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.”