The Board of Trustees (“Board”) of the Alpine Total Dynamic Dividend Fund (NYSE: AOD) and the Alpine Global Dynamic Dividend Fund (NYSE: AGD) announced reductions in the regular monthly distributions of each of the Funds for the month of February 2013. As previously announced, the Funds’ distributions will be communicated on a monthly basis.
|Alpine Total Dynamic Dividend Fund (AOD)||$0.027 per share|
|Alpine Global Dynamic Dividend Fund (AGD)||$0.03 per share|
Dates related to the distribution declarations for the Funds are as follows:
|February 19, 2013||February 21, 2013||February 28, 2013|
The regular monthly distribution for AOD will be $0.027 per share versus the previous month’s distribution rate of $0.055 per share. Annualized, this new distribution rate of $0.324 per share represents a current distribution rate of 6.97% on AOD’s closing NAV of $4.65 per share on January 17, 2013.1
The regular monthly distribution for AGD will be $0.03 per share versus the previous month’s distribution rate of $0.06 per share. Annualized, this new distribution rate of $0.36 per share represents a current distribution rate of 6.99% on AGD’s closing NAV of $5.15 per share on January 17, 2013.1
These changes are intended to align the Funds’ distribution rates with management’s current assessment of each Fund’s long-term return potential as well as their projected levels of dividend income available to the Funds and to provide the Funds more flexibility to seek capital appreciation. The Funds’ investment objectives remain the same – to seek high current dividend income, a majority of which with respect to AGD is intended to be qualified dividend income, and secondarily, long-term growth of capital. Consistent with their investment policies, the Funds’ management continues to seek equities across the globe that offer both an attractive dividend yield and capital appreciation potential. The Funds’ management believes the revised distribution amounts will provide flexibility for the investment team as it continues to pursue the investment objectives of the Funds.
The Funds’ management considered a number of factors before recommending to the Board that the Funds’ current distributions be changed, including current market conditions, availability of dividend income, volatility, costs of implementing different dividend strategies, the level of assets in the Funds and the dividend yield of the Funds at NAV.
The Funds’ management and the Board will continue to evaluate the level of distribution on a regular basis. As portfolio and market conditions change, the amount of the Funds’ future monthly distributions may be adjusted. The Funds intend to continue make distributions consisting of net investment income.
The Funds’ monthly distributions may consist of net investment income, net realized capital gains and / or a return of capital. Final determination of the federal income tax characteristics of distributions paid during calendar year 2013 will be provided on U.S. Form 1099-DIV, which will be mailed to shareholders.
More information about the Funds is available on www.alpinefunds.com.
Based in Westchester, New York, Alpine Woods Capital Investors, LLC was founded in 1998.
Investor Contact: Marc Rappaport, Alpine Woods Capital Investors, LLC, 914.251.0880
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 Related Documents section of the website 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.
1 The yield shown above is calculated by dividing the per-share distribution rate by the Fund’s closing NAV on January 17, 2013 and annualizing the results.