13D Filing: Saba Capital and Alpine Total Dynamic Dividend Fund (AOD)

This statement on Schedule 13D (the “Schedule
13D“) relates to the common shares (the “Common Shares“), of
Alpine Total Dynamic Dividend Fund (the “Issuer“). The Issuer’s
principal executive offices are located at 2500 Westchester Avenue, Suite
215, Purchase, NY 10577

This Schedule 13D is filed
by:

Saba Capital Management, L.P., a Delaware limited
partnership (“Saba Capital“); and

Mr. Boaz R. Weinstein (“Mr.
Weinstein“).

This statement is being jointly filed by Saba Capital
Management, L.P., a Delaware limited partnership (“Saba Capital”) and Mr.
Boaz R. Weinstein (together, the “Reporting Persons) with respect to the
ownership of the shares of Common Stock (as defined in Item 2(d)) by Saba
Capital Master Fund Ltd. (“SCMF”), Saba II AIV, L.P.. (“SCMF II”), Saba
Capital Leveraged Master Fund Ltd. (“SCLMF”), Saba Capital Series LLC
Series 1 (“SCS”), Saba Capital CEF Opportunities 1, Ltd. (“SCEF1”), and
Saba Capital CEF Opportunities 2, Ltd. (“SCEF2”), and Saba Closed-End
Funds ETF. Any disclosures herein with respect to persons other than the
Reporting Persons are made on information and belief after making inquiry
to the appropriate party.

Information required by Instruction C of Schedule 13D
with respect to Management is set forth herein.

The filing of this statement should not be construed as
an admission that any Reporting Person, Management or any Saba Entity is,
for the purposes of Sections 13 of the Securities Exchange Act of 1934,
the beneficial owner of the Common Shares reported herein.

The address of the business office of each of the
Reporting Persons and Management is 405 Lexington Avenue, 58th Floor, New
York, New York 10174.

The principal business of: (i) Saba Capital is to serve
as investment manager to the Saba Entities, (ii) Mr. Weinstein, an
individual, is investment management and serving as the Managing Member of
Management and other affiliated entities and (iii) Management is to serve
as general partner of Saba Capital.

None of the Reporting Persons or Management has, during
the last five years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).