Alpine - Legal Disclosures

Global Dynamic Dividend Disclosure | Total Dynamic Dividend Disclosure | Global Premier Properties Disclosure

AGD Legal Disclosure

An investment in the Fund involves risks. You should carefully consider the risk factors listed below, which are more fully described in the Fund’s prospectus under the heading “Risk Factors”, together with the other information included in the prospectus. If any of the adverse events or circumstances described in the “Risk Factors” occur, the financial condition and results of operations of the Fund could be materially adversely affected, and its NAV and the trading price of its common shares could decline.

This website contains statements about the future that involve risks and uncertainties. These statements describe the Fund’s objectives and strategies, and its beliefs and assumptions concerning future economic and other conditions and expectations for the Fund, based on currently available information. The Fund’s actual results could differ materially from those anticipated in these statements because of various risks and uncertainties, including the factors described in the section headed “Risk Factors” in the prospectus and listed below.

Limited Operating History. The Fund has limited history of operations and is designed for long-term investors.

Investment and Market Risk. The value of the securities that the Fund will invest in, like other market investments, may move up or down, sometimes rapidly and unpredictably. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

Issuer Risk. The value of an issuer’s securities held in the Fund’s portfolio may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Qualified Dividend Tax Risk. No assurance can be given as to what percentage of the distributions paid the Fund’s shareholders, if any, will consist of tax-advantaged qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years. Advantageous tax treatment under current law may be adversely affected by future changes in tax laws at any time and is scheduled to expire for tax years beginning after December 31, 2010. Additional difficulties apply to determining whether distributions by foreign issuers should be regarded as qualified dividend income. In addition, in order to receive qualified dividend income treatment, holding period and other requirements apply to the Fund and its shareholders.

Dividend Strategy Risks. The Fund’s Adviser may not be able to anticipate the level of dividends that companies will pay in any given timeframe. The Fund’s strategies require the Adviser to identify and exploit opportunities such as the announcement of major corporate actions, that may lead to high current dividend income. These situations are typically not recurring in nature or frequency, may be difficult to predict and may not result in an opportunity that allows the Adviser to fulfill the Fund’s investment objectives. In addition, the dividend policies of the Fund’s target companies are heavily influenced by the current economic climate and the favorable Federal tax treatment afforded to dividends. A change in the favorable provisions of the Federal tax laws may limit your ability to benefit from dividend increases or special dividends, may effect a widespread reduction in announced dividends and may adversely impact the valuation of the shares of dividend-paying companies.

Common Stock Risk. Common stocks have experienced significantly more volatility in returns than fixed income securities. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in which the Fund has invested. Also, common stock of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer experiences a decline in its financial condition. The common stocks in which the Fund will invest are structurally subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income and assets, and therefore will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

Foreign Securities Risk. The securities of foreign issuers are subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, social, political and economic instability, differences in securities regulation and trading, expropriation or nationalization of assets, and foreign taxation issues. In addition, changes in government administrations or economic or monetary policies could result in depreciation of the Fund’s securities. It may also be more difficult to obtain and enforce a judgment against a foreign issuer. Any foreign investments made by the Fund must be made in compliance with U.S. and foreign currency restrictions and tax laws restricting the amounts and types of foreign investments. The Fund has no other investment restrictions with respect to investing in foreign issuers.

Small and Medium Cap Company Risk. Compared to investment companies that focus only on large capitalization companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell at times and at prices that the Fund’s investment adviser “the Adviser” believes appropriate, and offer greater potential for gains and losses.

Portfolio Turnover Risk. The techniques and strategies contemplated by the Fund might result in a high degree of portfolio turnover. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and generate short-term capital gains taxable as ordinary income.

Defensive Positions. During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its assets in cash or cash equivalents. The Fund will not be pursuing its investment objective in these circumstances and could miss favorable market developments.

Market Price of Shares. The Fund’s share price will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then-current net asset value. The Fund cannot predict whether its shares will trade at a price at, above or below its net asset value. Shares of closed-end funds frequently trade at a discount to net asset value.

Management Risk. The Adviser’s securities selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals. If one or more key individuals leaves the employ of the Adviser, the Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objectives.

In addition to these risks, other important risks of an investment in the Fund are described in the Fund’s prospectus, including the risks associated with investments in preferred securities, interest rate risk, emerging markets, REITs, convertible securities, undervalued securities, short sale risk, risks associated with investing in foreign currency options, foreign currency futures contracts, options and futures, illiquid securities risk, inflation risk, borrowing risk, or risk of anti-takeover provisions.

AOD Legal Disclosure

Limited Operating History. The Fund has limited history of operations and is designed for long-term investors.

Dividend Strategy Risks. It is difficult for the Fund’s Adviser to anticipate the level of dividends that companies will pay in any given time frame. The Fund’s strategies require the Adviser to identify and exploit opportunities such as the announcement of major corporate actions, that may lead to high current dividend income. These situations are typically not recurring in nature or frequency, may be difficult to predict and may not result in an opportunity that allows the Adviser to fulfill the Fund’s investment objectives. In addition, the dividend policies of the Fund’s target companies are heavily influenced by the current economic climate. A change in the favorable provisions of the Federal tax laws may limit your ability to benefit from dividend increases or special dividends, may effect a widespread reduction in announced dividends and may adversely impact the valuation of the shares of dividend-paying companies.

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

Emerging Market Securities Risk. The Fund may invest up to 25% of its assets in securities of issuers located in emerging markets. The risks of foreign securities set forth above apply to an even greater extent to investments in emerging markets.

Small and Medium Cap Company Risk. Compared to investment companies that focus only on large capitalization companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell at times and at prices that the Adviser believes appropriate, and offer greater potential for gains and losses.

Leverage Risk. Leverage creates three major types of risks for shareholders (i) the likelihood of greater volatility of net asset value and market price of common shares because changes in value of the Fund’s portfolio are borne entirely by the common shareholders; (ii) the possibility either that share income will fall if the interest rate on any borrowings or the dividend rate on any preferred shares issued rises, or that share income and distributions will fluctuate because the interest rate on any borrowings or the dividend rate on any preferred shares issued varies; and (iii) if the Fund leverages through issuing preferred shares or borrowings, the Fund may not be permitted to declare dividends or other distributions with respect to its common shares or purchase its capital stock, unless at the time thereof the Fund meets certain asset coverage requirements. The Adviser in its best judgment nevertheless may determine to maintain the Fund’s leveraged position if it deems such action to be appropriate in the circumstances.

In addition to these risks, other important risks of an investment in the Fund are described in the Fund’s prospectus, including the risks associated with short sales, REITs, MLPs, MLP tax risk, deferred tax risks of MLPs, investments in undervalued securities, associated with investing in foreign currency options, options and futures, foreign currency futures contracts, preferred securities, interest rate, convertible securities, illiquid securities, inflation, or anti-takeover provisions.

AWP Legal Disclosure

Limited Operating History. The Fund is a closed-end investment company with limited history of operations. It is designed for long-term investors and not as a trading vehicle.

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Your shares, at any point in time, may be worth less than your original investment.

Issuer Risk. The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Real Estate Securities Risks. The value of the Fund’s shares will be affected by factors affecting the value of real estate and the earnings of companies engaged in the real estate industry. These factors include, among others: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (ii) risks related to local economic conditions, overbuilding and increased competition; (iii) increases in property taxes and operating expenses; (iv) changes in zoning laws; (v) casualty and condemnation losses; (vi) variations in rental income, neighborhood values or the appeal of property to tenants; and (vii) changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates. The value of securities of companies in the real estate industry may go through cycles of relative under performance and out performance in comparison to equity securities markets in general.

Common Stock Risk. Common stocks and similar equity securities are more volatile and more risky than some other forms of investment. Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including changes in investors’ perceptions of the financial condition of an issuer, the general condition of the relevant stock market or when political or economic events affecting the issuer occur. In addition, common stock prices may be sensitive to rising interest rates.

REIT Risk. Investments in real estate investment trusts (“REITs”) will subject the Fund to various risks including: real estate industry risk; risks associated with small or medium capitalization stocks, as REITs typically invest in such issuers; and interest rate risk, because changes in interest rates may hurt real estate values or make REIT shares less attractive than other income producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Qualification as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT, would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund’s yield on that investment. Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code and some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. If the Fund distributes such cash from the REIT to its shareholders, such distribution will also generally constitute a non taxable return of capital to such Fund shareholders. To the extent the distribution exceeds a shareholder’s basis in the Fund shares, such shareholder will generally recognize capital gain. The Fund does not have any investment restrictions with respect to investments in REITs.

Preferred Securities Risk. Investment in preferred securities carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. In addition, dividends paid on preferred securities will generally not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code.

Foreign Securities Risk. These investments involve certain risks not generally associated with investments in securities of U.S. issuers. Public information available concerning foreign issuers may be more limited than would be with respect to domestic issuers. Different accounting standards may be used by foreign issuers, and foreign trading markets may not be as liquid as U.S. markets. Foreign securities also involve such risks as currency fluctuation risk, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Dividends paid on foreign securities may not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code.

Emerging Market Securities Risk. The Fund may invest up to 35% of its managed assets in securities of issuers located in “emerging markets.” Because of less developed markets and economies and, in some countries, less mature governments, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or operating in emerging market countries. These risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; lack of liquidity and greater price volatility due to the smaller size of the market for such securities and lower trading volume; political and social uncertainties; national policies that may restrict the Fund’s investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests; greater risks of expropriation, confiscatory taxation and nationalization; over-dependence on exports, especially with respect to primary commodities, making these economies vulnerable to changes in commodities prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable custodial services and settlement practices. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code.

Foreign Currency Risk. Changes in foreign currency exchange rates will affect the U.S. dollar value of the Fund’s investment securities and the net asset value of its shares because of its investment in securities denominated in a currency other than the U.S. dollar. For example, even if securities prices are unchanged on their primary foreign stock exchange, the Fund’s net asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. The currencies of certain countries in which the Fund invests are more volatile than those of other countries and, therefore, the Fund’s investments related to those countries may be more adversely impacted by currency rate fluctuations. Generally, if a foreign currency depreciates against the U.S. dollar (i.e., if the U.S. dollar strengthens), the value of the existing investment in the securities denominated in that currency will decline. Certain foreign countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.

Small and Medium Capitalization Company Risk. Many issuers of real estate securities are small or medium capitalization companies which may be newly formed or have limited product lines, distribution channels and financial and managerial resources. Securities of small and medium capitalization companies are more likely than larger capitalization companies to experience sharper swings in market values, less liquid markets, in which it may be more difficult for the Adviser to sell at times and at prices that the Adviser believes appropriate and generally are more volatile than those of larger companies. Compared to large companies, smaller companies are more likely to have (i) less information publicly available, (ii) more limited product lines or markets and less mature businesses, (iii) fewer capital resources, (iv) more limited management depth and (v) shorter operating histories. Further, the equity securities of smaller companies are often traded over-the-counter and generally experience a lower trading volume than is typical for securities that are traded on a national securities exchange.

Portfolio Turnover Risk. The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will exceed 200% under normal market conditions, although it could be significantly higher under certain conditions. Higher rates of portfolio turnover would likely result in higher brokerage commissions and may generate short-term capital gains taxable as ordinary income.

Defensive Positions. During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its managed assets in cash or cash equivalents. The Fund will not be pursuing its investment objectives in these circumstances and could miss favorable market developments.

Market Price of Shares. Net asset value of the common shares will be reduced immediately following the initial offering by the amount of the sales load and offering expenses paid by the Fund. Shares of closed-end management investment companies often trade at a discount from their net asset value, and the Fund’s common shares may likewise trade at a discount from net asset value. The trading price of the Fund’s common shares may be less than the public offering price. This risk may be greater for investors who sell their share in a relatively short period of time after completion of the initial offering. The returns earned by the Fund’s shareholders who sell their common shares below net asset value will be reduced.

Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Fund’s successful pursuit of its investment objectives depends upon the Adviser’s ability to find and exploit market inefficiencies with respect to undervalued securities and identify companies experiencing a change in dividend policy, including the announcement of restructuring initiatives or special dividends. Such situations occur infrequently and sporadically and may be difficult to predict, and may not result in a favorable pricing opportunity that allows the Adviser to fulfill the Fund’s investment objective. The Adviser’s securities selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals. If one or more key individuals leave the employ of the Adviser, the Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objectives.

Dividend Strategy Risks. The Fund’s ability to achieve its investment objectives depends in part upon the Adviser’s ability to anticipate the dividend policies of the companies in which the Fund invests. It is difficult to anticipate the level of dividends that companies will pay in any given time frame. The Fund’s strategies require the Adviser to identify and exploit opportunities such as the announcement of major corporate actions, including restructuring initiatives or a special dividend, that may lead to a high level of current dividend income. These situations are typically not recurring in nature or frequency, may be difficult to predict and may not result in an opportunity that allows the Adviser to fulfill the Fund’s secondary investment objective. In addition, the dividend policies of the Fund’s target companies are heavily influenced by the current economic climate and the favorable U.S. federal tax treatment afforded to dividends. Challenging economic conditions, affecting either the market as a whole or a specific investment in the Fund’s portfolio, may limit the opportunity to benefit from the current dividend policies of the companies in which the Fund invests or may cause such companies to reduce or eliminate their dividends. In addition, a change in the favorable provisions of the U.S. federal tax laws may limit your ability to benefit from dividend increases or special dividends, may effect a widespread reduction in announced dividends and may adversely impact the valuation of the shares of dividend paying companies. The use of dividend capture strategies will expose the Fund to increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading.

In addition to these risks, other important risks of an investment in the Fund are described in the Fund’s prospectus, including the risks associated with short sales, fixed income securities, lower rated debt and under valued securities, leverage, MLPs, qualified dividend tax risks, MLP tax risk, deferred tax risks of MLPs, risks associated with investing in foreign currency options, options and futures, foreign currency futures contracts, interest rate, convertible securities, illiquid securities, inflation, or anti-takeover provisions.

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Not FDIC Insured | May Lose Value | No Bank Guarantee

The Alpine Global Dynamic Dividend Fund ("AGD"), Alpine Total Dynamic Dividend Fund ("AOD") and Alpine Global Premier Properties Fund ("AWP") are closed-end funds. AGD's first trade day was July 26, 2006 under the ticker symbol AGD. AOD's first trade day was January 26, 2007 under the ticker symbol AOD. AWP's first trade day was April 26, 2007 under the ticker symbol AWP.

To read about the Funds, access the AGD prospectus, AOD prospectus or AWP prospectus online or call 1-800-617-7616 to receive a copy of the prospectus by mail. An investor should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Read the prospectus carefully before investing in the Alpine Global Dynamic Dividend Fund, the Alpine Total Dynamic Dividend Fund and the Alpine Global Premier Properties Fund.

You should not rely on any information other than information contained in the Fund's prospectus when making your investment decision. To speak with a representative about the Alpine Closed-End Funds call 1-800-617-7616.