NEW YORK, Aug. 2 /PRNewswire-FirstCall/ -- Alpine Woods Capital Investors, LLC announced today that it has successfully completed its first closed-end fund offering, the Alpine Global Dynamic Dividend Fund. The Fund began trading on the New York Stock Exchange (NYSE) on July 26 under the symbol AGD . To mark the occasion, Portfolio Managers Jill K. Evans and Kevin Shacknofsky will ring the Opening Bell(SM) on August 3, 2006.
The Alpine Global Dynamic Dividend Fund raised $476 million in its common share offering, assuming full exercise of underwriters' overallotments, which may not occur and before deduction of sales load. The Fund is advised by Alpine Woods Capital Investors, LLC, and the co-lead managers of the underwriting syndicate were Citigroup Global Markets, Inc. and Wachovia Capital Markets, LLC.
The primary investment objective of the Fund is high current dividend income, of which more than 50% is intended to qualify for the reduced Federal income tax rates created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital. The Fund seeks to achieve these goals by employing a research-driven approach to identifying companies globally with the potential for dividend increases and capital appreciation.
The investment strategies of the Alpine Global Dynamic Dividend Fund are derived from the Alpine Dynamic Dividend Fund (ADVDX), an open-end mutual fund also managed by Jill K. Evans and Kevin Shacknofsky, with approximately 30% weighting in international securities. The closed-end fund has a more international focus, with approximately 70% of its assets weighted in international securities. The Alpine Dynamic Dividend Fund was ranked #2 by Lipper Analytical Services, Inc. among 179 Equity Income Funds since its 9/22/03 inception through June 30, 2006. It was ranked #28 among 225 Equity Income Funds for the 1-year period through June 30, 2006.
Alpine Woods Capital Investors, LLC, with $3.4 billion assets under management, also manages the Alpine Mutual Funds, a family of nine carefully focused open-end, no-load mutual funds, and also provides investment management services to institutions and separately managed accounts, as well as private portfolios.
This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.
For more complete information about the Alpine Global Dynamic Dividend Fund, please contact your financial advisor for a prospectus. Investors should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Investors should read the prospectus carefully before investing.
The Alpine Dynamic Dividend Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Read it carefully before investing.
Please refer to the prospectus for special risks associated with investing in the Alpine Dynamic Dividend Fund, including, but not limited to, risks associated with illiquid, foreign and restricted securities, and short-term trading.
Past performance is no guarantee of future results.
Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper average represents a universe of Funds will similar invest objectives. Rankings for the periods shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges.
Alpine Dynamic Dividend Fund is distributed by Quasar Distributors, LLC.
