES</FONT></B><br>
        <BR>
        <B><FONT face="sans-serif">OF THE<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">ALPINE<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">GLOBAL<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">DYNAMIC<br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">DIVIDEND <br>
        </FONT></B><BR>
        <B><FONT face="sans-serif">FUND </FONT></B>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <div align="justify"><FONT size=2 face="sans-serif">The undersigned hereby
          appoints Samuel A. Lieber and Sheldon R. Flamm, and each of them, as
          proxies of the undersigned, each with the power to appoint his substitute,
          for the Annual Meeting of Shareholders of the Alpine Global Dynamic
          Dividend Fund, to be held on March 12, 2007, at the Reckson Conference
          Center, 707 Westchester Avenue, White Plains, New York 10604 (the &#147;Meeting&#148;),
          to vote, as designated below, all shares of the Fund held by the undersigned
          at the close of business on January 17, 2007. Capitalized terms used
          without definition have the meanings given to them in the accompanying
    Proxy Statement.</FONT></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#DDDDDD"> <center>
      <B><FONT face="sans-serif">WE NEED YOUR VOTE BEFORE MARCH 12, 2007 </FONT></B>
    </center></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <div align="justify"><FONT size=2 face="sans-serif">Your vote is important. If you are unable
          to attend the meeting in person, we urge you to complete, sign, date
          and return this proxy card using the enclosed postage prepaid envelope.
          Your prompt return of the proxy card will help assure a quorum at the
          meeting and avoid additional expenses associated with further solicitation.
          Sending in your proxy will not prevent you from personally voting your
          shares at the meeting. You may revoke your proxy before it is voted at
          the meeting by submitting to the Secretary of the Fund a written notice
          of revocation or a subsequently signed proxy card, or by attending the
    meeting and voting in person.</FONT></div></td>
    <td>&nbsp;</td>
  </tr>
</table>

<BR>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="#DDDDDD"><B><FONT size=2 face="sans-serif"><br>
    &nbsp;&nbsp;PLEASE MARK YOUR VOTE WITH AN &#147;X&#148;</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><br>
    <br></td>
  </tr>
</table>
<P align="justify"><FONT size=2 face="sans-serif">This proxy will be voted as specified below. </FONT><B><FONT size=2 face="sans-serif">If  the  proxy  is  executed,  but  with  respect  to  the  proposal  no  specification  is  made,  this
proxy  will  be  voted  in  favor  of  the  proposal  and  in  the  discretion  of  the  above-named  proxies  as  to  any  other  matter  that  may   properly  come  before  the  Meeting  or  any  adjournment  thereof. </FONT></B><FONT size=2 face="sans-serif">Please indicate by
filling in the appropriate box below.</FONT></P>
<P align="justify">
<FONT size=2 face="sans-serif"> To elect H. Guy Leibler as a Trustee to the Board
of Trustees <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For&nbsp;&nbsp; </B></FONT><B><font size="2" face=WINGDINGS>o</font><FONT size=2 face="sans-serif">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold&nbsp;&nbsp; </FONT><font size="2" face=WINGDINGS>o</font></B></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">NOTE:</FONT></B><FONT size=2 face="sans-serif"> Please sign exactly as your name appears on this Proxy. If joint owners, EITHER may sign this Proxy. When signing as attorney, executor, administrator, trustee,
guardian or corporate officer, please give your full title.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="22%" align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD width="19%">&nbsp;</TD>
  <TD width="22%" align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD width="37%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=2 face="serif">Signature  (s)  </FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<I><FONT size=2 face="serif">  Title(s), if  applicable)</FONT></I>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">&nbsp;</P>
<P align="center"><B><FONT size=2 face="sans-serif">THANK  YOU  FOR  YOUR  TIME</FONT></B></P>
<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c46349_def14ax17x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c46349_def14ax17x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!=`2H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@#X
M7_X*'?\`!0O]GO\`X)E_L]#]I+]I'4=8MO!,_P`0_`7PTTO2_#-M8ZCXIUWQ
M#XYU@6SIH6CWNH:<^L?\(MX7LO$_Q!\0V.G27.L?\(AX.\17.D:;JFHV]MIU
MU]M:9J>G:UING:SI%[:ZEI.K6-IJ>EZC93)<V>H:=?V\=U97MI<1,T4]K=6T
ML4\$T;,DL4B.C%6!K_.)_P"#N[]IOXG_`+57[0NL_LS_``8T76O$WP`_X)I>
M"_!GQ#_:G\3Z68D\-^%_C+^T7K/AKPIX,AUV6ZAMEOI=$T3Q)X,\-Z$VCWNK
M31Z[XZ\<Z;<V-D_AS6YK;^D'_@UJ_;SE_;0_X)>>!/`WBS5)+[XM_L=:G#^S
MCXR-Y/$]]JO@K0]*M-1^"_BA8_MU[>&PG^'MQ9>!VO\`4?LMQJ?B3X>^*+F.
MV6U\B64`_I#K\O?^"A__``6#_8?_`."9&BW\G[2'CSQ%=>/8?"EIXRTOX/\`
MPS\':UXX^(NK:)J][K>D>&K^YCM8K3PEX+TKQ7X@\.ZSX<\-^(?B/XK\&^&]
M7UW3=0TZTU>2XT^^2W_4*OSG_P""P&@Z=XC_`."4G_!273]4@CN+:W_89_:E
MUZ*.6**95U'PM\%O&7B?2)PDR2()+;5M(LKF*4*)8)8DG@>.>..10#YK_P""
M,W_!8[0?^"P_AO\`:4\?>#_@?J_P5\%?!+XD>%?`_A6/Q+XQLO%'BGQAIWB+
MPU<:X^M^(+#2]%T_2?"U[#/:O;KHVG:OXH@6%T<ZS*X(/[65_#Q_P9!_\FS?
MMT_]EU^&'_J`:M7]P]`!1110!\K?MO?M8>#_`-AG]D_XY?M:>/?#GB3Q?X5^
M!W@J;Q=J7A?PC;K/X@UZ1]0L-&TS2[%I%>WLDO-6U2QAOM7O0-/T33VN]8U%
MDL;&X=?AW_@BY_P5[\'_`/!8?]GOQY\8]"^#?B'X&>)_A=\0T^'7C;P3JOB:
MW\<Z.;^[\.:5XET[5?#/C2VT'PO_`&Q87-KJ,UK<VU[X=TC4M/NK%FGM6M+V
MQN9_UC\;>"/!GQ+\'^)_A[\1?"?AOQYX#\:Z'J?ACQAX+\8:)IOB3PKXI\.:
MS:2V&KZ#XAT#6+:\TK6='U.RFFM+_3M0M;BTN[>62&>)XV*GSC]G_P#9I_9]
M_93\!_\`"L/V;/@S\./@=\/FU>]\03>$OAEX3TCPEHUYKVI);Q7^MZA;:3;6
M_P#:6KW4%I9VLVIW[7-ZUG965GY_V6SMH8@#V^BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBO'_C]\?O@U^RU\&OB%^T'^T'\0O#_P`*_@W\*_#\WB;QUXZ\
M333IIVD:<D]O8V=M;6=C;WFKZ[X@UW5[S3O#OA/PGX>T[5O%7C+Q5JVC>%/"
MFC:SXDUG2]+NP#V"BO\`*$_X+-_\',_[1W_!1[6/"GPV_9FMOB!^QY^S+\,O
MB!9?$#1+;P[\0+JR^-GQ<\=^`?';^)O@]\3_`(B^+/!JZ/\`\()_P@G]C^#_
M`!MX1^$/@[7/$FC^"/B[93^.=1^)'Q-UKPM\)]9^'?ZO_P#!'W_@[[\5+XJ'
MP7_X*]ZYX?G\$S^']6N?"O[8G@3X7:C:^*M+\56NH^(O$1T;XY?"WX1:/>:1
MKOA_7M(O-+\$^"/$WP6^%WAS4?">H^'-`@\=^$_&EMXT\5?%'P$`?Z#E%<_X
M3\6>%?'OA7PSXZ\"^)O#_C3P3XT\/Z-XL\'>,?">LZ=XC\*^+/"OB/3K;6/#
MWB;PSXAT>YO-(U[P_KND7EGJFC:SI=Y=:=JFG75M?6-S/;3Q2MT%`!7Q!^V]
M_P`%(?V)?^"</A7P/XQ_;1^/GA_X*Z1\2_$&H^&?`5G<^'O''CGQ5XKU'1M.
M75->N=&\"_#+POXT\;77A_PY;3Z9%XF\6+X>'A7PWJ/B'PGH^N:SI^K^,/"]
MCJ_YP?\`!7G_`(.(?V-O^"4W]M?"W;_PTE^V/IW_``@EY_PR[X-U^^\*_P#"
M->'/&GVK5/\`A(_BS\7/^$/\8^$OAK]E\)6']NZ;X*_L_P`3?%/6O^$J^&FI
M_P#"`:=\-_''_"RM%_RQ/VZ?VZ?VCO\`@HO^T=XS_:@_:@\9_P#"5?$#Q5Y6
MF:-HVF176G>!/ACX$TZZOKGPS\+?A;X9N;[4?^$5^'_A7^T;Y]/T][[4=8UG
M6-1UWQIXTUWQ5\0/%7BSQ9KH!_N<T5_)%_P:7?\`!5/4?VQ?V1]8_8L^,WB/
MP_/\=OV(_#_@GPS\-8K>P\*^%]1\;_LCVNB:9X.^'-S#H]AXC.K^,/$'P5U?
M1G^'/Q"\6:=X#\.:)IOA7Q#\`9/$^L^*_B3XT\3^(=5_K=H`****`"BBB@`K
MYV_:W_:2\"_L>_LR_'+]I_XDSI%X-^!_PV\3>/\`5+<SK;S:Q<:/82-HOAJP
MD96']K>*M>DTSPUH\81VGU75;.!$9Y%4_1-?R`?\'.WQN\;?'?QU^QO_`,$D
MO@A\-OBI\>=;^,?CK0?VG/VKOA/\";:ROOB5J?[,?PIU]VM_#MI+?S0:7HLW
MBG5-/\3^)-'U'6;W2;6U\3?#OPG'-?K%J\-K?@'L_P#P1+_X)VK\=O\`@EA^
MT[\5_P!L.U76?C1_P6N;XE?&OXY^(HK=8=9L?AI\5[#7K;X/6&A7\TMY>P:=
MHFE^(]3^+'@6WGN[A?#=UX[BL;<;--0O_+/_`,&[7Q^\<?\`!*+_`(+9^./V
M(OCU>OX8T#XS>,?$_P"QW\3;._2+3])C^,7A+Q3?P_`_QE;/?Q1W5Q:ZYXLB
MN?"'A6ZM[M=.U+0_BZ-:0:C#_9LZ?V@Z'_P5G_:4\-:+H_AS0/\`@A-_P4MT
MC0O#^EZ?HFB:38:#\$+>QTO2-*M(;#3=.LX$^)H2&TLK."&VMXE`6.&)$484
M5_##_P`'(&C?&KQ=^V+X4_X*(6_[#O[5?[!FG_$S3_`_A?6M:^,.B>&?#%[K
M/[07PYMM2N-'\9>%/%WP[\7ZXEMXBN_`6A>&#`DPT?6K6^\#7FN6=[J,D\[:
M8`?ZQM?`'_!6+_E%E_P4L_[,`_;(_P#6=?B-3/\`@EG^VQHG_!0S]@C]F[]J
M[39;,:[\0_`=I9?$G2[(31P^'_BYX0GF\)?%'1(X+F"VN8;.V\::-J]QHS2P
M*M[H%UI.IVKW%C?6MU,__@K%_P`HLO\`@I9_V8!^V1_ZSK\1J`/Y1O\`@S$O
M_'>E_L7?\%%-1^%_AGPUXS^(EE\6/`-SX+\)^,O%^H>`/"GB'Q'%\.-9;2]*
M\0^-=*\(^/M2\+Z3>70CBO=:L?!?B>YL86::+1KUE$1^6/\`@JM_P6%_X+,_
MLT_\%.?@?^R_^UA\7OA-^RE\%K'XE_`GXF^(])_9&U77[CP7XL^`^O?$NPCU
M36?$GQB\7>'-#^,6N6%KIWAOQ?H/BC3K;2?AYI6I+8:O!=>"[BSELY)?MC_@
MR#_Y-F_;I_[+K\,/_4`U:O@G_@Y5LK/4O^#CC_@GOIVHVEM?Z??^"OV(;*^L
M;V"*ZL[VSNOVL?BA!<VEW;3I)!<6UQ!(\,\$R/%-$[QR(R,00#],/VP=(_X.
M0/\`@K=:ZO\`%?\`8<\66_[`/[%%Y'=:M^S_`.%-1^+OB#X`?M,_'+P?9W,=
MSX9^)'BK7?"'AO4/B!X)NOB%!9P:QX>\%:QXF^'6A:=X=U>UT_7TUF.6YUZ_
M_)?_`()<?\'!7_!0S_@G]^W!;?L3?\%:_'?CSQA\*;?QKI_P<^*-W^T-<6^H
M?%K]F[Q,'^P:7\1'^*$XFUOQQX(N7O=(U'Q9J'BWQ%XPT?6?`\MI\0?`WB*.
M%IIO%G^EHJJJA5`55`554`*J@8``'``'``X`X%?YO_\`P>V?`+PEX._:=_8P
M_:,T;2H[#Q1\=/A-\4?A[XSO("J1:Y+\!]?\#WN@:C=PKCS-5@TGXPKH\]^X
M,D^E:7HED6,6F0J@!_3A_P`%W_VH/^"N7[*O[,OQC^/7["VA_LH^'/@C\*?`
M^D:]XV^*?B_Q!XI\<?M)16VNWUOH6KZ]\-/A/K/@*V^"&GVG@.?5;+7KC4/&
MOC'QU)K6E6EU-9^"Y9H1I=W\>_\`!K_^V!^VO^UO_P`$[/VT/C7\3/B7K/[4
M/[1UM^U3X[L/AO!\>?B5KV@^#A?1?`WX-ZKH7@J+6-(\,^,(?A;\/&\0:E>W
MT^E^!/`4VEZ9-J6J7^G^&WO+VX>7ZU_:E\=^(OBE_P`&O/B3XG>+[E+SQ9\1
MO^"0OPT\=^*+R)9$CN_$7B_]G'P9X@UNYC266>5$GU+4+F5%DGFD57`>61@7
M/Y]?\&3W_*./]IK_`+/9\3?^J)^!5`'Y#?\`!4[_`(*Z_P#!:7]G'_@J!\*/
MV9_VPOCCX-_9]^%7A#XM?L_?$[7?"7["MUXUB\#>-O@MK7C70-<O)&\;W6D:
M=^T)X^C.D:?XA\&^+_">JV7AJP\6:SH^O6=A\/;GP[JNCG4?Z!?VD/@S_P`%
M]_\`@J5IFL^,_@M^T!HG_!(S]FJ]TG4C\'?A1/>>(D_:W^)=E<7-RFC^,_CK
MXL\!Z?\`VM\"KC6])CLM2T?P=X(\<3Z_X2BU6XL/&6AW7B#3H;F#\'_^#D:-
M$_X.1?\`@G@R(BM+X6_89DE95"F1Q^UG\2H@\A`!=Q%''&&;)"1HF=JJ!_H[
MT`?P/?\`!`#_`(*V_P#!0#X:_P#!3'QC_P`$?_\`@I!\2_&?QGUG^V_BG\,/
M!WBOXC:A<^+O'7@3XP_!;3O$?B+4K9_B3JUI#XM\??#WXA>%O"FOW.B:[XMO
M=;N;JY'@[5=!O+;2-=U#[1_3'_P5Q_X*>ZA_P3\\&?!7X;_!+X<6?QY_;<_;
M`^)6G?!O]E3X'W.I?8-+U+Q'J%[IVGZK\0?'DMM/#J=M\/?!MQK.C6^H?8&@
MN-4UK6=(TZ34-"T3_A(/%/AW^/[Q/8VNG?\`![/;6]G%Y,,G[0?A&^=-\DF;
MK5/V)-%U*^EW2N[#S[V[N)]@81Q>9Y<*1PHD:_0__!5W6?'?QH_X.POV(_@W
MI?QJ\8_`:;P?\-OA?X&^'7Q+\(V_@_Q%K'@37O%_ACXM^-?[?\->&OB-X9\6
M>`VUW7]=\2V7ANY&L^&]7:^@@TXK-%=6FE/I@!^V/Q._X(R?\%&?VA_AK'XB
M^+G_``7;_;<^'O[4%S%K&HB3]F6XM_@7^RYX6O=9F^U6_A;3_A'\+=3^'OC3
MQ;H?AV*'3]&L?$OB?XE+KM[#:WNL_8--N]:O[(_CW_P2W_X+G?MT_LH_\%,O
M$/\`P20_X*V>.+3XOSW?QE/P*\%?'34+#1+#Q7X-^(FK2V5E\,)+_6]%T_0X
M_&GPH^+XO]!O-$U?Q7ILGCC0;CQIHNI:MK$>B0WVC:3_`$J?\.\_VX?^DUO[
M:?\`X8W]A#_Z&.OS)^(O_!JS\'/C-^U;#^VE\9_V\?VL/B9^T#)X]^'_`,1=
M;\8ZIX=^!/AW_A(-?^&D/AFR\+M>:;X&^&_A?2["&UTOPCH>F.=#LM+G>&T^
MT^<-0DENW`/ZK:***`"N?\6>+/"O@+PKXF\=>.O$WA_P7X)\%^']9\6>,?&/
MBS6=.\.>%?"?A7PYIUSK'B'Q-XF\0ZQ<V>D:#X?T+2+.\U36=9U2\M=.TO3K
M6YOKZY@MH)95_,#X_?\`!<;_`()0_L^?!KXA?&;5/V[OV8/BI;>`/#\VLQ?#
M7X`_'GX/_&7XR^/-1>>WL-'\)_#WX<^#O'5YJ^O>(-=U>\L=.AN;Q])\*^'8
M+BX\3^.O$WA+P3HWB'Q1I'^:)_P7'_X+C_&7_@KU\98=+TN+Q!\*_P!B_P"%
M?B"\NO@/\![J\@34=5U%(+S21\:_C6-)O+S2->^,&NZ1>7UGI6E6=]JWA7X-
M>%=6U#P+X%U#6=1UGXD_$GXJ`']SO_!1?_@ZX_X)Q_L7?VCX*^`6J?\`#>_Q
MMM?LG_$A^!?BW2[#X$Z+Y_\`P@^K?\53^TO_`&;XJ\):C_:/A+Q5K-[HG_"E
M?#GQN^Q^,?!VK^`/B/\`\*UU-_M]O^SW[!W_``45_9'_`."D?P:T7XS?LJ?%
MCP_XTMI_#_A[6?'7PUNM5T2U^,OP3U'Q'/K]A9^$_C7\.;'5]4U?P%X@?5_"
M?BS3M*N;M[KPKXW@\.:AXG^&_B;QIX)GTOQ1J/\`AS5^_P!\1?VA_'?_``1+
M\"0?L>?LB>*?A_X'_P""@_C[X?\`B+3O^"F'[6'PR\5Z/\5_B3\(M8\3:QXN
MT?3?^">?P-^(C^"X/"7P:_X4UX2@\$>._P!I/XA_`CQ/XT\=ZG^UC):^%]"^
M..AV_P"S;HFDD`_TN_\`@JY_P5<_9Q_X)*_LXW7QK^-=U_PE7Q`\5?VOH7P!
M^`.A:O:Z=X[^./CO3K6VFN-/T^XFMM1_X17X?^%?[1TK4/BE\4M0TK4='\!Z
M/J.F6MKIGBKX@>*OA[\/?&W^7)_P5U_X+C_M<?\`!7SQ5X=L?BO%X?\`A-^S
MY\./$&OZY\+/V<_AQ>:W+X5L-1U#4=<AT7QS\3M<U:\>Y^*GQ@T;P3JUOX%7
MQM)I?A3PKIFG1>(+SX=_#;X<2?$'X@V_B7\H?BE\6/BG\<?'>N_%+XU_$OX@
M?&#XF^*/[,_X2;XB_%+QEXC^('COQ%_8FCZ?X=T;^W?%WBS4M7\0:O\`V1X?
MTC2M"TS^T-0N/L&CZ9I^F6OE65E;01>?T`%%%%`'^CY_P9E?\%%_^%E?`GXK
M?\$T?'^H^9XM_9S_`+:^.G[/_P#HFW[?\"?'WC&'_A:WA;_B2^![#3+7_A6O
MQM\8V?BS^V_&OCS7/&/C'_AH+^PO#FD6?A+X42_9>_\`^#H/_@OGX[_8N^T?
M\$\?V,_$'_"-?M&_$#X?Z=XB^.GQ^\.>)='E\1_L_>!/&?\`:,.D?#KP!;Z)
MJMSX@\$_M`>-O#]M%XJO?%WB*T\/ZQ\+OA9XH\%>,?AE!J?C/XD>%OB%\)/Y
M0O`>I>#O^"$_B/\`9Z^+7B+P;^T!=?\`!736/V?_`([_`!+C\)/\2_@3X$^%
MG[!?_#1WPL^)'P1_9OTWXR_!K6/A/^T!\0/BA^T!:?#_`,33_M4^+?A/\1=<
M_9Q_X0[PYX[^"/@7Q=X-UB[NO&[C\(?%GBSQ5X]\5>)O'7CKQ-X@\:>-O&GB
M#6?%GC'QCXLUG4?$?BKQ9XJ\1ZC<ZQXA\3>)O$.L7-YJ^O>(-=U>\O-4UG6=
M4O+K4=4U&ZN;Z^N9[F>65@`\6>+/%7CWQ5XF\=>.O$WB#QIXV\:>(-9\6>,?
M&/BS6=1\1^*O%GBKQ'J-SK'B'Q-XF\0ZQ<WFKZ]X@UW5[R\U36=9U2\NM1U3
M4;JYOKZYGN9Y96Y^BB@#H/"?BSQ5X"\5>&?'7@7Q-X@\%^-O!?B#1O%G@[QC
MX3UG4?#GBKPGXJ\.:C;:QX>\3>&?$.CW-GJ^@^(-"U>SL]4T;6=+O+74=+U&
MUMKZQN8+F"*5?W^_X)U?\')__!2[]D'XR_"=/C-^U1\8/VC_`-ER/XP:5XF^
M/7PY^,B:3\?OB%XD^'NMP:1X7\>VW@'XE?%'5+/XK:#X@T+PM9OXG^%_A/3O
MC-X1^&=M\3-.LM1\3Z-?:'XB\=V'B3^>&B@#_?8\)^+/"OCWPKX9\=>!?$WA
M_P`:>"?&GA_1O%G@[QCX3UG3O$?A7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=
MTB\L]4T;6=+O+K3M4TZZMKZQN9[:>*5N@K^0+_@T(_X*7?\`#3/[&WB']ACX
MI>+/[1^-O[%WV7_A77]O:[]L\1^-?V6/%5]-_P`(C]@_X2+QYK_BWQ'_`,*(
M\6R:A\+M6_L+PCX5^'7PP^%FM?LT>"=,^T:GJ,^?Z_:`"BBB@#G/&/B_PQ\/
MO"7BCQYXVUW3?#'@WP5X>UGQ9XL\2:Q<I9Z3X?\`#?AW3KG5]<UK4[N3"6UA
MI>F6ES>W<[_+%!!(Y^[7\P'_``0!L;C]NO\`:>_X*)_\%N/'.GW7F_M$?%B^
M_9E_93L]8,CW7@[]F/X/0>&X6ETVVEN)AHY\9W>F>#+;Q#8)!8NGBWP3XIU%
M(#'X@N+F]_57_@HW_P`$PYO^"DOAW4?AIX__`&V/VNO@I\"=?\/:7H?BWX%?
M`/4_@QX4\$^-9]/U*_U&;5/%^N:]\'O$_P`2-?CU7[3I]KJ7A>^\<2>!98=!
MTJ>/PM%J`OKR]^=O^"?G_!#C2O\`@FA'IWAS]F'_`(*$?MP:/\(S\2--^)/B
M_P"!_BO_`(9>\8?#?QY?0OHT'B'2-5BU[]F^]\2^&K'QGH>AVGA[Q#J7P]\1
M>#O$RV.+W1M=TK7+:RU6V`/W6K\B_P#@NA^Q#8?M]?\`!,;]ICX,PVL,OC_P
MQX0NOC3\';MWMH9K3XH_"2UN_%>AV$-U=6]Q#9Q^,--MM:\`:A<LD?E:5XLO
MW6XM'5;J']=*^(OVW?V/?%_[9O@&7X6Z=^V#^TG^R[X#UWPYXK\*_$32/V=%
M^"^E:I\2-&\5VMI82VNL^,_B'\(_B%XY\-+INGQZG8VG_"NO$G@LWMOKNHC6
MSJKPZ4VG`'\0O_!F+_P4.L/`_P`3OC1_P3A^(WB.&PTGXP&;XY?L]PZE=006
MTOQ,\-Z1:Z7\5?!6FO=:BLUQJ_BSP)I>@^,-)TG3]->-;3X;^,;ZYN8[BX@A
MN?[4O^"M-Q!;?\$K_P#@I5)<2QPQM^P-^V!;J\C!%,]W^S[\0K6VB!.`9)[F
M:*")>KRR(BY9@*_`SP+_`,&;/["WPP\9^%OB+\.OVP_V]_!'CSP1KVF>*/"'
MB_POXZ^"FB^(O#7B+1;N*_TK6=&U6P^!\-Y8:A87D,5Q;7-O*DD<B`@XR#^N
M7[1__!*3XA_M6_LVS?LK?&7_`(*=_MU:Q\+==TN^T/XBOH>F_LB^$/%_Q6T2
MYU2VU*TT7QUXQ\*_LOZ1K]QH]E#;?V/=Z7H5[H=CXLT6>ZL/'=OXICN)"P!_
M/S_P9!3PM^S9^W9;+-$UQ%\</A5/+`)$,T<-QX"UR.":2('>D4[VURD,C*$D
M>WG5"QBD"_G-_P`'1GC?1?AG_P`'`G[$OQ'\27$5IX=^'_PB_9`\;Z_=32-#
M#;:+X4_:<^+>O:K<32K%,T44-C83R22+#*R(I812$;#_`$W?L'_\&Y'PP_X)
MK>/O$'Q`_8^_;\_;G^&5[XU@T#3_`(A^'[BX_9A\7>#OB%HWAO4+G4-+TOQ3
MX7\8?LX:[I4S69U#6+33M>TZ#3?%6AVFNZW'X>U[27U2[DE_F5_X.AO`WACX
MG_\`!P3^Q#\-?&VG-K'@SXA_";]CWP-XNTA;V_TUM5\,>+/VGOBUH&OZ<NHZ
M7<V6IV#7VE:A=VPO=.O+2_M3+Y]G<P7$<<J`'^DQ9WEIJ-I:ZAI]U;7UA?6T
M%Y97UG/%=6EY:742SVUU:W,#/#<6UQ"Z303PN\4L3K)&S(P)_@*_X.L=.U3_
M`(*#_P#!3+_@FA_P3)_9^N$\3?&[2--\=OXDL[.W-]8^!7_:%UGX?SG4_$CV
MRK-!;^#_`(>?!K4/B9XMA:<MI7@@6NL%(8[O?+_0;X9_X)*_MV_L]^%X?@I^
MQ)_P67^,?P(_9<TB&/2/`'PC^+O[+/P5_:J\;_![P>FMB_A\#_"CXW>/-;\-
M>)]+\,:)H32^"_!UAXVT;Q^/!_AF+3+?1REUI-G=+]'_`/!/C_@C]^SC^P'X
MZ^)OQ^@\3?$C]I']L'XWRWDOQ>_:U_:"UFU\4_%?Q);W]\NH7F@^'OLUG::3
MX'\+W5S#8M?:9H=M]OU>+2M#M->UG5K#PYX<L](`.1_X*\>!/#/P<_X(;_MH
M?"WPWY5AX2^&G[#OB+X;>&(IC!;+%HWA7P/8^$O#MF%016Z2R6UE8VD$$*JK
MSO'!!'ED0_C+_P`&3MS;O_P3L_:?LUFC:Z@_;2UZYFMPX,T5O=_`WX)Q6TSI
MG<L<\EE=I$Y&':VF"DF-L?NY_P`%&/\`@F)<_P#!27PEX@^$WQ)_;6_:L^$G
M[/OBS3?#]GXH^`WP1B_9^\/>$?$EYX?U&354U+7?%OB+X'>*?BUJD6HWJV$V
MI>&KKXAOX,F?2=.DC\-Q3QSRS_$_[$?_``;T>'?^"<2>.H?V+O\`@I)^WI\&
M;+XE-I,WC316MOV1/B+X8UJ\T07$>FZJ?"OQ3_9;\:^'M/UNWM[J>S_MW2=.
ML-8GLF2RN;Z>SAAMT`/YI_\`@Y'OK,_\'(?_``3Y/VJW`TWPM^PU%J#&5%6R
MD'[5GQ'OBMTQ(6`BRNK>Z/F%<031RG",#7^C]7\M/[2G_!JO^SG^U]\=-;_:
M6_:-_;S_`&_?B7\<-?DT*2\\>W?B/]G7P_>68\,6=K8^'K?P]I/A']GGP_X>
M\)V.C0V4#Z=I_A;2-&L+6\\_4(K9;^ZNKF;]J/!G[)7Q_P#!OP3U[X2?\/'_
M`-K'Q-XDO;OPK_PBGQQ\5>!/V-=8^*_@'0_#L207WAW2WE_9<7P+XLA\50QQ
MIKWB'XF^"O'/C/>9KK2_$NG7LOVE0#^'#QC>6DG_``>TV<\=U;/"/V@?`MF9
MDGB:(7<?[$/A[3Y+4R!B@N8[]6LG@SYJ7:M;,HF!06_^#O/X#_&;]F;_`(*(
M?LG_`/!3/X7K=:=HFMZ%\-])T/QO;6/VJ#P9^T=^SQXLU7QIX535)&B-G')K
M7A;_`(1K5_#%K>.T^JMX*\8A4:UTE@G[CWG_``:>_LRW_P"T7/\`M<77[>G_
M``4+?]I.X^);?&&3XQ)XY^!4'C$?$<ZQ_;H\30W=O\!HK:VFCU`+Y&G6]K%H
M]O8HFDP:?'I,:6*_N[XX_8C^'7Q__9/UK]D;]L_Q)XB_;1\&>*K34+3Q;XP^
M,FA?#;PMXVUUY=7NM5\/:K`WP+\"_"3PMX6\2^"1+9VGA3Q3X*\,>'/$-D-*
MLM2NM2O=;DU#5+T`_.S_`()B_P#!P=^P+_P4&^$/@R^\2_&OX8_LZ?M)'1X+
M7XC_``!^+OCG0?`NJ6_BS3M.>YUZ[^&6K>*[[2M.^)/@VY2SU#6](N_#UU=Z
M]IN@1E_%VB:!?6MW!'#^UY_P5C^''Q1^-?P0_P""=_\`P3F^,WA#XV_M;?'/
MXO>%-+^(_C7X,Z_HOQ#\(_LL_`/P%XMTKQ#^T+\0O'?BSP_=ZEX6T_QE9>!-
M&\1>$?"_@^ZU"344\7ZK:P:S9V]X-*T?7?Q-^+'_``9!_`77_'[ZQ\%_V\?B
MA\,OAM/J,EU-X&\>_!+PW\6_$MM82WWGMIFE>/\`2?B/\*+6W2"Q+6-G=ZIX
M)UJY1UAO+UK]DEAG_HO_`."5G_!&7]D+_@DGX%\0:+\!M.U[QI\3_':PI\1O
MCO\`$@Z1?_$;Q18VTYN;+PU8R:1IFF:7X5\%:=.1-:>&M$M(EN[F.#4/$%_K
MNJ6\%_&`?K57^<'_`,'(O_!R+_PT!_PGO_!/3_@GIX]_XQ__`.)EX/\`VE_V
ME_!^I?\`)P'^ML->^#OP=UZPE_Y-_P#]?IGQ"^(6F3_\9`?Z5X5\*W7_``S_
M`/VMJW[0'^@Y\?O@1\,_VG?@U\0O@!\9M+\0:]\*?BMX?F\)_$'P]X9\?_$+
MX8:CXD\*WD]O+JWAFY\8_"SQ3X+\;6OA_P`1VT#Z)XLT;3O$=GIWB[PK?ZSX
M0\3VVK>%M>UK1[_\8?\`B%Q_X(4?]&,_^;,_MA__`$05`'^0+17^OU_Q"X_\
M$*/^C&?_`#9G]L/_`.B"KZ`_9O\`^""O_!)[]D3QWK'Q2_9R_93_`.%8?$W5
M_A_XW^&EM\1=,^.?[26K^._!_ASXB:/)X=\6:E\+?%WB;XQ:WX@^#_Q`O?#]
MQ?Z%I_Q8^%6H>#?BGX=T?5]=TSPWXRTBRU[68+X`_P`V/X7_``D^#7_!&[Q5
M\&_VD?VQX_$'Q'_X*.^&/#]E^T%^SQ_P3MTK39]$\*_LW?$*+4?`/B;]E[XK
M?\%%?B?IGCWPYXV\%^((+:ZUWX[:1^Q'\//#,OQ,UK3O#7PGLOC]\0O@QH/Q
M'U7P;=_B#XL\6>*O'OBKQ-XZ\=>)O$'C3QMXT\0:SXL\8^,?%FLZCXC\5>+/
M%7B/4;G6/$/B;Q-XAUBYO-7U[Q!KNKWEYJFLZSJEY=:CJFHW5S?7US/<SRRM
M_K]>+/\`@V>_X(H^/?%7B;QUXZ_8_P#$'C3QMXT\0:SXL\8^,?%G[67[:OB/
MQ5XL\5>(]1N=8\0^)O$WB'6/VB[S5]>\0:[J]Y>:IK.LZI>76HZIJ-U<WU]<
MSW,\LK<__P`0N/\`P0H_Z,9_\V9_;#_^B"H`_P`@6BO]?K_B%Q_X(4?]&,_^
M;,_MA_\`T05'_$+C_P`$*/\`HQG_`,V9_;#_`/H@J`/\H3]F_P#9<^.W[6_C
MO6/AU\`?`W_"9^(/"_P_\;_%CQMJ&I^)O!WP_P#`GPY^%GPWT>37?'/Q+^*7
MQ2^)/B'PA\,OA=\/_#=DMO!J'C+XA>+O#7AP:QJ>A>'8=2E\0>(-#TS4/T_\
M1_M#_LX_\$J_^$_^$_\`P3^\4_\`"^_VY[WX?V?PI^*W_!4/1_%=K<?"SX-:
MQKW_``FMC^T!X._X)B^$(O!>D>(-(_M?P_J_A;X/+^WKXO\`&5_X[\6^'-$^
M)^M_LY^!?@_X7^)VB^-K[_2\\._\$%?^"3WA#]G'XB_LE^$_V4_^$7^`OQ@^
M('A'XE_%OPCX=^.?[26B:Q\4?$?P_M9X/`6F_$7XBZ;\8K;XF^-OA_X)O;FY
M\3>$?A/XF\8ZG\+/#?CNXG^(>C>#;+QU+)XB;Y__`.(7'_@A1_T8S_YLS^V'
M_P#1!4`?Y$OBSQ9XJ\>^*O$WCKQUXF\0>-/&WC3Q!K/BSQCXQ\6:SJ/B/Q5X
ML\5>(]1N=8\0^)O$WB'6+F\U?7O$&NZO>7FJ:SK.J7EUJ.J:C=7-]?7,]S/+
M*W/U_K]?\0N/_!"C_HQG_P`V9_;#_P#H@J/^(7'_`((4?]&,_P#FS/[8?_T0
M5`'^0+17^OU_Q"X_\$*/^C&?_-F?VP__`*(*C_B%Q_X(4?\`1C/_`)LS^V'_
M`/1!4`?Y`M%?Z_7_`!"X_P#!"C_HQG_S9G]L/_Z(*C_B%Q_X(4?]&,_^;,_M
MA_\`T05`'^9)_P`$F/\`@H%XJ_X)E_MY_`K]JW1Y_$%UX)\.>(!X3^.W@[P_
M)J,\_P`0O@%XT>'1_B?X97P]:^,_`6D>+/$&EZ0\7CWX8Z-XQ\1P>"[+XR^"
M_AQXI\0VUU;>'%B/^USX3\6>%?'OA7PSXZ\"^)O#_C3P3XT\/Z-XL\'>,?">
MLZ=XC\*^+/"OB/3K;6/#WB;PSXAT>YO-(U[P_KND7EGJFC:SI=Y=:=JFG75M
M?6-S/;3Q2M^$/_$+C_P0H_Z,9_\`-F?VP_\`Z(*OV>^`/P(^&?[,7P:^'OP`
M^#.E^(-!^%/PI\/P^$_A]X>\3>/_`(A?$_4?#?A6SGN)=)\,VWC'XI^*?&GC
M:Z\/^'+:=-$\)Z-J/B.\T[PCX5L-&\(>&+;2?"V@Z+H]@`>P4444`>+>+?V;
M?V=O'WB#4/%OCOX!_!;QKXJU;[)_:OB;Q;\+/`WB/Q!J?V"RMM,L?[0UG6-"
MO-2O/L>FV=GI]I]IN9/L]E:6UI#L@@BC3G/^&/?V2/\`HUK]G/\`\,C\,_\`
MYF*^C**=WW?]?\,ON"R[?U_27W'SG_PQ[^R1_P!&M?LY_P#AD?AG_P#,Q1_P
MQ[^R1_T:U^SG_P"&1^&?_P`S%?1E%%WW?]?\,ON%9=E_7_#+[CYS_P"&/?V2
M/^C6OV<__#(_#/\`^9BC_ACW]DC_`*-:_9S_`/#(_#/_`.9BOHRBB[[O^O\`
MAE]P679?U_PR^X^2_&?P:_8Z^`?AO4?C/J/[-?PMTBW^&K6/BM-6^&/[,,'C
M[XA:5>Z9J-I)IFI>#O"/PC^'/BGXEZUK]AJ1M+K3X?!GA_4]<MYHEO;6%!;/
M-%_GO?\`!<3Q)^TG^U[_`,%C?@O^V5^S'^P7^WMX_P#@Y^SCHG[.>C:5XDU3
M]B[]H_PDWQ%O?A+\2]?^+6MWVB^'/%?@#0/%%CI4MUXJ?PS;+XETWPSJ-S=Z
M1=W(M(-.GL=0NO\`35HI#/S^^"WQ(_8\_P""A,5_XUNOV;/%5_XN\&^&_!MI
MX@M/VN?V(/BC\)/&'AFS\3GQ%J>E^$M)UO\`:(^$'AK2?&JZ)J-EXC_MVW^%
MGB3QIH'AS4+N*ZO[ZVC\4:+=ZQ>UKX7_`+#VG>-]8^'.A_LA?"3Q[XS\,V.D
M:CXLTGP/^SA\-]5M_"5MK\4MUHL?B37;[0=+\.:;J>J6$$VIV6@/J[^()]+$
M.HII9M+W3Y;O[SKXST7X8?%7X4_'/X^>-?#FA:7\0_AK^T#<>%O$]S::?XH7
MPA\0/`GC+P[X.LO!6H6T37\-OI&L^'-<T_3--O\`3]4LM=TG7?#]_'=0-I^I
M1O!?HUZ^FME>Z_R\MD)]-/72[_JZ7];>?VW@W]@^Y\5_!_P6/V0_A1:Z_P#&
M_3/%^I^";/4OV</ACI<D:?#YH?\`A.K/Q%;ZCHUM>>'M1\*QW5E)J%EJ%JDM
MT;N*VT?^T[V.ZM;>UK_@']A;2-0\:Z?H_P"R!\*_'Q^&DWV7XBWGP^_9J^'/
MB6R\'7XTF+79-'O9(]!MIM8\06VDW-C?7WAOPG!XA\0:;!J6G/J.F6@O(-W*
MV'P8_::TCQ7^Q+X_\56-K\5_&GP-\!_&_3OC#JLOCC3[*?7?%/Q7TSPMIUB_
MA^\U6SM!=6VG/X?G>[233M)M+>REL8K%;B7[1'#Z7\'?A]\=/@3JWQKBL_!W
MAWQ]H/Q?^(NM_''0!!XXM]&O/!?COXA66GS^./`GB6ZU+0UDU#PCI/B.R,_A
MKQ;HUMK&K2Z-<S6MQX8M6L;"SE?SZ=[:II=;=$FK]O(GM=?<MM(Z??Z[6\UX
MKXS\0_\`!,KP3H_A7Q3>?LX?!C7?!?C'P#??%'1O&?@_]F?P/XIT,^`M'UK0
M=`\0^(KVWTCPM<>(+*W\,ZCXFT1?$-K/HBZAI<-W---9E-.U3[%[EXI^#O[`
M_@SQC\+O`7B']GC]FVQ\4?&34-=TWP!IK_`[X:^9K$_AO0)O$>K.Q;PPOV:"
M"PC@A668#S=0O]/L44SW<:U\FZY^P;\0=&\(?!?X;Z/IR^*[#P)\"?CYX4UC
MQ;H'C7_A7DFB_%OXS>/-"^)NC^(/"<8FFU)_#G@OQII5U)%!JMI=$:,=(E?2
M]>OH+NP7O_&W[+'[0WQ3\*ZAXG\8^+;BW^.WPD\,_""S^"&KQ7W@VY\+>,/'
M?PGM;/Q+J7Q`\1%]`F\0>$KCXC_$5]<MM?T[0-5T13X(;P_;:A+J,L=UI&G/
M32S>[Z]+I)_D];;=`U5_=[=/)7U_*UWIY(]O\._!?]B7Q-\4/'_PDT_]DOX)
M1>*/AII'A;6_%$]Y\`OA7!HL6G^-QJ;^%)+#4%T:5]0?68]#UUXTM[8FR_L>
M\AU0V-PUG#=<MX^\!?L._#[Q_8_#*]_8U^&GB+QAJ?@O5_B!IFE^#/V:OAEX
MDFU#POH%_8:7K5[9P6>CB\GN=/U#5-.MFTU;7^TKI[N-]/M;N(22)O?#W0/V
MA=#_`&A?B]\5=6^$6AV^C?%_PG^SWX96(_$?1C+X4NOAS;>,D\:7E\MK97TN
ML::M[XYOW\.S6,5M?ZI8:3:'4-+T>[U"6"RZ3X@^`OB;'^UM\.OC9X9\%IXI
M\'>%_@GX[^'6KI%XET/1]6.L^+?%7AC7K*?3[/5;B&.ZM+.'PTT-\]Q<615K
MZ%K477DRH%UWZ+KHWI=7OY=^EET'TO;KVZ772W9+^D>(>&Y?^";?BS5?`>EZ
M+^S9\%2/B#XTUSX9:;?:M^S7X%\.0:%\4/#=A>ZGK'PT\;67B/PMI.N>#?'$
M-E9/-9:%K^D64^N>;&F@MJDB7*V^WI6B?\$Z=1\7^"O!=U^SE^S_`*!JOQ+U
M[XF>&OAO=Z_\"/A78Z-X]UCX2ZOI.A^+K7PQJL6BW5M?@ZAJ\4>@3N8(/$JV
MM\=$DO7@5)<KXB?LG_$/Q=\#OVKRVG:`/C3^T-\0-*^)/A#1M%\03VVE?##Q
M!X/L?"6B?#O4++QI/#H]\/$VC0^%(?$^O>(=)L;(C5M0N]&TNVU'3[5;W5.]
M^(/[,&D_%+6_@CX/\4?"ZWB^$'A#]GSXA_#34H[+6-#TS5OA_P")O$VM?`[6
M/!FI>#3I]]+=V&I^#6^#UV(=<T:5C9SZOI'V0:E:MK,-L:=W]^UDGY>2^6G2
MRU[+H]K6U2M\DKO>VG;6Z/A#^PU!/\75U;]E?X$^']/^",*W/CO7=:^`_P`*
MK;0[:T;PO#XT:ZTZ^AT6Y^WP0^&+JSU:Z=(HS9I=Q6EVL.H)<6D&9<>`/^">
M=G\)/!GQQO/V?OV<+7X;>.V^'0T+7I_@5\-TC`^*&M:'H'AE]23_`(1@_P!F
M11ZCX@LEUN:\:.+188KZ:^>-;.7'#:#^S=^T5IFB>*_A/XS\:W/Q!\,?$#XT
M^#M2U_XRV>H>'],\>'X+^`O!G@ZTT&Q\0:'K6GZAI?B#QKJVM^$],\+>-));
M&\TCQ!X337M:O;>^O]8.@3\H/V0_B/>^%9_V5/&/A>W\8_LPI\<O%/BS2?%;
M^(_#=MXCL_A5XN\$>-KQ/#DOARS@\/P:9X@\&_&CQ9IOB+PW=Z%IXTRW\+Z3
M=?8]-T[5-)T2QU@T_F[:7Z*UVK];K1/LO(-?Y?+;S5MKZ);^EKGTCJ'P'_8:
MTWXBZ'\*)_V;/V<G\>>(O!OB?Q[I6@P_`[X9/--X<\)ZIX<T;4KJ:9O#:06C
MSZCXGL(-,2[DA74/LVJO!(5TN[,?CUC;?\$[-0\(^$O%L/[+OP;#?$'QUXF^
M'/P]\*)^SA\.+SQKXX\4^#-5U+1/%D'A[P[IF@7UQ)IOAW4]%UN#6-;OY-/T
M?3X]*FO;F]CL+O2[J_J?#W]F/X[>`_'_`.S7\7O&NKZ9\6?B5X$C^(_P^^+'
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M%Z]NO3JUZ67>WR&^EET[=5:U]-+V\K?(L>+8O^"?7@G6/'&D:_\`LA?"^!?A
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M^PKX;\9>-/`4W[$_@O6_$OP]T7POXB\7:?X._95^'WC6YTO0O&/]H#0=3BLO
M"NAZOJ6JQ7+:3JBS0:/8ZA>VIL)VN+6-&@>:);#_`()XZE!\*[SP=^RS\'?B
M'8_&C3?%FI?#R\\$_LY?#;45U?\`X06W:Z\7:==VM_H6EZCHFL:%"C+=Z5K5
ME87CW:3:9;13ZI;75E!Z=I7@[XP>$_VHOC9\9-,^&BZ_X7^)'PR^$OA708)?
M&?AK1]3M-=\"#Q7=7ZZS;O/?QVVES2^*8[3[=83:G<QR:?=2PZ;>0RVSR^`?
M\,@?$;P[/\`TN?#B>.H/#WC#]I?XF?%I?!GQ'O\`X;QZ5XD^/RWEY9>'_AQJ
M\%YHGB2\T[PMJ5RMB^H7\WAYKRPMX];2`7MT_A^P>FFO;KY+[M4MVNEMKI:]
MMGV\XVZ=EKO:U]-$>X>'OA;^P#XF^(.L?"G3_P!G7]G2#XD:)X0\.^.[OP7J
MGP)^&VE:[+X6\3P&73]4LK2^\,P_:DMIU_L_68HG,VAW\EK#JL=HE_82W7G\
MVC?L(0V'@34/^&+OA]*/B3XT\:?#WPA90_LU_">34M3\7>`6\3+XDTHV0LQ-
M;>2/!OBB73[RX$=AK$&CRW&EW-W!=Z;)>['B;]E/6/C!XK\7Z_XITB^^$'C/
M1]-^%>N?`_XS>"O$VE:SXO\``7C;PMX4?2/$VGDO'!<:OX1NKTVECJ&AZQ;2
M:5X[T*&]?5;7P_J<.DRI1M_@K^T#H?AO]D)=2\/>&_&WBWX/?&7XG?$_XK76
MA>(K'P_I6HMXOM/BOI2OX3BUB..25[Z3XD+K4&GWJ64=I;6+Z?<WD-PZLJ[6
M?;1NW1/?16T2W3T\KAKVT].G,DM+7O9?DUMIUWPI^&G[`WQCN?%.E>%?V8O@
MEIOBGP-<:=:^-?`_C7]F?PIX'\;>%I-8AGN='FU;PUXG\$:;J`T[6+>UN9M(
MUBS2[T?5$MKC[!?W!MYA'Q$&B_L(W,?Q(N(?V+/`#V?PDU[Q?X8\?7Z_LT_"
MAK#0M>\#>%+;QOXAT^2Z6R:*X\GPM>6>JZ?>6S2Z=K(N[6QTF\O=2N8+*3Z+
M^&_PP\7/\>?B7^T#XVT[2?"]WXL\!^"/A?X7\'Z7J::W?6WAKP;K'BCQ#/XA
M\6ZK!8V=@?$6LZKXHEM(-*TJ;5K+2M'TFRWZY?SWCVVF^/\`PV_9G\1WE]^U
MI<?$33[_`,-ZE\9OB?\`%76/!6LZ/XMGO-)_X0#X@?#3PW\.-/@UWPK9:S)H
M\OB73DT"?5[A[S2;E[=[FR33];93>V40K=W:RZ^<;V]/T\AZZ:+KTMM:W>WH
M^RV>BAL_`/["6H:!\"/$]I^R5\&YM&_:,O-)L_AO=#]GWX4(97U[PEJ/CW1I
M-<BDTM)=(BU#P5HVL^)(A(LLT5II=S9744&M26>EW6=8>'/^"=^M?"GQ9\8O
M#/[-WP#\5^%/`>J:YHOC:T\/?`3X7WGB3PMJOAF^DT_Q!I^KZ!+H5M>176F2
M(+IX81/)>:7-;:OIBWVF75O=R='\-/@Q\7;3PG^R)X!\<^'/#&DZ?^RBNBWN
MJ:_X?\82:X?B!JO@OX(^,?@UX:A\*:==Z!HTUE8:NGB^;Q)K,_B>71+C2YM.
MMM&M+;5(KZ?5M/\`$]:_8K^)]W\+X/$?PTGT3X2?'+Q'H6K>"/C7X4NM1CU7
MX=?&3P3J6N:K-"=<N-(BD$7CKPOI>IFY\"^.5L8-3MYHY_"VOI<>'+M)K(7F
M[:KKTZ_DM>FGJEK_`"K;M:VD;?C^7E8[3Q)HW["?ACQ?XO\``UW^Q)X0U;Q+
MX!T;PKXA\7Z;X/\`V4OA_P".;K1M$\9KJ)T+4FM/!VAZY?:A!*VD:K'<C2+7
M4)K-M/F-Q$D<EJ]Q]5?L\:+^S;)X*M_B)^S-X-^%OAWP=\1;2RO)=:^&7@;0
M/!,?B*/1I]2M;2#7;72-&T6^>^T"\NM8LCIVMVR7^AWL^J6<EM:7$EW&?*;+
MP3\7?!W[5/QR^+VC_#VU\4^%/B)\-_A3X0\.R?\`"9Z'HERFM^`6\67%Y-JM
MO=+=7%GHEY)XHBA2^MH+_4H?L-S*NB7(D@63U#]F7X.:E\$?A@WA?7K_`$J_
M\3>(/&GC[XC^*?\`A'Q=CPUIWB#XB^+=5\6W^A>&C?PVM]-H.@'4X]&TZ^O;
M2QNM4BL3JD^FZ9)>MIUJ/;?MUOT5]/5=7Z+0:O=Z6U?2VFB7Y?@O(^@Z***D
MH****`"BBB@`HHHH`****`"OSW\4_M6:S\(;W_@H'XR\<W4WB3P?^SMKGPHL
M_ASX4M[+2[";[;XW^#7PYU6R\,1ZE9:?'J-X?%/Q(\6QQ?;M6EU>[T\:J8K!
M#9VUMIX_0BOF_P`2?LL?#'Q<O[0,7B*3Q+J-M^T=J_@?7O&=M_:MM9C0=:^'
M/AGPKX;\(:KX)NM/TVTU#1K[2)?!F@>)+>YO[S6)8_$MI]LA:*R\O3HVK=?Z
MU7Z7![.V_0^>/"/Q,^(?QG_9I@\8^'/VMO#G@+Q1X#F\6ZY\=O']C\%8;"Y\
M'W=C97?BK_A`7^'_`,6M,M+WPSX?\)Z9J-G;?\)%XD\/MXA\4^%='T_6[5X[
MS7I]7C\FU7]H#]H&ZTW]DOQQ\4/B%XW_`&;OAWXX^`]KXP^+OB_PE\&-&\8^
M"[/XJZOXE\`VOA;0O'VN>*/`OC2/X5>'_$6@:MK]W-=ZCJGAVWT>Z>"ROM6A
MGCCE7Z-\2_L'>!/%7PY\4?#W5/B[\=WN/B#X[T'X@_%'Q^_B/P)?^._BAJOA
M2PTO3/"^D^,I]8^'&I^%I?"F@6.@Z!;V7AK0_"FAZ7/'HMFFI0WZ2Z@M[N^*
MOV-M'^(&C:%X8^(OQZ_:/\>^$[.Q@TSQCX4U[QQX4MO#_P`5K"S\5:IXKL;7
MXA6/AWP#H1D2";4UT6Z?P=+X/EUWPUI>CZ/XFDUN'3XW)=7OY[67E\GUMZ7L
MKDV?X*^KWT\]%O=IZ^MK\W^WI\6O&/PD\'_`^Z\)_$OQ%\)K7QO^T-X:\!^,
MO&/A+X>Z7\4/$=KX.U#X=?%'7KRWTCP=J7@WQY)J-U)K'AO1)LZ5X<NM42.V
MD6)TM9+M9/+/@G^W'J-K\./AYI_C[P]\3?CI\1O''B+]HK3_``?+\,/`OA2U
M\9>(_"?P'\8:3IQU3XB^!I?$GA6Q^'/Q`U3PGXFT/7;WP>]MINR:*XL$L-/U
MK4O#^A:O]D?'KX"Z-\?='\#Z;J?C;X@_#W4?AW\0]-^)WA7Q3\-=0\-:=XCL
M?$NE>'?%/ABVW3>*O"OC#2Y+!M-\7:HTL/\`9*W#7*6DB74<<<T,_$?#+]C_
M`.&_PN\7>%O'^F^(_B)XD\:^'K_XO:UJOB7QAK^E:KJ7CKQ+\:HOAU:>+O$G
MC#[)X?TRV?4K73?A=X2TGP_;>&;?PUH>FZ=;3Q2:1>2R130&EOG_`%?2]O1_
M);A9WO?3_AO^#T^9@7G[;WPVLM5G1O`?QCN_!)\7ZY\-]'^*^F>#=-U3X?>*
M/B?H5]J&AR?#OPR^G^)+CQAJOB'5?%FE7W@GP[>KX/B\*^(/%\46B:5XCNI[
MNS:XCTS]N3X8ZCX0UW7F\&_%"R\7Z%\4M(^"Y^#LFD>$M1^)VK?$GQ!H$/BK
M0_#>CQ>'_&VL^!;F:_\`#3W>M37D_CFUL-%LM)UH>(KK1[C2[N".OXB_81^%
M/B>36M+U+QE\7HOAOJ_B3Q/XYMO@YIOC'3],^'7ASX@^*Y]6U*]\=>&!9^'8
MO&VE:YIWB37-2\8^'[$>-)_"^@^+98=<TWP]!<V5E]GS/#7[`7PO\*Z'K6E:
M7\0/BS%J.H>)/AKXUT#Q3;7?PUT37?`'C7X5^##\._#GBGP3:^&?AEH?A>QO
M[KP-L\,:[8:OX;UOP_JFF"X5]%BGU+5Y]0-/ZO;I\^]_P#WK].G_``;=?3YW
MZ'D'PS_X*#Z+X8\'?%+6?VA-/\?Z)J>A>*/VF?%/A2RU+0?`EGJ%SX1^%OQM
M?X?Z?\%=-3P_XD32]5^+GA./Q#X)T&XL)+J?3]8?6+*_C\;ZZT>L:C:^I^(O
M^"B'P<TC3-=\3Z%X+^+GQ!\`>%/#OA3Q1XL^)?@G0/"-QX#\-Z;XK\(:;X[B
MM]2UGQ#XY\.2RZ[I'A77?#NJ:GX8TRRU#Q'<_P!NVEEX>TO7M0L=<M-)[70?
MV)/@]IV@_#O1_$=[XP^(M_\`#7X[^(/VC=&\5>.;[P]=>)M1^)_B;4M;UO5;
M_6Y_#WACPYI5QIDVNZV=;&EV&D:;"VIZ5HMQ,TPL/+EXK7?^"<W[/^J^"-.^
M'VCW/C;P5X;L=<^..MS6OA6\\([=3/Q_@N--\96=];>(_!GB+38?[(\.R6GA
M/P1KVE6&F^,?"OAG3H-,LO$KK?:Y+JPK:7OOKVM?YO\`KRU%S66J_7IOK;36
M_>W=W7HNC_MC?"_7OB!I7PMTK1O'%SX^U?XHZA\-X/#?]FZ!%?PZ78_#^'XH
M1?%NZ$OB9(XOA-J?@N^T?4=,UQ'D\0W%WKNF:-)X5@UIKRPL^S_:<UGXO>'_
M`(-^)-6^"%AJ&H>.+2^\-&5="T?2/$GBRR\(OXDTN/QWJO@?PQXAN;/P_P")
M_&^D^$'UG4/"OA[6KE-/U;6+>UM)8;^1XM.O/`_AI^S-XA@^+OQM^)NO6VH>
M%==L/A!X5_9;^!7CJZO?"5YXZU#P)X8\.MJ.K_&#5[CPO;/H]KXC\3^-M:CM
MM/ANM(TG4-/TOP+8QS>'-.TR]M+$_2FM_"34/%GPD\-_#CQ)\3_B);>)]#T?
MPG%<?%SP1JUMX-\>WOBGPW96D%WXNB>"RU#0XKCQ!=0WEQJ^A7^D:KX=O+?4
MKS3;O3+JR<1T:)KY;ZKSVZ>0]7>^F]K=MOOZGRM\+/VP_`_AWP)K_P#PDOQ1
M\=?'V_\`"OP@^-O[0&J^+'^&GA7X>>*-+\'_``6OO"^G>+_AQXK\(07/@^#3
M?BII.I>)(K>RTZ?PUX;TZ]M%$NIWNGA;2]U:?Q+^W2OA;QCKV@V?PN\<_$R*
MX^+GPM^%OA#0_`VD>'=+\1I<?$'X`Z5\=&>_O_%'Q`M]$UV_.CW&I?V;;1#P
MG'YMA=:3,T_V.'7=6O:I_P`$[OA/JFD:]:GXD?'*S\3^-M&^*/A[XF?$:V\7
M^&9O&WQ0T/XP:7X:TGQEI?C&34O!&H>&%M);;P9X1_LV/PQX9\-FP'AVPM49
M].EU"RO>V\0_L4_#?6SK=[8^,_BEX3\1ZG\1/AM\4=)\6^&-<\,V^O>#_%WP
MN^$=E\$M!NO#2ZKX/U?17M;_`,!VU[:ZU:>)-'\1)/J&M:EJ&GG39(])32S3
M\?ETWMTWV\M$+WK+9=^]M-M]=]RC\.OV]OV?_BA\=+W]GWPQJNI-XT@U3QAH
M&G7=W<^$3IFO>(?`*ZA+XMT;3=,L/%FH>-[.32H-(UB[@U7Q#X/T/P[KEGI=
MS>>'-:U>V>TEN<;X[^)_C[\-?C9\&M:\-_%;3M9\'_%#XV>`_AA8?L]I\/\`
M07>Z\"W^B/=_$OQW/XV(E\8#7_!5O8:]XS-Q;7EAX3MO#]AI^AWNE7.JWBWM
MWZO\.?V9-`^%GC&X\1^$?B7\8;;PQ/K_`(F\6#X277BO2KCX81>*O&27\GB?
M7!IZ^&XO%,YU;5M6U3Q*^AWOBVZ\*67B6^DUG3-`L;J"R-KA_$']E"U\?_&S
M3OCJ/CM\>O!WB;1O#T?A/1=!\':Q\-;;PEHWAR6\T[4==TO3++7OA=XAUFU'
MBW4=+L[OQ1J":[_:VI""UL4U"VTO3=)L=/-/+97OKZ]+K_A[/8>MO.ZVTZZ]
M=>O^1\J?&OX]_M%_LP>-/B7<:O\`$K1/CAIL/[.7QA^-USX*?X>Z-X5T[X+Z
MAX=US0-%^%$$6L>'WBUS7_#/BW4]8UC2+V'Q5J-WKFJCP?K6KZ5=:5!;W=K;
MU=7^*'[57A'XU^%_V0M3^.>F:UXN^)]S\+_$NG?'-/AKX*M=>\%>&M?\%?M&
M>)O'WA[2O#$&G_\`""ZC=IJOP"@L_`]_K^@ZE<6VC^)[W^W!KU_:6=[%]'P_
ML0>$)O'?Q8\9^(OC!\<O&.F?'$ZQ;_%7X>>)-8^'#>!O&&BZEX8U/PAIOAJ]
M&C?##1O&%IX?\(:+J;Q^#[+3/%]C+HMW;17XN;B\N-3FU"O;?L'?#.'2[IKG
MXC?''5/B#_;O@K7=`^-&J>.=,NOBIX-;X=:1XD\/^"]*\,:F/"\?AF+1-&T+
MQGXQTN;3]7\*:P->A\4:O=>)I-:U&6"]MW=?/36WI^6M^_F*SOY7TU>BTOYM
MO7?:VC/2?V4OB7XP^)?PPU23X@W=AJGCCX>_%#XL_![Q/XATK3TTC3?%6H_"
MKQ_KO@V/Q5:Z7$\EOIS:_8:99:C?6=H_V&WU.:^CL8[>S$%M#]*UYQ\)OA7X
M4^"_@/1_A[X-74GTC2IM5OY]1US4)-6\0:]KGB#5K[Q!XC\2>(=6F5)-2USQ
M!KNIZAJVIW7EPPFYNWBM+:TLXK>UA]'J?Z[#6ROV"BBB@84444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!7XG^'-.\8Z%^QIX_P#VQH?VCOCOI7Q2
M\"ZU^T-XKLK7Q9\8?%OBOX5:Z/AO\;/B/X=\.?#[4OAMXLU#5_"JZ5XHTCP[
MI'@VT32[/3M5M-0O;2YTB_M+DE)?VPKY*\/_`+#/[+OAKQ%9^)M.^'%]<WNG
M>)KOQGI^E^(/B-\4O%G@ZP\5WNL77B&7Q!9>`/%7C;6?`MIJD>NWMUK%E=V_
MAR.33M2G>]T\VMP1(&M-_N[^3\OO]!--_P##ONK/3M;R]3QKP9^WWJGC3Q_X
MA\-:?^SI\4&\&^&=4\=^$-9^(-OH?Q!N=*T/QW\.-"U2_P#$^G^)M0'PO3X=
M:)X9BU_1KSP=;:W!\4-6\1C6[C2Y;_P18Z7>37]IDZ)_P4)UC_A%]#\6^.?@
M=!X0TG4/`O[.7QIUFYL/B@GB:U\,_`7]H/7-6\)CXBZE<+X!T8_VAX`\1:8E
MSXF\,/#;VW_"%W$OBIO$MG<Z=?>'XOK*Z_9>^!MW\0=7^*$O@J6/Q=KTE[<Z
MT]IXK\:V'AK4]3U+0I_#-]X@O/`ECXCM_`D_BFZT*YGTZ;Q8_AL^)6BD:3^U
M?/Q*+-E^S1\$+#2+K0;?P);-H]]\#O#G[-UYI]WK/B34+>Y^"OA.#7;;0/!$
MPO\`6;EGBLH?$NM(^N,Q\37WVP-J&M7;6MFUN:=NWWZ7Z]=?^`*TNZW?3TM^
MO7YGQAJ'_!2#5VE\)P>$/V:?B)X_N_%?A36/BS8Z3X-A\?>+-=NO@A+\0?%'
M@CX=>,=/L/!?PB\56T7BCXF67A2]\4Z/X7\6:AX/\*Z9IU]I5KJ/Q*^TW;F#
MZ7^`?[0GCSXX^)_'2CX,#PA\,_!OCOXM_#B'QYJ'CZWO-;U?Q/\`"[QY_P`(
MC%&WP_?PMIFI:38>(M/6ZU,W%YJ[W6AZMI.K^'[VPG@32==UGK_'?[+WP+^)
M$/@^#Q3X'.WP'H/_``B?A>3PUXG\8^!;JR\(F&T@;P?>7O@;Q#X<N]<\'O%8
MVJR>%->GU/P_*8M\FFL\DK/-K7[.GPXOOA;XZ^$?A^'7/`OAKXA>)=?\8:[>
M>#_$FNZ9X@M_$_BKQ</&WB'7-$UMM1GO]%O+[7S-=V\%A-%I6G)(+*RTV+2X
MUT^AVTLGY]?NV_)?J%I7WT^6KTWTTOKU/-/VL?&'B^QU/]GOX4>&O&>I?"[3
M?CU\8)/A]XL^)VC+91Z_H&B:?X#\8>,X_#7A/4M3M;W3M$\9?$'4?#EIX6T'
M69K*_N=/2YU";2[/^U!9WEEXW\:_!_B?]G#PSX(\/_#[X^_'&&V^//QD^&7P
M6USQ=\4/B%-\4KGX4:%XCGUR[UGQMX/U7QWI^M:EI/BCQ`]C8>`-+N=9U/4?
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M#_$+XAZ!\0?!/A?PIJOQRO\`1XO@5\<?B3+X/_9P\1'PGX[T_P`7>#)O"-MX
M6^(?CK5&N-+34OA;H;ZQ>6%[X:35+HZKK%Y!)/X5\4I:Q:>/MOX6?LM?`GX,
M>(+OQ;\/_`S67BJ[TYM&_P"$F\1>*?&?CWQ!8:(\D4TFA:'K/C_Q%XGU'P[H
M,TL$$L^B:#<Z;I4TD$#RV;M!$4T_C!^SC\%_CT^AS?%7P3#XENO#D>I6VDZA
M;ZWXE\,ZI#INLQQ1:UH=SJOA/6="U'4O#6MQP0)K7AC4[J\\/ZNL,0U'3+GR
MTPTTFGJTO2_E]WKT^0K.S2T>EM7I:W7?I^)^4GAOXP_&+Q)X(UC]I:_^.7B?
M5?&7PN^-G[)7PET/P)X2UJYTWX1?$CPA\1/#7[/0\;:M-X!FMK2#7)_BE<?%
MWQ7XK\/>(-6L%\1:!::9I4.@S:3!836PW/BUXF^,'P`U3]I"V^%GQX^*_C[P
MQX7^$_PQ\._$KQQ\3O$D?C*W^&_Q\^+/QG\#>&8=8\$K<6B:9X6N_#7PB\4>
M(_'?B/P;H]M:>%/#44G@*\DT^VCO9#7Z63_LK?L^3_$'PW\4#\,-"@\9>$H/
M#D.@W5E/J^GZ):OX-T_^R?!M_<^#[#4K;P=JFL^#]+":=X2U[5M`OM:\,V4%
MM:Z'?V$-K;)%QOAK]AW]F7PIJ'BK4=,\":]>-XYC\5Q^,M.\3_%;XP>-?#WB
MA_'$$MMXKN]>\+>,O'NO>&M4U+6HII/M.JW>DRZDDI6XM[N&=$E4NNW;HM=K
M_E^/WKE??YW=_7SOVZ6T>I\>7VE_\(WJW[6?PH\??M._M$:%\%OV:M-^%/Q/
MTSQII_Q7UE?BN+[XE>"_$TE_X`UGXF7`G\6>);>SUWP]IWB'POX4-_\`;M3U
M#QQHOAPK<Z.-*TJZ_0K]FUOBB_P!^#TGQL>9_BS+\/?"\WCXW4$%M?KXCFTN
MWEOHM5@M4CMHM9A+K%K*6T:6XU5+SR%$6P5YQ=_L.?LQWOP^C^%T_@#61X-7
MQE9_$&YMK;XH_%NRUS5_&6FVT5II.O>(O&5EX[M_&?B:ZT6VMK.'0H_$/B#4
M[70X[#31I%O9?V;8_9_?OA[\/O"_PM\):9X(\&P:O;>'=(>^>QAUWQ3XJ\9Z
MHK:EJ%UJ=V;GQ'XTUKQ!XCOPUY>3M"M_JURMI`8[.T$%E;V]O$F^W]:)7]7;
M4:37I;N^^WHE9+;KIJ=K1112*"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
$B@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
