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					                                                                                  Alps Mutual Funds Services
                                                                                  Moderator: Marc Rappaport
                                                                                     6/12/2008 - 4:15 PM ET
                                                                                     Confirmation # 1247863
                                                                                                      Page 1

                                   Alps Mutual Funds Services

                                  Moderator: Marc Rappaport
                                        June 12, 2008
                                         4:15 PM ET

Operator:         Good day, ladies and gentlemen, and welcome to your Alpine quarterly conference call.
                  At this time all participants are in a listen-only mode. Later we will conduct a question-
                  and-answer session, and instructions will be given at that time. If anyone should require
                  assistance during the conference call please press star then zero on your touchtone
                  telephone. As a reminder, this conference call is being recorded. I would now like to
                  hand the conference over to Mr. Mark Rappaport. Sir, you may begin.

Mark Rappaport:   Thank you, Sayeed, and good afternoon, everyone. This is Mark Rappaport, Senior
                  Managing Director of Alpine Funds and host of today's call. We are committed to
                  regularly keeping you informed of what our thinking and strategy is at Alpine, and that's
                  the main purpose of this second quarter conference call.

                  Our funds are unique, and we believe more one understands our differences and
                  appreciate how we manage risk, the more conviction one might have in our Dynamic
                  Dividend strategies built for high current income and long-term appreciation and global
                  premier property strategy for growth and current income.

                  We will be hearing comments today from our Chief Investment Officer, Steve Lieber; our
                  President and Head of the Real Estate team, Sam Lieber; and the co-portfolio managers
                  of our Dynamic Dividends series -- that would be Jill K. Evans and Kevin Shacknofsky.

                  The feedback from these quarterly calls has generally been very positive and yet many
                  participants are looking for us to cut down on the length of the call, so today we are going
                  to respond to the most popular questions that we've received via e-mail over the last week
                  and a half since the press release of the call went out, and then if there's time, we're going
                  to open the call up for additional live questions.

                  Steve Lieber, as founder of the Evergreen Funds in 1971 and co-founder of Alpine has
                  built teams of analysts and managers to navigate portfolios through periods of great
                  challenge and opportunity. And here with us to start our call with his view is Steve

Steve Lieber:     Thank you, Mark. We appreciate the many significant questions, which have been
                  submitted to us for this conference call discussion. They certainly raise the central issues
                  in the current investment environment and the position of the financial structure.
                                                                Alps Mutual Funds Services
                                                                Moderator: Marc Rappaport
                                                                   6/12/2008 - 4:15 PM ET
                                                                   Confirmation # 1247863
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We believe that we are in a period of transformation. In my experience, such periods
generate great opportunity, and we have oriented our investment effort toward seizing
such opportunities.

But first we think it best to respond to concerns about the risk factors, which may appear
in our three closed-end funds. So let me take a few minutes to cover the major ones.

First, these funds are not leveraged. Second, no dividends are being paid from capital.
This is not a return-of-capital investment structure. Third, there are no auction rate
preferred stocks providing another form of leverage. Fourth, the higher-than-typical
yields we are generating in these funds are based on the effective use of our dividend
rotation strategies.

Now I would like to take a few minutes to just remind you of what the dividend strategy
entails. It primarily means an effort to obtain more than the typical four-dividends-per-
year from an investment. It typically aims for tax efficiency. In Alpine Global Dynamic
Dividend, where we must hold an issue 61 days in order to get the 15 percent tax rate
applied to the dividends. In the Total Dynamic Dividend Fund and the Premier
Properties Fund, this restriction does not apply. However, in many cases, we are
achieving the dividend result with a 60-day holding period.

The central challenge of the dividend rotation structure is the goal to profitably hold the
shares and reach the dividend return. We have developed a very strong analytical group
and a strategy to achieve this goal.

A question has been raised as to whether the dividend rotation may expose us to greater-
than-typical risk. Our experience is the contrary. We are holding the issue to achieve the
dividends and capital gains return. With a very short-term approach, it implies we are
often out of an issue when risk appears.

Questions have been raised about the vulnerability to the mortgage market, especially the
subprime one, particularly in the Global Premier Properties Fund. The answer is that we
are not specifically investing in companies which focus assets on this area. We may,
from time to time, be holding shares of financial institutions, which, in turn, have
exposure. But the kind of exposures that we have been investing in in major banks
usually have only limited vulnerability.

Further, if we see signs of significant negative risk, we are ready to rotate out of these

I want to conclude my comments before introducing the portfolio managers by noting
that the very flexibility of our active management style and structure for these funds
makes them highly responsive in a negative market environment and very effectively
opportunistic in the recovery phase. The focus on dividend paying capacity is, in itself, a
test of corporate health and potential among the issues in which we invest. These
positive factors do not mean that the funds are immune from declines in a negative
market environment, but we feel confident that they are structured with protective
qualities and significant upside.

You will hear more of our strategies from each of our fund managers who will now be
introduced. Jill Evans.
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                                                                             Moderator: Marc Rappaport
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Jill Evans:   Thank you, Steve, thank you very much. We are very happy to have the opportunity to
              talk to our investors and in response to the questions that have been sent in, Kevin and I
              will cover several areas of interest including our dividend, our recent stock performance,
              currencies, and looking forward to where we see opportunities.

              First, regarding our dividends, we want to reiterate once again that the dividends for both
              AGD and AOD are safe and secure. As you know, we have several different strategies
              for capturing dividends and we've already generated a substantial portion of our dividend
              income. So investors should have complete confidence in the dividends that they will
              receive from AGD and AOD.

              And just a reminder, AOD pays out a monthly $0.18 dividend, and we've distributed
              $3.24 since inception in January of '07, and AGD pays out $0.17 per month. We've
              distributed a total of $3.71 in dividends since inception in July of '06.

              Also want to keep in mind that our NAV is adjusted to reflect our dividend payments. So
              when you're looking at the historical performance of our NAV, you need to add back the
              dividend distributions in order to get our total return calculation. And, again, all of the
              dividends in AOD, AGD, and ADBX are 100 percent earned dividend income.

              We have two questions sent in regarding our dividends that I'd like to address. One is,
              are you having trouble finding special dividends? And the answer to that is no. We are
              still able to find good opportunities in special dividend world. In general, we'd say the
              environment is still very good; maybe not as robust as '07, but we anticipated that. But,
              again, we have total confidence in our ability to earn our dividend, and the large specials
              are still out there.

              For example, Time-Warner Cable recently announced a special dividend of $10 at that
              company. So they're still out there, and we're finding the opportunities.

              Second, has our performance been hurt by our dividend capture strategy in the down
              market? And Steve kind of touched on this, and I'm really glad to have the opportunity to
              say that our performance has not been hurt by our dividend capture strategy and, as a
              matter of fact, our dividend capture strategy in the U.S. is in line with the performance of
              the S&P 500, and internationally we're actually beating the Dow Jones Stock 50 Index
              year-to-date, which is the largest 50 European stocks.

              We believe that, actually, dividend capture is beneficial to our investors regardless of an
              up or down market. But in a down market, stocks go down, whether you buy and hold or
              you do a dividend rotation strategy. So we actually think we're benefiting our investors
              because, as we said, you can buy the stock and hold it and watch it go down, or you can
              grab dividends and rotate the stocks and try to enhance your return, and that's what we've
              been able to do -- so while we can't control the overall market sentiment, we can sustain
              our dividend yield, and that continues to be our emphasis.

              I also want to remind you that while our NAV has declined over the past several months
              because of the global crisis, as you are all aware of, over the long term, equities do
              outperform and do tend to rise, and that is the upside of owning an equity fund, and our
              NAV has been able to outperform over the long term.
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                                                                Moderator: Marc Rappaport
                                                                   6/12/2008 - 4:15 PM ET
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As you know, our open-ended fund is approaching its five-year anniversary, and we have
significantly outperformed the S&P 500 over that five-year period and while paying out
over $7.00 in dividends.

So turning to our performance, if it hasn't been our dividend capture strategy, what really
has been bringing our performance down recently, and we would really attribute that to
our country and sector exposure in our value and growth strategies. Countrywide, as you
know -- not countrywide -- country-wise, we are international funds, and we have taken
our investments overseas because that is where we find better dividend opportunities and
great growth opportunities.

So as of recently, AGD is only about 20 percent invested in the U.S. and AOD about 28
percent. Our largest holdings are in Europe, which is about 60 percent of both funds, and
that's where we've really been hit. The Dow Jones Stock 50 Index is down 17 percent
year-to-date in local terms; 11 percent in dollar terms versus the S&P 500 is down only
about 8 percent. But even more remarkable is that this Dow Jones Stock 50 Index is
down 25 percent from the high set in July of last year versus 15 percent for the S&P 500

So unfortunately Europe has really been significantly hit, and we have been invested
there. Individual markets in Europe have really been decimated. Finland is down 23
percent year-to-date; Italy down 20 percent, and these are some of the markets that we've
been invested in, and the U.S. has actually been one of the best-performing markets year-
to-date largely due to the aggressive rate cuts by the Fed versus the European countries
are facing raising rates in the concern that the U.S. slowdown will drive down Europe.

Now, we continue to be in Europe because we see great opportunities there for dividends
and growth and, again, Kevin is going to get more into that in a minute, and our feeling
here is that we're going to do our homework. We've lightened up on companies where
we see earnings risk, but we're going to continue to take a long-term view, and many of
these companies have been oversold, and we're going to stick with them in the long term.

Turning to the sectors, I just wanted to highlight that last summer when the problem
started, we did get caught overweight financials, which did hurt us. We did not have any
direct subprime exposure, but we did not anticipate the tsunami that would take down all
the global markets. Since that time, I just want to tell you that we have steadily
repositioned the portfolio, and right now we see the best opportunity is more towards
hard assets versus financial assets. We've taken energy from about 10 percent to 20
percent of the portfolio, and financials down from 27 percent to 12 percent.

We've increased materials a bit, and we've decreased industrials a bit and, again, Kevin is
going to get more into that, but we really have aggressively moved here to reposition the
portfolio where we see the best opportunities.

Lastly, on market cap, I just want to point out that during this market volatility, there has
been a flight to quality and profit-taking, which has hit the small and mid-cap names, and
this has impacted our smaller fund, AGD, more than AOD. Just to give you an idea, the
average market cap of the stocks in AGD is about $30 billion versus $45 billion for
AOD, and actually the medium market cap in AGD is about $5 billion versus $16 billion
for AOD. So, again, we think some of the profit-taking and hits in the smaller cap stocks
is what's been hitting AGD more than AOD.
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                                                                                      Moderator: Marc Rappaport
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                     So taking a long-term view, we're confident in our dividend performance and our ability
                     to improve our NAV performance over the course of 2008 and, with that, I'm going to
                     turn it over to Kevin.

Kevin Shacknofsky:   Thank you, Jill. Firstly, I'd like to address currency. Obviously, watching currency on a
                     daily basis, you can see that it's highly volatile, and this does affect the volatility of NAV
                     in our portfolio considering that in AOD we have over 67 percent of the fund
                     internationally, and AGD over 70 percent international.

                     With currency we can hedge from time to time. We are currently unhedged, and our
                     current strategy now is to diversify the portfolio in terms of our stock selection away
                     from the European -- or the Europe currency and have more exposure to currencies,
                     which are benefiting from strong commodities such as Australia, Canada, Russia, Brazil.
                     We see this as the best way of going forward concerning the volatility in the currency.

                     Going forward for the rest of the year, Jill and I are very focused on increasing the NAV
                     of the fund considering we are now very confident for our ability to generate our
                     dividend now for 2008, and so NAV is top of mind right now.

                     We'll continue to focus on the themes that we think have the best opportunity for capital
                     appreciation such as the global infrastructure theme, the merging consumer and emerging
                     markets and, obviously, the strong commodities and oil stories.

                     We still continue to be cautious on financials, and we will actually -- going to carefully
                     watch the next earnings season on the financials to see whether that story has changed.

                     One thing of note -- in the U.S. side of the portfolio, is that the U.S. companies ex
                     financials actually have experience strong earnings growth, double digit, in fact, and will
                     continue in the near future, which most of this is buoyed by exporters who have benefited
                     from the decline of the dollar. And this is an area we will continue to focus on --
                     companies with strong exportability.

                     You know, in the years we are currently cautious on financials but also health care and
                     utilities where we believe could have regulatory risk from a changing government.

                     So before I finish up, I'd like to say, you know, as usual, we are underweight technology,
                     which, you know, do not pay great dividends, but also I'd also like to focus on what we
                     don't do, and that is, you know, we do not have permanent leverages, we don't use
                     auction rate preferreds, we don't invest in bonds or preferred stocks. We do not use
                     covered (ph) calls. We just focus on dividend paying stocks with potentially strong
                     capital appreciation.

                     And, with that, I'd like to pass the call onto Sam Lieber.

Sam Lieber:          Greetings, I hope all of you can hear me. We've heard some indications that this call has
                     been coming in and out a little bit. So hopefully this is clear enough for all of you.

                     I just want to start and say that real estate is a long-term gain. I'm sure many of you have
                     heard that over the years. You've heard that location, location, location is key; you've
                     heard that long-term investors do well when they can ride through the cycle. One of the
                     ideas behind the Alpine Global Premier Properties Fund has been that we would buy
                     properties, companies, with high-quality assets that would do well in a down environment
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                                                                Moderator: Marc Rappaport
                                                                   6/12/2008 - 4:15 PM ET
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that would be sustaining their occupancy and the highest proportion, at least, a rental
income in a marketplace even in a downturn while other secondary or tertiary properties
might go wanting.

Our view is that that is how this portfolio will perform over the course of time. However,
we are not in the typical real estate market; that is, we are in a mark-to-market
environment, and real estate is being looked at very differently right now at a time when
the markets don't know whether we are facing a broad slowdown in the economies, or
perhaps stagflation, and the markets do not know how to read that, necessarily and, for
that matter, they don't really know whether we're in one or approaching one.

And as I relay that back to the long-term investing theme in real estate, it's important to
understand that most of the properties in the portfolio, primarily commercial property
companies, have relatively long-term leases; hence, they don't have problems in cash
flow during intervening short-term transitions in economic activity such as we're seeing
right now.

You know, please recall that last summer -- actually, this time last year -- we felt the
economies were slowing down a bit in Europe, values were a little high there. But
certainly I don't think many people foresaw the kind of environment that we're in today.

Today we're in a mark-to-market world, and that is private real estate securities or the real
estate owned by public companies is being viewed on a mark-to-market basis -- where
are values today; where are they going tomorrow? And as a result companies which have
mismatches between their funding for long-term assets and short-term funding are being

Now, some of those are equities and, in some cases, that makes sense; in other cases, it
may not. Certainly, we've seen that sort of mismatch in the securitized bond market
where we've seen huge problems with, first, the subprime bonds and then, more broadly
speaking, in other forms of investments.

But structured finance, which has really been the core of the problem for our financial
system over the past nine months, was fundamentally flawed in how it packaged and sold
securities -- packaged and sold real estate mortgages.

Secondly, they also gained -- that is, "they" the packagers -- gained the system, to a
degree. So this created an environment of uncertainty over credit quality, uncertainty
over the stability of incomes. What we do when we look at the real estate companies is
focus on companies that have stability, stable cash flows, companies that have enduring
asset value. And we look for opportunities in terms of underlying valuation, and we look
for opportunity where we have companies with strong, durable cash flows and solid

Let me give you a little perspective on what's happened in the marketplace, however, and
this is creating some opportunities from our perspective. U.S. rates are trading right now
about 5 percent, about 5.6 percent on average, 5 percent on a weighted basis; about 2.25
times book value. The stocks are actually up this year after a horrible year last year. U.S.
rates are up about 3 percent in total return.
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                                                                                  Moderator: Marc Rappaport
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                  Japanese rates, J-rates, have about a 5.4 percent dividend yield now. They are trading at
                  book value. They are down 26 percent -- 26.4 percent for the year as are other Japanese
                  non-REIT real estate companies down 26.6 percent.

                  Singapore stocks, broadly speaking, are trading about a 4.1 percent dividend yield, down
                  19.7 percent and trading at low EBITDA multiples.

                  Indian real estate stocks -- Bombay Real Estate Index, trading under 10 times earnings,
                  down 52.4 percent for the year.

                  Hong Kong, which includes Hong Kong H-shares or Chinese stocks trading in Hong
                  Kong, trading around 11 times PE, down 26 percent for the year.

                  Europe -- the broad EPRA, ex UK REITs, 5.5 percent dividend yield, 0.87 book, minus
                  almost 13 percent for the year, and UK REITs trading about 0.7 book, 15.5 percent down.

                  Why do I give you these numbers? First, they give you a relative sense of where we are;
                  secondly, what's important about them is that it indicates that the valuations are getting
                  pretty attractive. In doing this for over 20 years, I never thought I'd see Japanese real
                  estate companies trading at single times multiples. I'd never -- you know, for a long time,
                  for a number of years now, many of us got accustomed almost -- almost, I say -- to seeing
                  REITs trading with dividend yields underneath treasuries.

                  Well, now, even in the U.S., the dividend yields are once again above treasuries -- REITs
                  yielding around 5 percent on a weighted basis, treasuries today at 4.2 percent or so. By
                  the way, it's worth just looking at history to see how, looking back over 30 years, the 10-
                  year interest rate, 10-year treasuries, were yielding 7.5 percent, on average, for the past
                  30 years. The past five years, it's been 4.4 percent, last year 4.2. We are right in line,
                  even though rates have backed up a little bit, when you really take a longer-term view,
                  things haven't changed all that much.

                  So, again, what has changed, is concern in the market, fear about potentials, and we can
                  talk about those potentials with you in the Q&A session.

                  So I would just encourage you to notice that the fear and concerns in the financial
                  markets have had a direct impact on real estate, securities, in particular, real estate
                  finance, to a degree, certainly, and this is creating some real opportunities, we believe, in
                  the market for real estate equities.

                  I've taken too much time already, so let me pass this back to Mark Rappaport.

Mark Rappaport:   Thank you, Sam, and, everyone. We're going to ask Sayeed to give instructions on how
                  to ask questions, and come back right after he does so.

Operator:         Thank you, sir. Ladies and gentlemen, on the phone line, if you have a question at this
                  time, please press the 1 key on your touchtone telephone. If your question has been
                  answered, and you wish to remove yourself from the queue, please press the pound key.
                  Again, if you have a question at this time, please press the 1 key. Thank you.

Mark Rappaport:   While you are doing that, those of you that want to ask some live questions, we did want
                  to get to some of the most common questions that came in via e-mail --
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            We really did, as Steve said, enjoy seeing what's on your
                     mind. It's easier to do that via e-mail, so we've kind of narrowed it down.

                     Jill, we'll start with you -- other than the obvious, which you touched on, the most
                     common question is, you know, how secure the dividend is, and you did a wonderful job
                     illustrating that.

                     One of the popular questions is about leverage. It's kind of a twofold question that seems
                     to come up in e-mail. One is, do we plan on using leverage, and then the other is almost
                     kind of why wouldn't you use leverage? Can't you impact returns on the upside a lot
                     more by doing so?

Jill Evans:          Well, our agreement here amongst all the portfolio managers is we really don't want to
                     put on leverage unless we see clear upside potential for the market and, right now, we just
                     feel like the markets are a bit too volatile to put on that cost. I mean, leverage costs
                     money, and, you know, our feeling is that we've always said we would put on leverage
                     opportunistically for when we want to do, for example, dividend capture opportunities or,
                     again, where we see great upside potential.

                     Right now, we just don't see that in the markets. Right now, we're actually about 10
                     percent -- or 8 percent in cash given the volatility and the downward moves in the market
                     lately. So at this point leverage is not on our mind and, again, until we see some clear
                     upside, we don't want to put the cost of the leverage on.

Mark Rappaport:      All right. Thank you. Also, another question on people's minds is about the tax-qualified
                     status of dividends. It's also a twofold question -- one, what if it goes away, in part or in
                     whole? And then, two, how are you prepared to manage the funds?

Kevin Shacknofsky:   Well, we'll be, obviously, watching the election with bated breath to see how that plays
                     out, but, you know, look, if the tax structure of the dividends changes, we believe that
                     will just give us greater flexibility in terms of doing our dividend capture, you know, the
                     current tax or reposit (ph) to hold the stocks for 61 days. If this should change, well, we
                     would just have a more flexible and more opportunistic approach. We see it as actually a
                     potential benefit.

                     I would also remind you that AOD only targets half its dividend to be qualified, anyway,
                     so, you know, we have sort of been practicing, so to speak, with that other half, what we
                     would do in such a case, anyway.

Mark Rappaport:      Thank you, Kevin. And, as you know, AWP does not have any tax-qualified objectives.
                     Well, speaking of AWP, Sam, one of the two most popular questions that comes in are
                     the following -- "Other than the dividend yield and diversification, what reasons would
                     you give to continue to hold AWPs? What are you look for as far as growth?"

Sam Lieber:          The bottom line is growth. It is -- we are managing this portfolio for high dividends, of
                     course, but, really, the opportunity is where will see values rise over the next two, three,
                     five years? It's important to realize that, longer-term, that we're going to start to see
                     increased urbanization in many parts of the world. You know, over half the world right
                     now is living in cities. In 40 years, the U.N. has that number running up to 66 percent, 67
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                  That will happen in Asia; that will happen in Latin America, most -- and Africa -- most
                  rapidly. I am not suggesting all of that will be discounted into the market over the next
                  two or three years, but it is a trend, and we're seeing, when we travel abroad -- and, by the
                  way, our analysts have met with companies from 36 countries so far this year on the real
                  estate side alone -- we have a sense that there is still a rapid expansion of many of the
                  BRIC countries.

                  There is a lot of growth opportunity in those countries, and we think that's where great
                  growth opportunities lie. And we are trying to position the portfolios now to benefit from
                  that growth potential -- not now but, really, not this quarter, but over the next three, four,
                  six quarters or so, as we think this is a longer-term trend, and we're trying to buy
                  opportunity, especially at good values.

                  As I mentioned, many of the stock indices have been quite volatile. Some were too high,
                  and they've come back to pretty cheap levels now, and some, which may not have as
                  much near-term growth but are quite stable are also appealing to us if there is real value,
                  and where there is value, we have found, historically, you get M&A.

                  Right now, with what's going on in the financial markets, there is less capital available,
                  M&A is going to be a little slow in ramping up but once it does, we think it will be
                  accelerating quite quickly and, hopefully, we'll have many opportunities to benefit from
                  that in the portfolio.

Mark Rappaport:   Thank you, Sam. The second most common question for you is kind of framed this way
                  by one e-mailer -- "Is the global real estate market at fair value today and what are some
                  of the key measurements for that appraisal?"

Sam Lieber:       Yeah. As I said earlier, I suspect the -- I think a lot of things are at fair value. I
                  mentioned that REITs now are back at -- in the U.S. -- at 80 basis points over treasury.
                  That's one measurement -- the relative yield spreads. That's obviously a much higher
                  number in Japan, even though the yields are a little bit less because the long-term
                  treasuries in Japan are running at 2.5 percent or less.

                  So the spreads are quite wide. We think that other measures are in relation to underlying
                  asset value or adjusted book based on appraisals -- ours and professional evaluers (ph),
                  and we're finding many companies are trading at 20 percent to 30 percent discounts or

                  We think those are fair values, but this is not unusual in markets where people see a
                  recessionary environment. The question is -- do we have a recessionary environment in
                  the BRIC countries? I think the answer is no. Do we see a recessionary environment in
                  Europe? Not at the moment -- perhaps, over time, but not now. Do we see a
                  recessionary environment in the U.S.? Possibly, and it's certainly a little bit more cloudy
                  as to what it will look like in the second half of this year. But we do think that there is
                  some opportunity, and we think that basically we're already working through, in terms of
                  the pricing of these stocks, these stocks have already priced in a downturn that may be
                  more severe than what we've seen.

                  So we think there is opportunity in the world, yes, right now -- good value. Maybe a
                  little bit better, maybe a little rocky over the next couple of months, but as more visibility
                  becomes clear on the path and trajectory of economic activity, we think prices have an
                  opportunity to firm. So we see value, thank you.
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Mark Rappaport:   Thank you, and one last e-mail question before we go to live questions -- Jill and Kevin,
                  the question is essentially about other dividend income funds -- the questions kind of
                  observe that, year-to-date, other funds have not had as much of a decline in net asset
                  value than AOD or AGD, and if you could comment on that.

Jill Evans:       Okay, Mark. We have closely tracked the funds that are within our peer group, although
                  it's really difficult because we really don't have a direct peer group, and one of the
                  reasons is that we do not use, as Kevin mentioned, we don't use leverage, we don't use
                  cover calls, we don't use options so -- but that's our actually, really, plain manila (ph)
                  dividend capture does not lend us to have a lot of peers, but with that said, in the down
                  market, the firms that have used the cover call strategy has actually been to a benefit for
                  them this year.

                  So I would point out that that was one difference as well as the fact that we are much
                  more overseas than many of these funds. The other funds that we have looked at have
                  really well over 50 percent exposure to the U.S. versus, as we mentioned, we are more 80
                  percent overseas and, as I highlighted, those are the markets that have been really hit.

                  So if I had to summarize that, you know, it's really the exposure overseas as well as some
                  of these other cover call type of strategies.

Mark Rappaport:   Sam?

Sam Lieber:       Yes, I would just highlight that the general approach that we have taken is multi-cap. So,
                  for example, almost -- over 25 percent almost 30 percent of, for example, AWP, could be
                  categorized as smaller cap opportunities.

                  And the bulk of the portfolio, 40-odd percent, is in mid-cap. And so as a result we might
                  have more volatility in the portfolio but, candidly, we've been buying these stocks over
                  the past six months or so -- nine months, actually -- as we've seen, those are the stocks
                  that have been hit hardest and may offer the greatest opportunity for a rebound.

                  And, historically, and if you go back to periods -- and you can see this with ADVDX or
                  EGLRX, historically, we've had very good outperformance with these strategies of
                  having a multi-cap portfolio when the markets do tend to bounce, such as in 2003 or
                  going back to earlier rebounds in the economy and market.

                  So we think that a multi-cap approach can hurt a little more in some parts of the
                  downturn, but generally are beneficial during the -- particularly, in the rebounding period
                  and -- or so has the economy continues to grow.

Mark Rappaport:   Sam, related to that, what kind of exposure does AWP have for the BRIC countries,

Sam Lieber:       Well, we've got reasonable exposure there. I mean, we happen to think that Brazil is very
                  attractive. We have had a higher proportion in our international funds than in AWP for a
                  while, but we've been increasing the AWP exposure. We think Brazil offers great
                  potential, long term. We think there's a lot of growth opportunity there; we think that
                  India has been very volatile. We have only a couple of percent there, but we think there -
                  - it's getting down to prices that make some sense and may be very attractive soon.
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                  We think that China has great growth opportunities as well, and so we're not shy about
                  having, you know, 10 percent, 15 percent of the portfolio or possibly even more in the
                  BRIC countries.

Mark Rappaport:   And that would differ from (inaudible) or no?

Sam Lieber:       Right now, since most funds are pegged to different indices, and typically these indices
                  have not adopted emerging markets in their portfolios, that would be the case. Because
                  we run a non-index-dependent multi-cap approach to our portfolios, we, as Jill said, are
                  not 50 percent or 45 percent in the U.S., as most other funds are, and the U.S. has,
                  frankly, been a very good performer, curiously enough, this part of the year-to-date,
                  whereas foreign markets have been hit harder and, of course, even the BRIC countries
                  have been hit harder.

                  So I would say that our approach, we think, will derive dividends, over time, and that's
                  how we look at investing. We don't invest for a quarter at time, we invest -- well,
                  obviously, we focus -- we like to look at that, but we focus on investing for 12 months to
                  24 months.

Mark Rappaport:   Thank you, Sam. Sayeed, at this point, why don't you help us open the call up for some
                  live questions?

Operator:         Thank you, sir. The first question comes from David Lasinsky.

David Lasinksy:   Hi. My question is for Sam. It's actually a two-part question. One, is the last time I saw
                  that you purchased AWP stock was in December of '07, and have you bought any more
                  since then?

Sam Lieber:       Can you hear me, Dave?

David Lasinksy:   Yes.

Sam Lieber:       Okay, great. I have not bought more shares, per se, in the market, but what I have done --
                  and we bought a lot, obviously, last year, through December. But we are reinvesting our
                  dividends in the equity. So that may not show up, I don't believe, in the register. But we
                  are actually buying more shares through that in lieu of the dividend.

David Lasinksy:   Okay, and the second part was how much cash percentage does AWP have in equity

Sam Lieber:       The cash varies from any point in time, because, obviously, with the dividend rotation
                  strategy, we have periods when we are not as active and others where we're very active.
                  Right now, we're pretty fully invested, but we could be -- we have been as low as -- you
                  know, we have had as much as 4 percent or 5 percent in cash at different times this past

David Lasinksy:   Okay. Just one last question -- as far as replacement value for a lot of these commercial
                  real estate holdings, it's got to be substantially high. I mean, if we're in an inflationary
                  environment to rebuild some of these assets, there is certainly value there.

Sam Lieber:       Well, you are right. I mean --.
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David Lasinksy:   -- going forward.

Sam Lieber:       No, your point is well taken, Dave. The cost of reproducing the assets is going up in an
                  inflationary environment. As a result, that means that new supply is not coming on, and
                  this is a very interesting real estate downturn in that most times you get a real estate
                  downturn when there is excess supply coming online in the market.

                  There are only a couple of markets in the world where there is excess supply right now,
                  and or even prospective excess supply. Most markets are running at very low vacancy
                  rates, whether it's Moscow or Tokyo, markets where you have less than 3 percent
                  vacancy rates in office buildings in the central markets. You know, you have even
                  markets in the U.S., by and large, are single-digit vacancy rates in many markets, not all.

                  The issue here is the demand side, and demand is what I think the markets are focusing
                  on, and perhaps concern that if there is a slowdown, and, again, if there is a slowdown,
                  we think it will be most acute in the U.S., possibly the UK and peripherally in a couple of
                  other markets, that, effectively, that demand slows and, hence, that might take some --
                  might increase vacancies somewhat; might hold rents flat or slightly down in some

                  But this is not a precipitous downturn and, again, with the cost of materials rising, that
                  means new supply will not be coming on two years, three years, four years down the line
                  to any significant degree. So it's -- and the reproduction value, replacement cost is much
                  higher. So this is an attractive time from that perspective, you're quite right.

David Lasinksy:   You know, if -- beg my pardon, just one last question just to try to understand -- how am
                  I getting on an 11.5 percent dividend when you're talking about these REITs generating 5
                  percent or whatever, slightly over treasuries?

Sam Lieber:       A good question -- as you may remember, we are talking about 5.5 percent. These are
                  the average yields, so some are yielding 2, 2.5 percent, 3 percent, some are yielding 7 or
                  8 percent -- that's for starters.

                  Secondly, you may recall from our various -- from the website or from discussions on
                  marketing the funds, that -- and other materials -- that our dividend capture strategy is
                  one where we don't just get four quarterly dividends. We can get six, seven, eight
                  dividends, perhaps, depending on the strategy.

                  So, effectively, we are able to pick up more dividends than you might normally get if you
                  were just buying stocks that had a 5 or 6 percent yield, and that's, basically, how it's done.

David Lasinksy:   I see. Thank you very much.

Sam Lieber:       You are very welcome.

Operator:         Our next question comes from Eugene Fields.

Eugene Fields:    Thank you. I've got two questions -- one, first, for all the portfolio people, and that being
                  -- maybe I missed it earlier on the call, but looking at the net asset value of all three of
                  these funds, especially the AWP, which are down substantially, which are down
                  substantially from their current market value, the dividends -- do they seem to be secure?
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                 Do we look -- can we tell our clients, point blank, that these funds are not going to cut
                 their dividends over the next year or two or whatever?

                 And, secondly, the question goes to Sam on the AWP -- it's all well and said that we're
                 getting a good return on our money right now, but when our clients see the fund trading
                 down 40 percent from what they paid for it with all these things that you've mentioned
                 today, they are certainly not going to understand as to why it's still trading as low as it is
                 compared to other benchmarks, even in the REIT area. And it's very hard for me to
                 justify to my clients how they can go into a fund like this and look at their principal
                 evaporate to the tune of almost 40 percent.

                 The other two funds have paid some relatively good capital gain distributions, which
                 certainly helps. This fund has paid, I believe, about $1.52, so far, and we need better
                 justification to our clients to explain just what the heck is going on. Thank you.

Sam Lieber:      Sure. Let me see if I can give you that justification, okay? First of all, if you go back to
                 the beginning -- certainly, this year, we have underperformed, it's very true, and as I
                 mentioned earlier, I think it's because of the year-to-date. Some of the smaller cap
                 stocks, the fact that our strategy is one of buying some of these stocks -- sometimes we're
                 buying, frankly, falling daggers, maybe we're just reaching out a little bit too early, that's
                 the risk of trying to buy cheap because when things turn, they can turn 20 percent, you
                 know, in a day or two.

                 And so we don't take big positions --.

Eugene Fields:   (inaudible) for that reason.

Sam Lieber:      You know, but that's what we're trying to do to get these values. But, let me tell you,
                 addressing your point, the NAV is specifically down 25 percent, I believe, from back in
                 last May -- no, a little more, forgive me -- sorry about that -- no, 30 percent -- but -- and
                 during that time we've paid out a high yield that's now the equivalent to 12.4 percent.
                 Our peer group, the other two funds you mentioned, are yielding about -- almost 300
                 basis points, 275 to 325 basis points less than our fund is yielding.

                 So we think that that's, obviously, and attractive yield at this time, but the fundamental
                 issue, and your point is well taken, is where is the growth coming from? And right now,
                 at this point in the cycle, the way to play it, based on our experience, going back
                 internationally since as far back as 1987, running public funds in operation since early
                 '89, is that you buy what's cheap, you buy what's got great quality, you buy the
                 companies that you think have M&A potential, and that's what we are trying to do.

                 And we think that if we can pick up stocks at $0.30 or $0.40 below NAV, if we think the
                 underlying assets, in other words, of the portfolio may very well be worth $20,
                 theoretically, we'll see if that gets realized soon.

                 But, you know, that's where we see the opportunity at this stage of the cycle. Clearly, we
                 didn't think that the real estate cycle was going down the tubes in April when we talked to
                 you, and you talked to your clients. But, frankly, the structured finance meltdown has
                 changed a lot of things and accelerated a downturn in the U.S., and that has, in turn,
                 accelerated downturn in equities broadly around the world, and real estate has been
                 viewed as the bad boy of the cycle this time, even though, really, it wasn't real estate but
                 it was the way real estate was packaged and sold in terms of securities.
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                           So I would tell you that the way to talk to your clients and say, "Hey, you know, you're
                           down." We bounced off the bottom in terms of NAV, I believe. Bear Stearns did seem
                           to mark that period, and I think we've got some good growth potential embedded in a
                           number of the stocks, and we've got some great values embedded in the stocks, and you
                           have to look at the track record of the management, over time, perhaps with EGLRX as
                           an example, and determine whether that makes sense, and you want to participate in that,
                           and, hopefully, the yield is going to be attractive. I hope that helps.

Jill Evans:                And I would just briefly jump in -- we said at the beginning that the dividends in AGD
                           and AOD are completely 100 percent secure. You know, I think some investors look at
                           our funds as a bond surrogate, and they expect the NAV to go down, but as I mentioned,
                           when the European markets are down 25 percent off their highs in less than a year, our
                           NAV is going to go down. We're an equity product.

                           With that said, we can't control the market sentiment. We're doing our best to control
                           that, but we can control the dividends and, as we mentioned, we've already generated a
                           substantial part of our dividend for the year, so the dividends received -- we can get the
                           dividends, our strategy works. What we're going to focus on is getting that NAV up and,
                           as Kevin mentioned, that's going to be our top priority for the rest of the year, and we're
                           going to work hard to do that for you investors.

                           But, once again, I can't reiterate it enough -- the dividend is secure.

Sam Lieber:                And that's true for AWP as well and, again, the issue here is we are earning our
                           dividends, we are capturing dividends, and, frankly, as long as these companies and
                           companies out there pay their dividends, even though the share prices are down, which is
                           why our NAVs are down, of course, but that means that their yields are higher, and with
                           those higher yields, we can still manage to comfortably cover the dividends, and that's
                           where we are.

                           Yes, there is risk if these companies were to cut their dividends dramatically, but we don't
                           see that, we don't see that globally, we don't think we're going into a global meltdown
                           phase -- so our view is that -- and, by the way, other funds that you may have mentioned
                           or other closed-end funds, or other funds that capture dividends would be very hard-hit
                           also, if not moreso, given leverage.

                           So I would just tell you that the overall opportunity here is one -- we don't know when
                           that opportunity is going to come, but we think that there is an opportunity for growth,
                           and we're trying to buy companies that have good, solid balance sheets, good dividend-
                           paying capability, and good potential.

Mark Rappaport:            Also, I'll just add one other way of looking at it, since you're kind of touching on investor
                           experience and investor expectation, I would say while Sam was responding, I was
                           looking at Sam's open-end international real estate equity fund fact sheet, and for the last
                           10 years --.

Unidentified Participant: I didn't look at that.

Mark Rappaport:            Well, stay with me one minute here -- it shows, on the fact sheet, growth of 10,000 over
                           the last 10 years, mind you, Sam's been running that fund since 1989. In 10 years the
                           capital mushroomed greater than threefold -- now, that's very exciting growth. I think
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                          that's what leads us to the passion to this space here at Alpine, but also it's probably what
                          led many investors to want to.

                          What we thought we would offer with AWP, keep in mind it's kind of getting paid while
                          you wait. AWP has very exciting growth prospects once equities do grow again, but, in
                          the meantime, you know, you're clipping quite an extraordinary higher-than-treasury --

Unidentified Participant: It's going to work.

Mark Rappaport:           -- monthly income. So that was kind of one of the premises, too, is that, you know,
                          maybe while you're waiting for the capital markets to grow and give you these kind of
                          long-term results, you know, we could provide something with a very attractive yield,
                          which we're doing, and I think the managers spoke to that yield.

                          But, again, thanks for your question. I know there are others in the queue. Sayeed?

Operator:                 Thank you, sir, our next question comes from Adam Waldo.

Adam Waldo:               Good afternoon, everyone, thank you for having the call. My question is specifically for
                          Jill and Kevin, and to the extent that time permits, if Sam would like to comment on it
                          with respect to his fund, I think that could be helpful, but, you know, for the last four or
                          five years, we've seen rapid growth, obviously, in money supply in most major
                          economies. That's translated in the last few quarters, too -- pretty rapidly accelerating
                          inflation in most global economies, less so in Western Europe and the U.S. And in the
                          last few weeks, we're seeing heightened global central bank concern about inflation, low
                          real interest rates and some clear signaling of a fair amount of tightening ahead.

                          Can you comment a little bit about how you'll run your friends in a potentially rapidly
                          rising interest rate backdrop and, particularly, could you comment on your exposure in
                          the Dynamic Dividend Funds to the energy, materials, and industrial sectors, which tend
                          to be fairly volatile in a rising interest rate environment. Thank you.

Jill Evans:               Well, you know, in a rising interest rate environment, our feeling, as I said earlier, that
                          the hard assets are going to look more attractive than the financial assets, and, you know,
                          not that we're going back to a period like the '70s, but, you know, right now, there's a lot
                          of similarities on the commodity constraint side.

                          So Kevin and I, across all the portfolios right now, continue to be opportunistic, and
                          positive on the commodities, on energy, on coal, on corn, on some of these really
                          wonderful growth opportunities. I mean, the earnings growth for the companies in so
                          many of these sectors is spectacular, and we're going to continue to focus there because
                          regardless of interest rates or growth, this is pure supply and demand, and the demand is
                          just, you know, as you know, exploding while this supply cannot respond fast enough.

                          And I keep referring to this great meeting -- Sam talked about how many meetings we
                          have here. We have a lot of meetings, we're constantly talking to management, and we
                          had one of the senior officials at Statoil -- which is one of the largest oil producers in the
                          world, they're based in Norway, in our offices -- and they showed us a chart where they
                          have three proven barrels of oil in the ground for every one that they are producing. So
                          we asked the obvious question -- why aren't you getting more of that with the prices
                          where they are? And he literally said, "We just can't. We don't have the people, we don't
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                  have the rigs, we don't have -- we can't get it out of the ground because there just isn't
                  enough infrastructure in the world right now to get it out."

                  And that's going to continue. I mean, there will be a supply response in so many of these
                  sectors over the long term, but in the short term it just can't happen, and now you see
                  what's going on with corn and with sugar. So, you know, we're taking a long-term view
                  that these continue to be great opportunities, and that's where we're looking to put our
                  money. Again, we're a very negative financial tier, we're still negative consumer
                  discretionary, so, you know, we're stock pickers. We're just trying to kind of look for
                  where the earnings growth is going to be regardless of necessarily the interest rates.

                  And another point I'd like to add is, you know, overseas we're seeing great growth in this
                  emerging consumer. We're trying to play that in international telecom companies. As
                  Kevin mentioned, infrastructure is still there regardless of what the economies do. There
                  are still these great big spending programs going on, so, you know, we're looking for big
                  global themes, and we're picking the stocks where we see the earnings growth and the
                  dividends, and that's really just how we're trying to position the portfolio.

                  I hope that answered the question.

Adam Waldo:       Okay, thank you very much.

Operator:         Our next question comes from Al Yousef.

Al Yousef:        Hi. My question is regarding AWP. I'm not looking for commentary, the past is the past,
                  but what my question is, number one, what would have to happen, ideally, for us to see a
                  pickup in NAV, and I understand a majority of assets are invested overseas, so with the
                  strengthening dollar, how would that impact, you know, dividends and its repatriation to
                  U.S. dollars? Thank you.

Sam Lieber:       Sure, Al, thanks for the question. Yeah, we're focused on the future, too, and I'll tell you
                  that we see that the dollar may still have weakness, longer term, but it's certainly going to
                  have bounces along the way. And if we see -- while currency hedging is not a focus of
                  our activity, we try and stay in the currencies, exposed to the currencies. However, when
                  we see opportunities such as a long-term shift in trend, if we think that there is going to
                  be, let's say, a move of 5 percent to 10 percent over a period of six months or more, then
                  we will certainly hedge our currency exposure in the portfolio.

                  We are seeing a lot of volatility back and forth. Look at the price of oil today, look at
                  how much dollars moved back and forth --.

Al Yousef:        You've answered my question.

Sam Lieber:       Yeah. So, you see, we'll do that, but we see the opportunities are broad.

Mark Rappaport:   Thank you. Sayeed, might we have another question or two?

Operator:         Our next question comes from Andrew Snett.

Andrew Snett:     Yes, thank you. In terms of cheap, regarding the financials, what are you looking for in
                  terms of potential turn, just looking at past cycles. When they've reversed up, they've
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                      reversed up pretty violently and in terms of oil and what's going on in the commodities
                      market and all of these international markets.

                      Assuming, at some point, commodity prices come back down, what's your outlook for
                      what would happen to the underlying infrastructure build and all of the growth that you're
                      currently seeing there now?

Kevin Shacknofsky:    Well, from the (inaudible) fund perspective, what we are focusing on in the financials is
                      the housing market, and that's where it all begins with, and that's where it all ends, and as
                      soon as the stabilizes in the U.S., we'll be comfortable earning financials. But we have
                      not seen that stabilization yet, we have not seen any government intervention yet that can
                      create that stabilization, and once that occurs, you know, we can see an end to these
                      write-offs and see the end of these liquidity crunches and an end to these REITs
                      offerings. Until that happens, you know, I don't have a lot of confidence.

Andrew Snett:         And in terms of data points, what are your main things that you look at in terms of the
                      market bottoming there?

Kevin Shacknofsky:    Well, I'm very lucky to have a very strong real estate expertise in-house over here, and,
                      you know, I'll rely on them to tell me when the market has bottomed.

Andrew Snett:         Okay.

Sam Lieber:           Look, Steve Kim, who some of you from Citicorp may know, joined our firm after being
                      an II-ranked analyst in the housing sector for many years, basically believes that the
                      opportunities will come for the stocks before the fundamentals fully turn, before these
                      companies are earning a lot of money, and we've seen that in prior periods.

                      The actual performance, however, will be determined by a slowdown in cancellation
                      rates, which we've seen for the builders; a pickup in traffic and sales, both at new home
                      communities and at existing home communities -- existing home sales, rather.

                      But fundamentally, you know, we need to see an opportunity for more people to jump
                      into the low end of the housing market, and that will either come through declining
                      prices, which will lead to a period of fantastic affordability, and that's the dire case that
                      some people are forecasting, or we are going to see a period when there are either
                      incentives or a significant change in psychology in terms of employment stabilizing,
                      because employment, even the ongoing claims number today has been a deteriorating
                      trend. But when people see that improving, you know, there are a number of different
                      factors that I think will be sort of positive notes as to when -- as to when we can start to
                      see some improvement in the sector. But it's a little early right now, and there is still
                      some storm clouds out there.

Andrew Snett:         Okay, thank you.

Operator:             Our last question for the day comes from Michael Costramski.

Michael Costramski:   Oh, good afternoon. I suppose this question is for Sam. I'm wondering if there is some
                      type of end strategy for AGD in the event the new political administration comes in and
                      guts the 15 percent dividend tax benefit?
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Sam Lieber:            Well, actually, Jill and Kevin can do that since AWP invests in REITs and real estate
                       companies, which don't benefit from the current tax regime. So let me turn this over to
                       Kevin Shacknofsky.

Kevin Shacknofsky:     Well, essentially, you know, I actually covered this a little bit earlier, but I'll repeat
                       myself. AOD, as you know, targets 50 percent qualified dividends as opposed to AGD,
                       which targets 90 percent to 100 percent. And basically we believe that if there is a
                       change in the tax structure, we'll just go a small flexibility and greater opportunity for
                       total return in AGD. S, you know, obviously, you know, it's not great that our
                       fundholders will lose that benefit, but we believe we will have the opportunity for greater
                       internal return opportunities and, from that perspective, it will be a positive.

Michael Comstranski:   You'll be able to buy REITs and different kinds of preferred shares and (inaudible).

Kevin Shacknofsky:     That's correct. It will open up our investment opportunities (inaudible).

Michael Comstranski:   Thank you.

Kevin Shacknofsky:     Great.

Mark Rappaport:        Well, thank you, all, for joining us on another quarterly conference call. Please keep in
                       mind, too, we are here to always be in front of you -- good times and bad. We're not
                       afraid to talk to you during the tough times. If anything, we think we have to be out there
                       even more. So we're very delighted that you would join us once again. The call will be
                       available for replay information on the funds that you heard about today, open-end and
                       closed-end are available on, and for the open and
                       closed end, respectively.

                       And, from all of us on the management team here at Alpine, we thank you for your time
                       and your interest in our strategy and wish you well.