0000930413-13-004701.txt : 20130926 0000930413-13-004701.hdr.sgml : 20130926 20130926165017 ACCESSION NUMBER: 0000930413-13-004701 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130731 FILED AS OF DATE: 20130926 DATE AS OF CHANGE: 20130926 EFFECTIVENESS DATE: 20130926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALPINE GLOBAL PREMIER PROPERTIES FUND CENTRAL INDEX KEY: 0001390195 IRS NUMBER: 208430002 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-22016 FILM NUMBER: 131117243 BUSINESS ADDRESS: STREET 1: 2500 WESTCHESTER AVENUE STREET 2: SUITE 215 CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 1-800-617-7616 MAIL ADDRESS: STREET 1: C/O STATE STREET BANK AND TRUST COMPANY STREET 2: ONE LINCOLN STREET CITY: BOSTON STATE: MA ZIP: 02111 N-Q 1 c75056_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22016

ALPINE GLOBAL PREMIER PROPERTIES FUND

(Exact name of registrant as specified in charter)

2500 Westchester Avenue, Suite 215, Purchase, New York 10577

(Address of principal executive offices) (Zip code)

Alpine Woods Capital Investors, LLC

2500 Westchester Avenue, Suite 215

Purchase, New York 10577

(Name and address of agent for service)

Copies of information to:

     
Rose F. DiMartino, Esq.   Sarah E. Cogan, Esq.
Willkie Farr & Gallagher LLP   Simpson Thacher & Bartlett LLP
787 Seventh Avenue   425 Lexington Ave
New York, NY 10019-6099   New York, NY 10174

Registrant’s telephone number, including area code: 914-251-0880

Date of fiscal year end: October 31, 2013

Date of reporting period: July 31, 2013

 

Alpine Global Premier Properties Fund

 

Schedule of Portfolio Investments

July 31, 2013 (Unaudited)

 

Shares  Security
Description
  Value 
      
Common Stocks-108.1%     
      
Australia-1.8%     
 2,000,000  Goodman Group  $8,485,141 
 2,500,000  Mirvac Group   3,685,284 
        12,170,425 
          
Belgium-0.6%     
 38,000  Cofinimmo   4,347,583 
          
Brazil-12.1%     
 772,789  Aliansce Shopping Centers SA   7,127,131 
 835,619  BHG SA-Brazil Hospitality Group (a)   6,153,549 
 760,200  BR Malls Participacoes SA   6,737,784 
 1,100,892  BR Properties SA   9,120,415 
 440,310  Cyrela Commercial Properties SA Empreendimentos e Participacoes   4,006,766 
 1,595,723  Direcional Engenharia SA   9,442,769 
 1,000,000  Gafisa SA (a)   1,209,810 
 1,111,948  Iguatemi Empresa de Shopping Centers SA   11,210,382 
 1,600,000  JHSF Participacoes SA   3,962,566 
 1,300,626  MRV Engenharia e Participacoes SA   3,700,030 
 615,511  Multiplan Empreendimentos Imobiliarios SA   13,587,189 
 600,000  Sonae Sierra Brasil SA   6,062,200 
        82,320,591 
          
Canada-0.4%     
 143,000  Brookfield Residential Properties, Inc. (a)   2,955,810 
          
Chile-0.8%     
 2,378,557  Parque Arauco SA   5,082,062 
          
China-1.9%     
 5,414,000  CapitaRetail China Trust   6,518,015 
 13,985,760  Franshion Properties China, Ltd.   4,454,179 
 1,601,373  SOCAM Development, Ltd.   1,837,668 
        12,809,862 
          
France-4.0%     
 175,526  Accor SA   6,622,371 
 127,273  Kaufman & Broad SA   2,902,104 
 190,496  Mercialys SA   3,727,901 
 358,719  Nexity SA   14,187,803 
        27,440,179 
          
Germany-1.5%     
 96,284  Deutsche Annington Immobilien SE (a)   2,324,859 
 464,626  DIC Asset AG   4,715,600 
 634,845  Prime Office REIT AG (a)   2,829,296 
        9,869,755 
          
Hong Kong-1.9%     
 68,970,051  CSI Properties, Ltd.   2,801,275 
 800,000  Hongkong Land Holdings, Ltd.   5,416,000 
 599,000  Mandarin Oriental International, Ltd.   952,410 
 2,500,000  New World Development Co., Ltd.   3,648,976 
        12,818,661 
 
Shares  Security
Description
  Value 
        
India-0.8%     
 1,999,368  Hirco PLC (a)  $600,704 
 1,000,000  Puravankara Projects, Ltd.   1,134,775 
 1,695,400  Unitech Corporate Parks PLC (a)   1,147,712 
 573,998  Yatra Capital, Ltd. (a)   2,462,668 
        5,345,859 
          
Ireland-1.1%     
 5,000,000  Green REIT PLC (a)   7,628,226 
          
Japan-13.5%     
 135,080  Aeon Mall Co., Ltd.   3,369,067 
 50,000  Daito Trust Construction Co., Ltd.   4,575,631 
 151,016  Daiwa House Industry Co., Ltd.   2,780,940 
 600  Daiwa House REIT Investment Corp.   4,118,068 
 357  Frontier Real Estate Investment Corp.   3,037,289 
 5,607  GLP J-REIT   5,497,620 
 692,309  Hulic Co., Ltd.   8,308,274 
 600  Japan Prime Realty Investment Corp.   1,644,163 
 750  Kenedix Realty Investment Corp.   2,987,437 
 1,650,000  Kenedix, Inc. (a)   7,600,347 
 550,000  Mitsubishi Estate Co., Ltd.   13,992,953 
 320,000  Mitsui Fudosan Co., Ltd.   9,683,996 
 600  Nippon Building Fund, Inc.   6,538,658 
 643  Nippon Prologis REIT, Inc.   5,582,167 
 160,000  Nomura Real Estate Holdings, Inc.   3,730,773 
 200,000  Sumitomo Realty & Development Co., Ltd.   8,385,252 
        91,832,635 
          
Malaysia-0.6%     
 3,571,429  SP Setia BHD   3,677,119 
          
Mexico-2.9%     
 4,326,924  Concentradora Fibra Hotelera Mexicana SA de CV   8,597,783 
 2,142,858  Corp. Inmobiliaria Vesta SAB de CV   4,459,272 
 3,125,000  TF Administradora Industrial S de RL de CV   6,490,869 
        19,547,924 
          
Philippines-2.3%     
 3,983,077  Ayala Land, Inc.   2,760,548 
 31,030,625  SM Prime Holdings, Inc.   12,560,866 
        15,321,414 
          
Singapore-8.7%     
 21,600,904  ARA Asset Management, Ltd.   31,274,866 
 4,210,582  Ascott Residence Trust   4,158,068 
 8,655,400  Banyan Tree Holdings, Ltd.   4,733,448 
 6,594,924  Global Logistic Properties, Ltd.   14,737,840 
 2,253,000  Parkway Life REIT   4,432,073 
        59,336,295 
          
Sweden-2.0%     
 499,945  JM AB   13,307,527 
          
Thailand-2.5%     
 1,587,568  Amata Corp. PCL   857,185 
 8,010,000  Central Pattana PCL   11,004,154 
 7,148,980  Minor International PCL   5,253,244 
        17,114,583 
 
Shares  Security
Description
  Value 
        
United Kingdom-9.2%     
 370,164  Crest Nicholson Holdings PLC (a)  $1,893,183 
 1,069,547  Great Portland Estates PLC   9,046,391 
 900,000  Hammerson PLC   7,249,519 
 4,624,322  Londonmetric Property PLC   7,984,443 
 3,210,000  LXB Retail Properties PLC (a)   5,713,360 
 8,205,015  Regus PLC   23,116,445 
 3,232,069  Songbird Estates PLC (a)   7,731,646 
        62,734,987 
          
United States-39.5%     
 210,000  AG Mortgage Investment Trust, Inc. (b)   3,809,400 
 2,137  Alexander’s, Inc. (b)   645,374 
 200,000  Altisource Residential Corp. (a)   3,834,000 
 550,970  American Capital Agency Corp. (b)   12,413,354 
 300,000  American Capital Mortgage Investment Corp. (b)   5,874,000 
 850,000  American Homes 4 Rent (a)(c)(d)   12,920,000 
 30,000  AvalonBay Communities, Inc. (b)   4,060,200 
 221,235  Blackstone Mortgage Trust, Inc.-Class A   5,592,821 
 1  Brookfield Property Partners LP (a)   21 
 50,000  Camden Property Trust   3,527,000 
 404,353  CBL & Associates Properties, Inc. (b)   9,207,118 
 965,507  Colony Financial, Inc. (b)   19,580,482 
 225,807  Cousins Properties, Inc.   2,314,522 
 95,748  Digital Realty Trust, Inc. (b)   5,293,907 
 300,000  DR Horton, Inc.   6,030,000 
 350,569  Host Hotels & Resorts, Inc. (b)   6,261,162 
 880,000  Invesco Mortgage Capital, Inc. (b)   14,458,400 
 225,000  Meritage Homes Corp. (a)   10,183,500 
 1,882,000  MFA Financial, Inc. (b)   15,018,360 
 700,000  New Residential Investment Corp. (b)   4,641,000 
 700,000  Newcastle Investment Corp. (b)   4,060,000 
 352,375  Ocwen Financial Corp. (a)(b)   16,780,097 
 233,572  ProLogis, Inc. (b)   8,959,822 
 81,429  Realogy Holdings Corp. (a)(b)   3,661,048 
 325,000  Ryland Group, Inc. (b)   13,143,000 
 145,742  Simon Property Group, Inc. (b)   23,327,464 
 210,000  Starwood Hotels & Resorts Worldwide, Inc. (b)   13,891,500 
 546,944  Starwood Property Trust, Inc. (b)   13,892,378 
 50,000  Taubman Centers, Inc.   3,661,000 
 50,000  The Howard Hughes Corp. (a)(b)   5,460,500 
 996,931  Two Harbors Investment Corp. (b)   9,999,218 
 80,000  UCP, Inc.-Class A (a)   1,136,000 
 274,780  WCI Communities, Inc. (a)   4,657,521 
 5,200  William Lyon Homes-Class A (a)   117,572 
        268,411,741 
          
    Total Common Stocks (Cost $615,725,563)   734,073,238 
          
Equity-Linked Structured Notes-0.8%     
          
India-0.8%     
 200,000  Deutsche Telekom AG REG - Merrill Lynch International Co. (a)   2,434,247 
 850,000  Phoenix Mills, Ltd.-Merrill Lynch & Co., Inc.   3,398,322 
        5,832,569 
          
    Total Equity-Linked Structured Notes (Cost $5,938,682)   5,832,569 
          
Rights-0.0% *     
          
Hong Kong-0.0% *     
 31,250  New Hotel Rights (a)     
    Expiration: December, 2013     
    Exercise Price:0.0   0 
 
Shares  Security
Description
  Value 
        
    Total Rights (Cost $0)  $ 
          
    Total Investments (Cost $621,664,245)-108.9%   739,905,807 
    Liabilities in Excess of Other Assets-(8.9)%   (60,617,503)
          
    TOTAL NET ASSETS 100.0%  $679,288,304 

 

 
Percentages are stated as a percent of net assets.
* Less than 0.05% of Net Assets.
(a) Non-income producing security.
(b) All or a portion of the security is available to serve as collateral on the line of credit.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2013, securities restricted under Rule 144A had a total value of $12,920,000 which comprised 1.9% of the Fund’s net assets.
(d) Illiquid security.
AB-Aktiebolag is the Swedish equivalent of a corporation.
AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.
BHD-Malaysian equivalent to incorporated.
PCL-Public Company Limited
PLC-Public Limited Company
REIT-Real Estate Investment Trust
S de RL de CV-Sociedad de Responsabilidad Limitada de Capital Variable is the Spanish equivalent to Limited Liability Company.
SA-Generally designates corporations in various countries, mostly those employing the civil law.
SA de CV-Sociedad Anonima de Capital Variable is the Spanish equivalent to Variable Capital Company.
SAB de CV-Sociedad Anonima Bursátil de Capital Variable is the Spanish equivalent to Variable Capital Company.
SE-SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.
 

Alpine Global Premier Properties Fund

 

Notes to Schedule of Portfolio of Investments

 

July 31, 2013 (Unaudited)

 

1.ORGANIZATION:

 

Alpine Global Premier Properties Fund (the “Fund”) is a diversified, closed-end management investment company. The Fund was organized as a Delaware Statutory Trust on February 13, 2007, and had no operating history prior to April 26, 2007. The Board of Trustees (the “Board”) authorized an unlimited number of shares with no par value. The Fund’s primary investment objective is capital appreciation. The Fund’s secondary investment objective is high current income.

 

2.SIGNIFICANT ACCOUNTING POLICIES:

 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require management to make estimates and assumptions that affect amounts reported herein. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

 

Valuation of Securities: The net asset value (“NAV”) of shares of the Fund is calculated by dividing the value of the Fund’s net assets by the number of outstanding shares. NAV is determined each day the New York Stock Exchange (“NYSE”) is open as of the close of regular trading (normally, 4:00 p.m., Eastern time). In computing NAV, portfolio securities of the Fund are valued at their current market values determined on the basis of market quotations. In computing the Fund’s net asset value, portfolio securities that are traded on a securities exchange in the United States, except for option securities, are valued at the last reported sale price as of the time of valuation, or lacking any current reported sale at the time of valuation, at the mean between the most recent bid and asked quotations, or if market quotations are not available or determined to be unreliable, through procedures and/or guidelines established by the Board. Each option security traded on a securities exchange in the United States is valued at the last current reported sale price as of the time of valuation if the last current reported sale price falls within the consolidated bid/ask quote for the option security. If the last current reported sale price as of the time of valuation does not fall within the consolidated bid/ask quote for the option security, the security is valued at the mid-point of the consolidated bid/ask quote for the option security. Forward currency contracts are valued based on third-party vendor quotations. Each security traded in the over-the-counter market and quoted on the NASDAQ National Market System, is valued at the NASDAQ Official Closing Price (“NOCP”), as determined by NASDAQ, or lacking an NOCP, the last current reported sale price as of the time of valuation by NASDAQ, or lacking any current reported sale on NASDAQ at the time of valuation, at the mean between the most recent bid and asked quotations. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued by the counterparty, or if the counterparty’s price is not readily available then by using the Black Scholes method. Each other security traded over-the-counter is valued at the mean between the most recent bid and asked quotations. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates fair value.

 

Securities that are principally traded in a foreign market are valued at the last current sale price at the time of valuation or lacking any current or reported sale, at the time of valuation, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed at various times before the close of business on each day on which the NYSE is open. Trading of these securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s net asset value is not calculated. As stated below, if the market prices are not readily available or are not reflective of the fair value of the security, as of the close of the regular trading on the NYSE, the security will be priced at a fair value following procedures approved by the Board.

 

When market quotations are not readily available or when the valuation methods mentioned above are not reflective of a fair value of the security, the security is valued at fair value following procedures and/or guidelines approved by the Board. The Fund may also use fair value pricing, if the value of a security it holds is, pursuant to Board guidelines, materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is traded. These procedures may utilize valuations furnished by pricing services approved by the Board, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities. When fair value pricing is employed, the value of the portfolio security used to calculate the Fund’s net asset value may differ from quoted or official closing prices.

 

Fair Value Measurement: In accordance with GAAP, the Fund uses a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entities’ own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

 

Alpine Global Premier Properties Fund

 

Notes to Schedule of Portfolio of Investments

 

July 31, 2013 (Unaudited)

 

Level 1 —  Quoted prices in active markets for identical investments.
   
Level 2 — Other significant observable inputs (including quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, etc.).
   
Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Various inputs are used in determining the value of the Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards.

 

The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2013:

 

   Valuation Inputs     
Investments in Securities at Value*  Level 1   Level 2   Level 3   Total Value 
Common Stocks                    
Australia  $12,170,425   $-   $-   $12,170,425 
Belgium   4,347,583    -    -    4,347,583 
Brazil   82,320,591    -    -    82,320,591 
Canada   2,955,810    -    -    2,955,810 
Chile   5,082,062    -    -    5,082,062 
China   12,809,862    -    -    12,809,862 
France   27,440,179    -    -    27,440,179 
Germany   9,869,755    -    -    9,869,755 
Hong Kong   12,818,661    -    -    12,818,661 
India   5,345,859    -    -    5,345,859 
Ireland   7,628,226    -    -    7,628,226 
Japan   91,832,635    -    -    91,832,635 
Malaysia   3,677,119    -    -    3,677,119 
Mexico   19,547,924    -    -    19,547,924 
Philippines   15,321,414    -    -    15,321,414 
Singapore   59,336,295    -    -    59,336,295 
Sweden   13,307,527    -    -    13,307,527 
Thailand   -    17,114,583    -    17,114,583 
United Kingdom   62,734,987    -    -    62,734,987 
United States   255,491,741    -    12,920,000    268,411,741 
Equity-Linked Structured Notes   -    5,832,569    -    5,832,569 
Total  $704,038,655   $22,947,152   $12,920,000   $739,905,807 
 

Alpine Global Premier Properties Fund

 

Notes to Schedule of Portfolio of Investments

 

July 31, 2013 (Unaudited)

 

   Valuation Inputs     
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Liabilities                    
Forward Currency Contracts   -    (95,930)   -    (95,930)

 

* For detailed country descriptions, see accompanying Schedule of Portfolio Investments.

 

For the period ended July 31, 2013, there were no transfers between Level 1, Level 2 and Level 3.

 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

 

Balance as of October 31, 2012  $- 
Realized gain (loss)   - 
Change in unrealized depreciation   (80,000)
Purchases   13,000,000 
Sales   - 
Transfers in to Level 3*   - 
Transfers out of Level 3*   - 
Balance as of July 31, 2013  $12,920,000 
Change in net unrealized depreciation on Level 3 holdings held at period end  $(80,000)

 

*The Fund recognizes transfers as of the beginning of the year.

 

The following table shows the valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the Fund’s Level 3 investments, as of July 31, 2013:

 

Asset  Fair Value
at 07/31/13
  Valuation
Technique (s)
  Significant
Unobservable
Input (s)
  Range of
Values
  Weighted
Average
   Relationship
Between Fair
Value and Input:
If Input Value
Increases Then:
 
Common Stocks   $12,920,000*   Discount on last transaction  Haircut  5%   5%    Fair Value would Decrease 

 

* Represents a single security, as of July 31, 2013. As a result, the range of values and weighted average for each unobservable input refer to a single value.

 

The significant unobservable input used in the fair value measurement of common stocks is the liquidity discount. Other market indicators are also considered. Changes in any of those inputs would result in lower or higher fair value measurement.

 

Federal and Other Income Taxes: It is the Fund’s policy to comply with the Federal income and excise tax requirement of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies and to distribute timely, all of its investment company taxable income and net realized capital gains to shareholders in accordance with timing requirements imposed by the Code. Therefore, no Federal income or state tax provision is required. Under applicable foreign tax laws, a withholding tax may be imposed on interest, dividends, and capital gains earned on foreign investments. Where available, the Fund will file refund claims for foreign taxes withheld.

 

Alpine Global Premier Properties Fund

 

Notes to Schedule of Portfolio of Investments

 

July 31, 2013 (Unaudited)

 

As of July 31, 2013, net unrealized appreciation/depreciation of investments, excluding foreign currency, based on Federal tax costs was as follows*:

 

Gross appreciation on investments
(excess of value over tax cost)
  $175,707,556 
Gross depreciation on investments
(excess of tax cost over value)
   (57,465,994)
Net unrealized appreciation   118,241,562 
Cost of investments for income tax purposes  $621,664,245 

 

*Because tax adjustments are calculated annually, the above tables reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s Federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

 

Distributions to Shareholders: On July 5, 2011, the Fund, acting in accordance with an exemptive order received from the SEC and with approval of the Board, adopted a level distribution policy under which the Fund intends to make regular monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. With this policy the Fund can now include long-term capital gains in its distribution as frequently as twelve times a year. The Board views approval of this policy as a potential means of further supporting the market price of the Fund through the payment of a steady and predictable level of cash distributions to shareholders.

 

The level distribution rate may be modified or eliminated by the Board from time to time. If a monthly distribution exceeds the Fund’s monthly estimated investment company taxable income (which may include net short-term capital gain) and net tax-exempt income, the excess could result in a tax-free return of capital distribution from the Fund’s assets. The determination of a tax-free return of capital is made on an annual basis as further described below. The Fund’s final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year, as well as all net capital gains, if any, realized during the year. If the total distributions made in any fiscal year exceed annual investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund’s current and accumulated earnings and profits. Distributions in excess of the accumulated investment company taxable income, net tax-exempt income and net capital gain would first be a tax-free return of capital to the extent of the adjusted tax basis in the shares. After such adjusted tax basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital assets). Distributions to shareholders are recorded by the Fund on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

 

The current monthly distribution rate is $0.05 per share. The Board continues to evaluate its monthly distribution policy in the light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

 

Foreign Currency Translation Transactions: The Fund may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the Fund will generally enter into a forward foreign currency contract to settle the foreign security transaction. The books and records of the Fund are maintained in U.S. dollars. Non-U.S. dollar-denominated amounts are translated into U.S. dollars as follows, with the resultant translation gains and losses recorded in the Statement of Operations:

 

i)market value of investment securities and other assets and liabilities at the exchange rate on the valuation date.

 

ii)purchases and sales of investment securities, income and expenses at the exchange rate prevailing on the respective date of such transactions.

 

Risk Associated With Foreign Securities and Currencies: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

 

Alpine Global Premier Properties Fund

 

Notes to Schedule of Portfolio of Investments

 

July 31, 2013 (Unaudited)

 

Certain countries may also impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers or industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available to the Funds or result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

 

Equity-Linked Structured Notes: The Fund may invest in equity-linked structured notes. Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, and equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked structured notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity- linked structured notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.

 

Forward Currency Contracts: The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objective. The Fund may use forward currency contracts to gain exposure to or economically hedge against changes in the value of foreign currencies. A forward currency contract (“forward”) is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of the forward contract fluctuates with changes in forward currency exchange rates. The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. When the forward contract is closed, the Fund records a realized gain or loss equal to the fluctuation in value during the period the forward contract was open. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward or if the value of the currency changes unfavorably. The Fund held the following forward currency contracts as of July 31, 2013.

 

Description  Settlement
Date
    Currency  Settlement
Value
   Current Value   Unrealized
Loss
 
Contracts Sold:                         
Japanese Yen  10/30/13   4,500,000,000  JPY  $45,886,434   $45,982,364   $(95,930)
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

ALPINE GLOBAL PREMIER PROPERTIES FUND
     
By:

/s/ Samuel A. Lieber

 
  Samuel A. Lieber  
  President (Principal Executive Officer)  
     
Date: September 26, 2013  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Samuel A. Lieber

 
  Samuel A. Lieber  
  President (Principal Executive Officer)  
     
Date:  September 26, 2013   
     
By:

/s/ Ronald G. Palmer, Jr.

 
  Ronald G. Palmer, Jr.  
  Chief Financial Officer (Principal Financial Officer)  
     
Date: September 26, 2013  
 

Item 2 - Controls and Procedures.

 

  (a) The Registrant’s principal executive officer and principal financial officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date.

 

  (b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3 – Exhibits.

Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.

 
EX-99.CERT 2 c75056_ex99cert.htm

Exhibit 99.Cert

 

CERTIFICATION

 

I, Samuel A. Lieber, certify that:

 

  1. I have reviewed this report on Form N-Q of Alpine Global Premier Properties Fund (the “Registrant”);
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
  4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
  5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions);
  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

By: /s/ Samuel A. Lieber  
  Samuel A. Lieber  
  President (Principal Executive Officer)  
     
Date: September 26, 2013  
 

Exhibit 99.Cert

 

CERTIFICATION

 

I, Ronald G. Palmer, Jr., certify that:

 

  1. I have reviewed this report on Form N-Q of Alpine Global Premier Properties Fund (the “Registrant”);
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
  4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  b. Designed such internal control over financial reporting , or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
  5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions);
  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

By: /s/ Ronald G. Palmer, Jr.    
  Ronald G. Palmer, Jr.  
  Chief Financial Officer (Principal Financial Officer)  
     
Date: September 26, 2013