The Board of Trustees of the Alpine Total Dynamic Dividend Fund (NYSE: AOD) and Alpine Global Dynamic Dividend Fund (NYSE: AGD) today declared the monthly dividend distributions for the Funds for the months of July, August, and September 2010 at a reduced rate.

The regular monthly dividend for AOD will be $0.055 per share versus the previous distribution rate of $0.12 per share. Annualized, this new dividend rate of $0.66 per share represents a current dividend yield of 12.11% on AOD’s closing NAV of $5.45 per share on June 23, 2010.

The regular monthly distribution for AGD will be $0.06 per share versus the previous distribution rate of $0.11 per share. Annualized, this new dividend rate of $0.72 per share represents a current dividend yield of 11.73% on AGD’s closing NAV of $6.14 per share on June 23, 2010.

With a goal of sustainability, the Board will continue to reevaluate dividend payments on a quarterly basis. The Funds’ intend to continue generating dividend payouts consisting of net investment income.

The Funds’ management considered a number of factors before recommending to the Board that each Fund’s current distribution be decreased, including current market outlook, equity liquidity, volatility, level of assets in each Fund, and the dividend yield of each Fund at NAV.

Stephen Lieber, Alpine’s Chief Investment Officer stated that “This decision reflects in large measure the adverse impact on the portfolios’ net asset values and dividend earning power from the recent decline in the currency and asset values of our major international holdings. A significant part of our dividend generation strategy is built on the comparatively higher dividend payments of European and other international company holdings. In 2010 to date, a decline in the Euro currency of 15.77% as of June 18, and weak equity markets impacted the portfolios’ net asset value. The combination of uncertain European equity prospects and reduced assets with lower dividend income in U.S. dollars was a principal factor leading to this decision to change the dividend amounts and reduce the dividend. The Funds’ basic strategies remain one of providing a high level of dividend income together with seeking long term capital appreciation.”

Historically, a significant portion of AGD’s dividends have been comprised of income benefiting from lower federal tax rates (called Qualified Dividend Income, or QDI). Due to difficult dividend market conditions globally, the Funds have used a more rapid rotation of holdings in its dividend capture program to increase income, thus reducing risks during this market volatility. This has resulted in a reduction in the percentage of QDI distributable by the Fund. In addition, to enhance the execution of its increased rotation in its international holdings, the Funds have utilized swap transactions to gain efficiencies in foreign markets, with the income from these swaps not being qualified for QDI. The Fund’s investment advisor has advised AGD’s Board that the amount of QDI may continue to be adversely affected by these strategies. Nonetheless, the new dividend amount to be distributed and related dividend reduction is, in part, designed to enable AGD to achieve its objective of generating income of which a majority qualifies for QDI. The QDI tax benefits are set to expire on December 31, 2010 unless Congress changes its position. AOD has no QDI objectives.

Dates related to the distribution declaration for both Funds are as follows:

Ex-Distribution Date

Record Date

Payable Date
July 22, 2010 July 24, 2010 July 30, 2010
August 23, 2010 August 25, 2010 August 31, 2010
September 22, 2010 September 24, 2010 September 30, 2010

As a reminder, the regular quarterly Alpine Closed-End Fund webinar log-in information for today’s webinar is:
EVENT: Alpine Quarterly Closed End Funds Webcast
DATE: Thursday, June 24, 2010
TIME: 4:15 pm Eastern


More information about the Funds is available on

Based in Westchester, New York, Alpine Woods Capital Investors, LLC was founded in 1998.

This release contains forward-looking statements based on currently available information. The Funds’ actual results could differ materially from those anticipated due to various risks and uncertainties. Alpine Total Dynamic Dividend Fund and Alpine Global Dynamic Dividend Fund are closed-end funds and do not continuously offer or redeem shares. The Funds trade in the secondary market and investors wishing to buy or sell shares must place orders through a financial intermediary or broker.

To read about the Funds, access the Annual and Semi-Annual Reports in the Literature section or call 1-800-617-7616 to receive a copy of the annual and semi-annual reports by mail. An investor should consider the investment objectives, risks, charges and expenses carefully before investing.

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