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<SEC-DOCUMENT>0001104659-09-023423.txt : 20090409
<SEC-HEADER>0001104659-09-023423.hdr.sgml : 20090409
<ACCEPTANCE-DATETIME>20090409150543
ACCESSION NUMBER:		0001104659-09-023423
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090409
DATE AS OF CHANGE:		20090409
EFFECTIVENESS DATE:		20090409

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-152901
		FILM NUMBER:		09742475

	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:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>a09-9774_1497.htm
<DESCRIPTION>497
<TEXT>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALPINE GLOBAL DYNAMIC
DIVIDEND FUND</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated April&nbsp;9, 2009 to the Prospectus
of Alpine Global Dynamic Dividend Fund (the &#147;Fund&#148;) dated July&nbsp;25, 2006.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund approved that the limitation applicable to options on securities be
revised to 10% of the Fund&#146;s total assets instead of 5% of the Fund&#146;s total
assets.&#160; Therefore:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
first sentence of the &#147;Investment Objectives and Policies&#151;Investment
Techniques&#151;Options on Securities&#148; section on page&nbsp;18 of the Fund&#146;s
Prospectus is hereby revised to state:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
order to hedge against adverse market shifts, the Fund may utilize up to 10% of
its total assets (in addition to the 10% limit applicable to options on stock
indices described below) to purchase put and call options on securities.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
parenthetical reference to the limitation applicable to option securities in
the first sentence of the &#147;Investment Objectives and Policies&#151;Investment
Techniques&#151;Options on Stock Indices&#148; section on page&nbsp;19 of the Fund&#146;s
Prospectus is hereby revised as follows:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Fund may utilize up to 10% of its total assets (in addition to the 10% limit
applicable to options on securities) to purchase put and call options on
domestic stock indices to hedge against risks of market-wide price movements
affecting its assets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund also approved that the limitation applicable to foreign currency options
be revised to apply to the Fund&#146;s total assets (rather than the Fund&#146;s net
assets) and the percentage be revised to 10% (rather than 5%).&#160; Therefore, the last sentence of the first
paragraph of the &#147;Investment Objectives and Policies&#151;Investment
Techniques&#151;Foreign Currency Options&#148; section on page&nbsp;21 of the Fund&#146;s
Prospectus is hereby revised to state:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Fund may not purchase a foreign currency option if, as a result, premiums paid
on foreign currency options then held by the Fund would represent more than 10%
of the Fund&#146;s total assets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also on March&nbsp;30, 2009, the Board of Trustees
of the Fund approved the following additional disclosure regarding the Fund&#146;s
investments in equity-linked securities and risks of derivative investments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following additional disclosure is hereby added to the &#147;Investment Objectives
and Policies&#151;Investment Techniques&#148; section of the Fund&#146;s Prospectus:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Equity-Linked Securities</font></i></b></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund may invest in equity-linked securities, including, but not
limited to, participation notes, certificates, and equity swaps.&#160; Equity-linked securities are privately issued
securities whose investment results are designed to correspond generally to the
performance of a specified stock index or &#147;basket&#148; of stocks, or a single
stock.&#160;&#160; To the extent that the Fund
invests in equity-linked securities whose return corresponds to the performance
of a foreign security index or one or more foreign stocks, investing in
equity-linked securities will involve risks similar to the risks of investing
in foreign securities. See &#147;Investment Objectives&nbsp;&amp; Policies&#151;Portfolio
Investments&#151;Foreign Securities&#148; and &#147;Risk Factors&#151;Foreign Securities Risk.&#148; In
addition, the Fund bears the </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">risk
that the counterparty of an equity-linked security may default on its
obligations under the security. If the underlying security is determined to be
illiquid, the equity-linked security would also be considered illiquid and thus
subject to the Fund&#146;s restrictions on investments in illiquid securities.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participation notes, also known as participation certificates, are
issued by banks or broker-dealers and are designed to replicate the performance
of foreign companies or foreign securities markets and can be used by the Fund
as an alternative means to access the securities market of a country. The
performance results of participation notes will not replicate exactly the performance
of the foreign companies or foreign securities markets that they seek to
replicate due to transaction and other expenses. Investments in participation
notes involve the same risks associated with a direct investment in the
underlying foreign companies or foreign securities markets that they seek to
replicate. There can be no assurance that the trading price of participation
notes will equal the underlying value of the foreign companies or foreign
securities markets that they seek to replicate. Participation notes are
generally traded over-the-counter. Participation notes are subject to
counterparty risk, which is the risk that the broker-dealer or bank that issues
them will not fulfill its contractual obligation to complete the transaction
with the Fund.&#160; Participation notes
constitute general unsecured contractual obligations of the banks or
broker-dealers that issue them, the counterparty, and the Fund is relying on
the creditworthiness of such counterparty and has no rights under a
participation note against the issuer of the underlying security. Participation
notes involve transaction cost.&#160; If the
underlying security is determined to be illiquid, participation notes may be
illiquid and therefore subject to the Fund&#146;s percentage limitation for investments
in illiquid securities. Participation notes offer a return linked to a
particular underlying equity, debt or currency.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity swaps allow the parties to a swap agreement to exchange the
dividend income or other components of return on an equity investment (for
example, a group of equity securities or an index) for a component of return on
another non-equity or equity investment.&#160;
An equity swap may be used by the Fund to invest in a market without
owning or taking physical custody of securities in circumstances in which
direct investment may be restricted for legal reasons or is otherwise deemed
impractical or disadvantageous.&#160; Equity
swaps may also be used for hedging purposes or to seek to increase total return.&#160; The Fund&#146;s ability to enter into certain swap
transactions may be limited by tax considerations.&#160; The counterparty to an equity swap contract
will typically be a bank, investment banking firm or broker/dealer.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity swap contracts may be structured in different ways. For example,
a counterparty may agree to pay the Fund the amount, if any, by which the
notional amount of the equity swap contract would have increased in value had
it been invested in particular stocks (or an index of stocks), plus the
dividends that would have been received on those stocks. In these cases, the
Fund may agree to pay to the counterparty a floating rate of interest on the
notional amount of the equity swap contract plus the amount, if any, by which
that notional amount would have decreased in value had it been invested in such
stocks. Therefore, the return to the Fund on the equity swap contract should be
the gain or loss on the notional amount plus dividends on the stocks less the
interest paid by the Fund on the notional amount. In other cases, the counterparty
and the Fund may each agree to pay the other the difference between the
relative investment performances that would have been achieved if the notional
amount of the equity swap contract had been invested in different stocks (or
indices of stocks).&#160; The Fund will
generally enter into equity swaps on a net basis, which means that the two
payment </font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">streams
are netted out, with the Fund receiving or paying, as the case may be, only the
net amount of the two payments. Payments may be made at the conclusion of an
equity swap contract or periodically during its term.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity swaps are derivatives and their value can be very volatile.
Equity swaps normally do not involve the delivery of securities or other
underlying assets. Accordingly, the risk of loss with respect to equity swaps
is normally limited to the net amount of payments that the Fund is
contractually obligated to make.&#160; If the
counterparty to an equity swap defaults, the Fund&#146;s risk of loss consists of
the net amount of payments that the Fund is contractually entitled to
receive.&#160; Because some swap agreements
have a leverage component, adverse changes in the value or level of the
underlying asset, reference rate, or index can result in a loss substantially
greater than the amount invested in the underlying asset without the use of
leverage.&#160; In addition, the value of some
components of an equity swap (such as the dividends on a common stock) may also
be sensitive to changes in interest rates. To the extent that the Adviser does
not accurately analyze and predict the potential relative fluctuation of the
components swapped with another party, the Fund may suffer a loss.&#160; Because equity swaps are normally illiquid,
the Fund may be unable to terminate its obligations when desired. When entering
into swap contracts, the Fund must &#147;set aside&#148; liquid assets, or engage in
other appropriate measures to &#147;cover&#148; its obligation under the swap contract.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inasmuch as these transactions are entered into for hedging purposes or
are offset by segregated cash or liquid assets to cover the Fund&#146;s exposure,
the Fund and the Adviser believe that transactions do not constitute senior
securities under the 1940 Act and, accordingly, will not treat them as being
subject to the Fund&#146;s borrowing restrictions.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, the following disclosure is hereby added to the &#147;Risk Factors&#148;
section of the Fund&#146;s Prospectus:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Risks of Derivative Investments</font></i></b><font size="2" style="font-size:10.0pt;">. The Fund may
invest in derivative instruments as described in this prospectus and the
Statement of Additional Information. Investments in derivative instruments may
be for both investment and hedging purposes. Losses from investments in
derivative instruments can, among other things, result from a lack of
correlation between changes in the value of derivative instruments and the portfolio
assets (if any) being hedged, the potential illiquidity of the markets for
derivative instruments, the failure of the counterparty to perform its
contractual obligations, or the risks arising from margin requirements and
related leverage factors associated with such transactions. The use of these
investment techniques also involves the risk of loss if the Adviser is
incorrect in its expectation of the timing or level of fluctuations in
securities prices, interest rates or currency prices. Investments in derivative
instruments may be harder to value, subject to greater volatility and more
likely subject to changes in tax treatment than other investments. For these
reasons, the Adviser&#146;s attempts to hedge portfolio risks through the use of
derivative instruments may not be successful, and the Adviser may choose not to
hedge certain portfolio risks. Investing for investment purposes is considered
a speculative practice and presents even greater risk of loss.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund also approved a change in the Fund&#146;s expected investment in securities of
issuers located in foreign countries to 20%-80% of the Fund&#146;s total assets,
previously 50%-80% of the Fund&#146;s total assets.&#160;
Therefore, the second sentence of the second paragraph in the &#147;Summary&#151;Investment
Strategies&#148; section, on page&nbsp;2 of the Fund&#146;s Prospectus is hereby revised
to state:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
normal circumstances, the Fund intends to, although it is not required to,
invest in the securities of issuers located in approximately 10 to 20 foreign
countries, with foreign investments representing approximately 20% to 80% of
the Fund&#146;s assets.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also on March&nbsp;30, 2009, the Board of Trustees
of the Fund approved that the Fund&#146;s defensive positions disclosure be revised,
in part, as noted in bold below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Summary&#151;Summary
of Risks&#151;Defensive Positions&#148; section on page&nbsp;5 of the Fund&#146;s Prospectus:&#160; During periods of adverse market or economic
conditions, <b>the Fund may hold certain securities for less
than the 61 days described below and, as a result, shareholders may be unable
to take advantage of the reduced federal tax rates applicable to any qualifying
dividends otherwise attributable to such securities.&#160; In addition, during such times,</b>
the Fund may temporarily invest all or a substantial portion of its assets in
cash or cash equivalents. The Fund will not be pursuing its investment
objective in these circumstances, could miss favorable market developments <b>and the Fund may not pay tax-advantaged dividends</b>.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Investment
Objectives&nbsp;&amp; Policies&#151;Investment Strategies&#151;Growth Strategy&#148; on page&nbsp;12,
second paragraph, of the Fund&#146;s Prospectus:&#160;
In addition to investing in stocks that pay tax-advantaged dividends,
the Fund may also invest a portion of its assets in stocks and other securities
that generate fully taxable ordinary income. For any year, so long as the Fund&#146;s
fully taxable ordinary income and net realized short-term gains are offset by
expenses of the Fund, all of the Fund&#146;s income distributions would be
characterized as tax-advantaged dividends. There can be no assurance that a
portion of the Fund&#146;s income distributions will not be fully taxable as
ordinary income. The Fund may, from time to time, take temporary defensive
positions that are inconsistent with the Fund&#146;s principal investment strategies
in attempting to respond to adverse market, economic, political or other
conditions. During such times, the Fund <b>may hold certain
securities for less than the 61 days described above and, as a result,
shareholders may be unable to take advantage of the reduced federal tax rates
applicable to any qualifying dividends otherwise attributable to such
securities.&#160; In addition, during such
times, the Fund </b>may temporarily invest up to 100% of its assets in
cash or cash equivalents, including money market instruments, prime commercial
paper, repurchase agreements, Treasury bills and other short-term obligations
of the U. S. Government, its agencies or instrumentalities. In these and in
other cases, the Fund may not achieve its investment objectives <b>and the Fund may not pay tax-advantaged dividends</b>.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Investment
Objectives and Policies&#151;Investment Techniques&#151;Defensive Positions&#148; section on page&nbsp;22
of the Fund&#146;s Prospectus: During periods of adverse market or economic
conditions, the Fund <b>may hold certain securities
for less than the 61 days described above and, as a result, shareholders may be
unable to take advantage of the reduced federal tax rates applicable to any
qualifying dividends otherwise attributable to such securities.&#160; In addition, during such times, the Fund </b>may
temporarily invest all or a substantial portion of its assets in cash or cash
equivalents. The Fund will not be pursuing its investment objectives in these
circumstances. Cash equivalents are highly liquid, short-term securities such
as commercial paper, time deposits, certificates of deposit, short-term notes
and short-term U.S. government obligations. During such market circumstances,
the Fund may not pay tax-advantaged dividends.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Risk
Factors&#151;Defensive Positions&#148; section on page&nbsp;25 of the Fund&#146;s Prospectus:
During periods of adverse market or economic conditions, the Fund <b>may hold certain securities for less than the 61 days described above
and, as a result, shareholders may be unable to take advantage of the reduced
federal tax rates applicable to any qualifying dividends otherwise attributable
to such securities.&#160; In addition, during
such times, the Fund </b>may temporarily invest all or a substantial
portion of its assets in cash or cash equivalents. The Fund would not be </font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuing
its investment objectives in these circumstances, could miss favorable market
developments<b> and the Fund may not pay tax-advantaged
dividends</b>.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund also approved that the &#147;Investment Objectives and Policies&#151;Investment
Techniques&#151;Foreign Currency Futures Transactions&#148; section, on page&nbsp;22 of
the Fund&#146;s Prospectus, be replaced in its entirety by the following:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Futures Contracts and Options on Futures Contracts</font></i></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Futures contracts are standardized, exchange-traded contracts that
provide for the sale or purchase of a specified financial instrument or
currency at a future time at a specified price. An option on a futures contract
gives the purchaser the right (and the writer of the option the obligation) to
assume a position in a futures contract at a specified exercise price within a
specified period of time. A futures contract may be based on particular
securities, foreign currencies, securities indices and other financial
instruments and indices. By using foreign currency futures contracts and
options on such contracts, the Fund may be able to achieve many of the same
objectives as it would through the use of forward foreign currency exchange
contracts and may be able to achieve these objectives more effectively and at a
lower cost by using futures transactions instead of forward foreign currency
exchange contracts. The Fund may engage in futures transactions on U.S. and
foreign exchanges.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund may purchase and sell futures contracts, and purchase and
write call and put options on futures contracts, to increase total return or to
hedge against changes in interest rates, securities prices, currency exchange
rates, or to otherwise manage its term structure, sector selection and duration
in accordance with its investment objectives and policies. The Fund may also
enter into closing purchase and sale transactions with respect to such
contracts and options. The Fund has claimed an exclusion from the definition of
the term &#147;commodity pool operator&#148; under the Commodity Exchange Act (the &#147;CEA&#148;)
and, therefore, is not subject to registration or regulation as a commodity
pool operator under the CEA.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund must segregate liquid assets, or engage in other appropriate
measures to &#147;cover&#148; open positions with respect to its transactions in futures
contracts and options on futures contracts. In the case of futures contracts
that do not cash settle, for example, the Fund must segregate liquid assets
equal to the full notional value of the futures contracts while the positions are
open. With respect to futures contracts that do cash settle, however, the Fund
is permitted to segregate liquid assets in an amount equal to the Fund&#146;s daily
marked-to-market net obligations (i.e., the Fund&#146;s daily net liability) under
the futures contracts, if any, rather than their full notional value. The Fund
reserves the right to modify its asset segregation policies in the future to
comply with any changes in the positions from time to time articulated by the
SEC or its staff regarding asset segregation. By segregating assets equal to
only its net obligations under cash-settled futures contracts, the Fund will
have the ability to employ leverage to a greater extent than if the Fund were
required to segregate assets equal to the full notional amount of the futures
contracts.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105727\09-9774-1\task3479219\9774-1-bi.htm',USER='105727',CD='Apr  9 21:13 2009' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALPINE GLOBAL DYNAMIC
DIVIDEND FUND</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated April&nbsp;9, 2009 to the Statement
of Additional Information (SAI) of Alpine Global Dynamic Dividend Fund (the &#147;Fund&#148;)
dated July&nbsp;25, 2006.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund adopted the following nonfundamental investment policy regarding futures
contracts, which replaces the former policy on page&nbsp;B-4 of the Fund&#146;s SAI
and limits the Fund&#146;s open futures options positions to 10% (formerly 5%) of
the Fund&#146;s total assets:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Fund may not purchase financial futures contracts and related options except
for &#147;bona fide hedging&#148; purposes, but may enter into such contracts for
non-hedging purposes provided that aggregate initial margin deposits plus
premiums paid by that Fund for open futures options positions, less the amount
by which any such positions are &#147;in-the-money,&#148; may not exceed 10% of the Fund&#146;s
total assets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;30, 2009, the Board of Trustees of the
Fund also approved the Fund&#146;s investments in equity-linked securities and the &#147;Additional
Investment Information and Restrictions&#151;Other Investments&#151;Derivative
Instruments&#148; section, beginning on page&nbsp;B-2 of the Fund&#146;s SAI is hereby
amended, in part, as indicated in bold below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Derivative
instruments (which are instruments that derive their value from another
instrument, security, index or currency) may be purchased or sold to enhance
return (which may be considered speculative), to hedge against fluctuations in
securities prices, market conditions or currency exchange rates, or as a substitute
for the purchase or sale of securities or currencies. Such transactions may be
in the United States or abroad and may include the purchase or sale of futures
contracts on indices and options on stock index futures, the purchase of put
options and the sale of call options on securities held, <b>equity-linked
securities (including, but not limited to, participation notes, certificates
and </b>equity swaps<b>)</b> and the
purchase and sale of currency futures and forward foreign currency exchange
contracts. Transactions in derivative instruments involve a risk of loss or
depreciation due to: unanticipated adverse changes in securities prices,
interest rates, indices, the other financial instruments&#146; prices or currency
exchange rates; the inability to close out a position; default by the
counterparty; imperfect correlation between a position and the desired hedge;
tax constraints on closing out positions; and portfolio management constraints
on securities subject to such transactions. The loss on derivative instruments
(other than purchased options) may substantially exceed an investment in these
instruments. In addition, the entire premium paid for purchased options may be
lost before than can be profitably exercised. Transaction costs are incurred in
opening and closing positions. Derivative instruments may sometimes increase or
leverage exposure to a particular market risk, thereby increasing price
volatility. Over-the-counter derivative instruments, <b>equity-linked
securities</b> and forward sales of stocks involve an enhanced risk that
the issuer or counterparty will fail to perform its contractual obligations.
Some derivative instruments are not readily marketable or may become illiquid
under adverse market conditions. In addition, during periods of market
volatility, a commodity exchange may suspend or limit trading in an
exchange-traded derivative instrument, which may make the contract temporarily
illiquid and difficult to price. Commodity exchanges may also establish daily
limits on the amount that the price of a futures contract or futures option can
vary from the previous day&#146;s settlement price. Once the daily limit is reached,
no trades may be made that day at a price beyond the limit. This may prevent
the closing out of positions to limit losses. The staff of the SEC takes the
position that certain purchased over-the-counter options, and assets used as
cover for written over-the-counter options,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900224\09-9774-2\task3479391\9774-2-dc.htm',USER='c900224',CD='Apr  9 22:04 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">are</font> illiquid. The ability to terminate over-the-counter derivative
instruments may depend on the cooperation of the counterparties to such
contracts. For thinly traded derivative instruments, the only source of price
quotations may be the selling dealer or counterparty. In addition, certain
provisions of the Code limit the use of derivative instruments. There can be no
assurance that the use of derivative instruments will be advantageous.</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also on March&nbsp;30, 2009, the Board of Trustees
of the Fund adopted the following nonfundamental investment policy regarding
options, which replaces the former policy on page&nbsp;B-5 of the Fund&#146;s SAI:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 1.0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund may
write, purchase or sell put or call options as disclosed in the prospectus.</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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