N-Q 1 a07-24309_1nq.htm N-Q

 

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:

 

 

Thomas R. Westle, Esq.

Blank Rome LLP

405 Lexington Ave

New York, NY 10174

 

 

Registrant's telephone number, including area code:

914-251-0880

 

 

Date of fiscal year end:

October 31

 

 

 

 

Date of reporting period:

July 31, 2007

 

 



 

Item 1 – Schedule of Investments.

 



 

SCHEDULE OF PORTFOLIO INVESTMENTS

Alpine Global Premier Properties Fund

July 31, 2007 (Unaudited)

 

DESCRIPTION

 

SHARES

 

VALUE

 

COMMON STOCKS (85.9%)

 

 

 

 

 

Australia (8.0%)

 

 

 

 

 

GPT Group

 

3,000,000

 

$

11,530,988

 

National Australia Bank Ltd.

 

750,000

 

24,519,329

 

Stockland Corp. Ltd.

 

4,679,322

 

30,826,992

 

Valad Property Group

 

11,200,000

 

17,658,690

 

Westfield Group

 

3,944,607

 

64,036,485

 

 

 

 

 

148,572,484

 

Austria (0.5%)

 

 

 

 

 

Immoeast AG *

 

688,500

 

9,042,974

 

 

 

 

 

 

 

Belgium (1.2%)

 

 

 

 

 

Fortis SA

 

547,867

 

21,932,370

 

 

 

 

 

 

 

Bermuda (1.0%)

 

 

 

 

 

Hongkong Land Holdings Ltd.

 

3,250,000

 

13,845,000

 

Mandarin Oriental International Ltd.

 

1,849,000

 

4,030,820

 

 

 

 

 

17,875,820

 

Brazil (2.5%)

 

 

 

 

 

Agra Empreendimentos Imobiliarios SA *

 

201,900

 

1,752,809

 

Companhia Brasileira de Desenvolvimento Imobiliario *(4)

 

19,000

 

10,794,881

 

Cyrela Brazil Realty SA (1)(3)

 

15,000

 

3,572,250

 

Cyrela Brazil Realty SA (2)

 

7,500

 

1,786,125

 

Cyrela Brazil Realty SA

 

100,000

 

1,182,499

 

Ez Tec Empreendimentos e Participacoes SA *

 

769,200

 

5,084,979

 

Gafisa SA * (2)

 

151,000

 

4,748,950

 

Gafisa SA

 

300,000

 

4,762,916

 

Inpar SA *

 

191,600

 

2,116,115

 

Multiplan Empreendimentos Imobiliarios SA *

 

790,000

 

10,298,147

 

 

 

 

 

46,099,671

 

China (0.7%)

 

 

 

 

 

Shanghai Forte Land Co.

 

500,000

 

347,550

 

Shimao Property Holdings Ltd.

 

4,500,000

 

12,074,826

 

 

 

 

 

12,422,376

 

France (7.0%)

 

 

 

 

 

Accor SA

 

500,000

 

43,302,185

 

Club Mediterranee *

 

62,095

 

4,461,875

 

Eurosic

 

89,000

 

6,408,546

 

Fonciere Des Regions

 

89,703

 

13,622,789

 

Kaufman & Broad SA

 

95,610

 

6,562,715

 

Nexity Initiale, SAS

 

66,292

 

5,040,989

 

Societe Immobiliere de Location pour l’Industrie et le Commerce

 

59,990

 

9,748,139

 

Unibail-Rodamco Co.

 

174,457

 

41,841,420

 

 

 

 

 

130,988,658

 

Germany (0.5%)

 

 

 

 

 

Colonia Real Estate AG *

 

225,347

 

8,537,109

 

 

 

 

 

 

 

Guernsey (0.6%)

 

 

 

 

 

Eurocastle Investment Ltd.

 

277,582

 

11,651,525

 

 

 

 

 

 

 

Hong Kong (10.7%)

 

 

 

 

 

Greentown China Holdings Ltd.

 

6,199,500

 

14,892,362

 

The Hongkong & Shanghai Hotels Ltd.

 

6,611,500

 

11,083,652

 

Hopson Development Holdings Ltd.

 

6,071,000

 

21,914,307

 

Kowloon Development Co. Ltd.

 

6,627,000

 

14,666,075

 

Midland Holdings Ltd.

 

19,496,000

 

14,573,049

 

New World Development Ltd.

 

10,000,000

 

24,788,531

 

NWS Holdings Ltd.

 

2,986,000

 

7,249,240

 

Shangri-La Asia Ltd.

 

3,882,000

 

9,245,928

 

Sino Land Co.

 

9,060,000

 

20,490,404

 

Sun Hung Kai Properties Ltd.

 

3,200,000

 

41,133,628

 

Wharf Holdings Ltd.

 

4,500,000

 

18,830,978

 

 

 

 

 

198,868,154

 

 



 

Italy (3.9%)

 

 

 

 

 

Banca Monte dei Paschi di Siena S.p.A

 

6,500,000

 

41,708,281

 

Intesa Sanpaolo S.p.A.

 

4,000,000

 

30,564,639

 

 

 

 

 

72,272,920

 

Japan (10.7%)

 

 

 

 

 

Aeon Mall Co. Ltd.

 

350,000

 

10,576,964

 

Creed Corp.

 

3,146

 

8,524,594

 

Daito Trust Construction Co. Ltd.

 

19,200

 

962,715

 

Daiwa House Industry Co. Ltd.

 

500,000

 

6,613,768

 

Haseko Corp. *

 

4,150,000

 

11,139,999

 

Mitsubishi Estate Co. Ltd.

 

998,000

 

25,778,753

 

Mitsui Fudosan Co. Ltd.

 

903,000

 

23,934,664

 

Nomura Real Estate Holdings, Inc.

 

605,700

 

18,559,836

 

Pacific Management Corp.

 

8,950

 

13,750,053

 

Secured Capital Japan Co. Ltd.

 

2,371

 

4,643,329

 

Sumitomo Real Estate Sales Co. Ltd.

 

206,230

 

15,493,580

 

Sumitomo Realty & Development Co. Ltd.

 

981,000

 

29,562,909

 

Tokyo Tatemono Co. Ltd.

 

1,210,000

 

14,820,495

 

Urban Corp.

 

850,000

 

13,704,470

 

 

 

 

 

198,066,129

 

Luxembourg (0.3%)

 

 

 

 

 

Orco Property Group

 

45,630

 

6,558,169

 

 

 

 

 

 

 

Mexico (1.7%)

 

 

 

 

 

Corp. GEO SAB de CV *

 

1,522,000

 

8,329,891

 

Desarrolladora Homex SAB de CV * (2)

 

250,100

 

14,135,652

 

Desarrolladora Homex *

 

500,000

 

4,712,600

 

Impulsora Del Desarrollo Y El Empleo en America Latin *

 

276,000

 

472,516

 

Urbi, Desarrollos *

 

738,000

 

3,108,267

 

 

 

 

 

30,758,926

 

Norway (0.3%)

 

 

 

 

 

Norwegian Property ASA

 

483,800

 

5,829,916

 

 

 

 

 

 

 

Russia (0.9%)

 

 

 

 

 

PIK Group * (1)(3)(4)

 

615,000

 

17,269,200

 

 

 

 

 

 

 

Singapore (3.5%)

 

 

 

 

 

Banyan Tree Holdings Ltd.

 

2,791,000

 

4,327,274

 

CapitaCommercial Trust

 

9,950,000

 

17,461,899

 

CapitaLand Ltd.

 

1,925,000

 

9,525,302

 

CapitaMall Trust

 

3,850,000

 

9,550,703

 

City Developments Ltd.

 

1,375,000

 

13,789,008

 

Macquarie MEAG Prime REIT

 

6,609,000

 

5,450,452

 

Singapore Land Ltd.

 

799,000

 

5,535,066

 

 

 

 

 

65,639,704

 

Spain (0.5%)

 

 

 

 

 

Realia Business SA

 

1,000,000

 

8,742,526

 

 

 

 

 

 

 

Sweden (1.2%)

 

 

 

 

 

JM AB

 

553,600

 

17,007,554

 

Skanska AB

 

250,000

 

5,444,946

 

 

 

 

 

22,452,500

 

Thailand (0.5%)

 

 

 

 

 

Land and Houses PLC

 

5,000,000

 

1,273,131

 

Minor International

 

15,496,900

 

7,295,358

 

 

 

 

 

8,568,489

 

United Kingdom (7.8%)

 

 

 

 

 

British Land Co. PLC

 

470,000

 

11,865,987

 

Dawnay Day Sirius Ltd. *

 

4,000,000

 

4,815,914

 

Dawnay Day Treveria PLC

 

10,435,000

 

15,204,711

 

Great Portland Estates PLC

 

290,000

 

3,825,710

 

Hammerson PLC

 

600,000

 

14,624,040

 

Helical Bar PLC

 

524,884

 

4,781,462

 

Hirco PLC *

 

871,632

 

7,152,361

 

Land Securities Group PLC

 

300,000

 

10,309,948

 

Lloyds TSB Group PLC

 

1,000,000

 

11,333,631

 

Mapeley Ltd.

 

182,817

 

10,824,056

 

Segro PLC

 

3,040,000

 

33,404,558

 

Shaftesbury PLC

 

997,500

 

11,345,818

 

Unitech Corporate Parks PLC *

 

3,104,000

 

6,210,017

 

 

 

 

 

145,698,213

 

 



 

United States (21.9%)

 

 

 

 

 

Alexander’s, Inc. *

 

37,670

 

13,338,947

 

Alexandria Real Estate Equities, Inc.

 

99,000

 

8,526,870

 

AMB Property Corp.

 

50,000

 

2,664,000

 

AvalonBay Communities, Inc.

 

60,000

 

6,478,200

 

Boston Properties, Inc.

 

350,000

 

33,071,500

 

DiamondRock Hospitality Co.

 

678,000

 

11,417,520

 

Federal Realty Invs Trust

 

30,000

 

2,254,200

 

Hilton Hotels Corp.

 

789,200

 

34,890,532

 

Hospitality Properties Trust

 

150,000

 

5,754,000

 

Host Hotels & Resorts, Inc.

 

400,000

 

8,448,000

 

iStar Financial, Inc.

 

1,195,965

 

43,449,408

 

Kilroy Realty Corp.

 

75,000

 

4,832,250

 

Maguire Properties, Inc.

 

463,100

 

13,249,291

 

Marriott International, Inc. - Class A

 

850,000

 

35,317,500

 

Orient-Express Hotels Ltd.

 

315,000

 

14,631,750

 

Prologis

 

130,000

 

7,397,000

 

Simon Property Group, Inc.

 

290,000

 

25,093,700

 

SL Green Realty Corp.

 

70,000

 

8,499,400

 

Starwood Hotels & Resorts Worldwide, Inc.

 

500,000

 

31,480,000

 

Sunrise Senior Living, Inc. *

 

374,300

 

14,882,168

 

Taubman Centers, Inc.

 

100,000

 

4,809,000

 

Ventas, Inc.

 

250,000

 

8,155,000

 

Vornado Realty Trust

 

250,000

 

26,757,500

 

Washington Mutual, Inc.

 

1,100,000

 

41,283,000

 

 

 

 

 

406,680,736

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Identified Cost $1,704,781,477)

 

 

 

1,594,528,569

 

 

DESCRIPTION

 

 

 

SHARES

 

VALUE

 

EQUITY - LINKED STRUCTURED NOTES (0.9%)

 

 

 

 

 

 

 

Germany (0.1%)

 

 

 

 

 

 

 

Morgan Stanley - Altana (3)(4)

 

 

 

100,000

 

2,369,649

 

 

 

 

 

 

 

 

 

United Kingdom (0.8%)

 

 

 

 

 

 

 

Morgan Stanley - 3i Group (3)(4)

 

 

 

800,000

 

14,888,898

 

 

 

 

 

 

 

 

 

TOTAL EQUITY - LINKED STRUCTURED NOTES
(Identified Cost $25,996,312)

 

 

 

 

 

17,258,547

 

 

 

 

INTEREST

 

 

 

 

 

DESCRIPTION

 

RATE

 

SHARES

 

VALUE

 

SHORT TERM INVESTMENTS (10.6%)

 

 

 

 

 

 

 

Alpine Municipal Money Market Fund (5)

 

3.548

%

32,727,659

 

32,727,659

 

Credit Suisse Institutional Money Market Fund (5)

 

5.315

%

159,558,338

 

159,558,338

 

Morgan Stanley Money Market Fund (5)

 

5.060

%

5,033,369

 

5,033,369

 

 

 

 

 

 

 

 

 

TOTAL SHORT TERM INVESTMENTS
(Identified Cost $197,319,366)

 

 

 

 

 

197,319,366

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (97.4%)
(Identified Cost $1,928,097,155)

 

 

 

 

 

1,809,106,482

 

TOTAL OTHER ASSETS LESS LIABILITIES (2.6%)

 

 

 

 

 

48,162,178

 

TOTAL NET ASSETS (100.0%)

 

 

 

 

 

$

1,857,268,660

 

 


*

 

Non-income Producing Security.

(1)

 

GDR - Global Depository Receipt.

(2)

 

ADR - American Depository Receipt.

(3)

 

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. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees.

(4)

 

Fair valued security under procedures established by the Fund’s Board of Trustees.

(5)

 

Investments in other funds are calculated at their respective net asset value as determined by those funds, in accordance with the Investment Company Act of 1940. The interest rate shown represents the rate at July 31, 2007.

 

See Notes to Quarterly Portfolio of Investments.

 



 

NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS

July 31, 2007

 

1. Security Valuation:

 

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 (the “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. 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. 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 market value.

 

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 a fair value following procedures and/or guidelines approved by the Board of Trustees, which may include utilizing a systematic fair valuation model provided by an independent pricing system. The Fund may also use fair value pricing, if the value of a security it holds is, pursuant to Board of Trustees 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 of Trustees, 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.

 

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 above, if the market prices are not readily available or are not reflective of the fair value of the security, the security will be priced at a fair value following procedures approved by the Board of Trustees. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate.

 

2. Foreign Securities:

 

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. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

 

The accounting records of the Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment

 



 

income are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

The effect of changes in foreign currency exchange rates on investments is included with the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

 

3. Securities Transactions and Investment Income:

 

Investment security transactions are accounted for as of trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, which includes amortization of premium and accretion of discounts. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the highest cost basis for both financial reporting and income tax purposes.

 

4. Equity - Linked Structured Notes:

 

The Portfolios 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, an 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.

 

5. Income Tax

 

Net unrealized appreciation/depreciation of investments based on federal tax costs were as follows:

 

Gross Appreciation (excess of value over tax cost)

 

30,307,162

 

Gross Depreciation (excess of tax cost over value)

 

(152,312,889

)

Net unrealized Appreciation/(Depreciation)

 

(122,005,727

)

Cost of investments for income tax purposes

 

1,931,112,209

 

 



 

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.

 

2



 

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 28, 2007

 

 

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 28, 2007

 

 

 

By:

 /s/ Sheldon Flamm

 

 

 Sheldon Flamm

 

 

 Treasurer (Principal Financial Officer)

 

 

 

 

Date:

 September 28, 2007

 

3