Alpine High Yield Managed Duration Municipal Fund gives details

By Toni Weeks

San Luis Obispo, Calif., May 31 - Alpine Income Trust gave more details about its planned new municipal fund, the Alpine High Yield Managed Duration Municipal Fund.

The fund will seek a high level of current income exempt from federal income tax by investing at least 80% of its net assets, plus borrowings for investment purposes, in municipal obligations that are exempt from federal income tax, including securities subject to alternative minimum tax.

The fund invests at least 50% of its assets in municipal bonds rated BBB/Baa or lower at the time of investment. The fund seeks to maintain an effective portfolio duration of between three and seven years. It may invest in U.S. Treasuries for defensive investment purposes.

Steven C. Shachat will lead a portfolio management team that includes Mark Taylor and Jonathan Mondillo.

The fund will launch with class A and institutional class shares. The ticker symbols are "AHYMX" and "AAHMX," respectively.

Shareholder fees will consist of a 2.5% sales load for class A shares and a 0.75% redemption fee for shares redeemed within 60 days of purchase that applies to both share classes.

Including management fees of 0.75%, and taking into account the effect of a fee waiver agreement with the adviser, annual fund operating expenses are expected to be 1.05% for class A and 0.8% for institutional class shares.

Purchase, N.Y.-based Alpine Woods Capital Investors, LLC will serve as the fund's investment adviser.

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