N-Q 1 a08-24006_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.

 

Sarah E. Cogan, Esq.

Blank Rome LLP

 

Simpson Thacher & Bartlett LLP

405 Lexington Ave

 

425 Lexington Ave

New York, NY 10174

 

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:

May 1, 2008 – July 31, 2008

 

 



 

Item 1 – Schedule of Investments.

 



 

ALPINE GLOBAL PREMIER PROPERTIES FUND

SCHEDULE OF PORTFOLIO INVESTMENTS

July 31, 2008 (Unaudited)

 

 

 

 

 

Value

 

Description

 

Shares

 

(Note 1)

 

 

 

 

 

 

 

COMMON STOCKS (95.9%)

 

 

 

 

 

Australia (7.2%)

 

 

 

 

 

Australand Property Group

 

7,228,147

 

$

4,491,984

 

Goodman Group

 

5,521,600

 

13,257,830

 

GPT Group

 

9,744,503

 

13,946,672

 

Stockland Corp., Ltd.

 

146,900

 

640,428

 

Valad Property Group Pty, Ltd.

 

28,342,860

 

14,678,229

 

Westfield Group

 

2,200,000

 

33,517,259

 

 

 

 

 

80,532,402

 

Austria (2.6%)

 

 

 

 

 

Conwert Immobilien Invest SE*

 

628,653

 

9,394,150

 

Immofinanz AG

 

2,102,000

 

19,082,563

 

 

 

 

 

28,476,713

 

Brazil (8.3%)

 

 

 

 

 

Agra Empreendimentos Imobiliarios SA*

 

1,478,100

 

8,738,559

 

Brascan Residential Properties SA

 

1,478,400

 

7,126,298

 

Brasil Brokers Participacoes SA*

 

16,500

 

13,115,304

 

Cyrela Brazil Realty SA

 

903,795

 

12,925,370

 

Cyrela Commercial Properties SA Empreendimentos e Participacoes

 

1,465,000

 

10,279,225

 

Ez Tec Empreendimentos e Participacoes SA

 

521,700

 

1,455,551

 

Gafisa SA

 

210,700

 

3,607,849

 

Gafisa SA - ADR

 

132,800

 

4,547,072

 

Iguatemi Empresa de Shopping Centers SA

 

42,300

 

539,856

 

Invest Tur Brasil -Desenvolvimento Imobiliario Turistico SA*

 

21,700

 

10,667,262

 

Klabin Segall SA

 

199,100

 

1,160,559

 

Multiplan Empreendimentos Imobiliarios SA*

 

905,000

 

10,111,409

 

Tecnisa SA

 

577,000

 

2,726,042

 

Trisul SA

 

1,150,000

 

5,132,159

 

 

 

 

 

92,132,515

 

Chile (0.1%)

 

 

 

 

 

Parque Arauco

 

1,235,504

 

1,068,279

 

 

 

 

 

 

 

China (3.1%)

 

 

 

 

 

Agile Property Holdings, Ltd.

 

8,189,300

 

7,715,257

 

C C Land Holdings, Ltd.

 

7,329,600

 

4,349,883

 

CapitaRetail China Trust

 

3,009,000

 

2,530,606

 

Greentown China Holdings, Ltd.

 

1,729,400

 

1,485,206

 

Guangzhou R&F Properties Co., Ltd.

 

1,954,900

 

4,044,310

 

Hopson Development Holdings, Ltd.

 

5,485,900

 

5,836,363

 

Shimao Property Holdings, Ltd.

 

2,555,200

 

3,193,345

 

Shui On Land, Ltd.

 

236,900

 

214,988

 

Sino-Ocean Land Holdings, Ltd.

 

8,436,000

 

5,601,220

 

 

 

 

 

34,971,178

 

France (9.4%)

 

 

 

 

 

Accor SA

 

383,000

 

25,724,906

 

Club Mediterranee*

 

101,895

 

4,559,996

 

Eurosic, Inc.

 

93,300

 

4,686,175

 

Kaufman & Broad SA

 

98,662

 

4,555,359

 

Nexity

 

263,953

 

5,932,962

 

Societe Immobiliere de Location pour l’Industrie et le Commerce

 

74,715

 

9,952,832

 

Unibail-Rodamco Co.

 

217,911

 

49,038,388

 

 

 

 

 

104,450,618

 

Germany (3.0%)

 

 

 

 

 

Colonia Real Estate AG

 

363,215

 

4,033,897

 

Dawnay Day Sirius, Ltd.

 

5,011,800

 

4,514,677

 

Dawnay Day Treveria PLC

 

11,057,500

 

5,346,870

 

DIC Asset AG

 

239,709

 

5,623,584

 

 



 

Eurocastle Investment, Ltd.

 

733,470

 

5,663,287

 

Hypo Real Estate Holding AG

 

309,529

 

8,714,842

 

 

 

 

 

33,897,157

 

Hong Kong (5.5%)

 

 

 

 

 

The Hongkong & Shanghai Hotels, Ltd.

 

6,714,000

 

10,344,324

 

Hongkong Land Holdings, Ltd.

 

1,570,000

 

6,484,100

 

Kowloon Development Co., Ltd.

 

9,832,000

 

16,131,256

 

Midland Holdings, Ltd.

 

19,375,400

 

10,281,757

 

New World Development, Ltd.

 

3,078,000

 

5,799,656

 

NWS Holdings, Ltd.

 

3,088,000

 

6,633,880

 

Shangri-La Asia, Ltd.

 

2,469,200

 

5,310,856

 

 

 

 

 

60,985,829

 

India (1.8%)

 

 

 

 

 

Hirco PLC*

 

1,085,832

 

5,703,577

 

Indiabulls Properties Investment Trust*

 

6,500,000

 

3,327,483

 

Unitech Corporate Parks PLC*

 

3,104,000

 

3,045,550

 

Yatra Capital, Ltd.*

 

650,000

 

7,832,364

 

 

 

 

 

19,908,974

 

Italy (2.3%)

 

 

 

 

 

Pirelli & C Real Estate S.p.A.

 

513,795

 

10,418,717

 

Pirelli & C S.p.A.

 

19,500,000

 

12,166,778

 

Risanamento S.p.A.*

 

1,514,433

 

3,108,758

 

 

 

 

 

25,694,253

 

Japan (9.8%)

 

 

 

 

 

Advance Residence Investment Corp.

 

295

 

965,241

 

Aeon Mall Co., Ltd.

 

234,300

 

7,014,775

 

Creed Corp.

 

3,607

 

3,015,724

 

DA Office Investment Corp.

 

348

 

1,283,811

 

Frontier Real Estate Investment Corp.

 

613

 

3,585,327

 

The Japan General Estate Co., Ltd.

 

476,000

 

2,294,295

 

Japan Hotel and Resort, Inc.

 

781

 

2,084,163

 

Japan Logistics Fund, Inc.

 

1,203

 

7,024,980

 

Japan Retail Fund Investment Corp.

 

1,004

 

5,146,332

 

Kenedix, Inc.

 

5,900

 

4,298,466

 

Mitsubishi Estate Co., Ltd.

 

288,100

 

7,023,248

 

Mitsui Fudosan Co., Ltd.

 

293,800

 

6,726,477

 

Mori Hills REIT Investment Corp.

 

2,941

 

12,676,137

 

Nippon Residential Investment Corp.

 

67

 

191,899

 

Nomura Real Estate Holdings, Inc.

 

747,200

 

15,271,594

 

Nomura Real Estate Residential Fund, Inc.

 

34

 

128,266

 

Pacific Holdings Co.

 

11,175

 

1,915,241

 

Secured Capital Japan Co., Ltd.

 

2,624

 

4,142,070

 

Sumitomo Real Estate Sales Co., Ltd.

 

215,230

 

7,880,229

 

Sumitomo Realty & Development Co., Ltd.

 

441,500

 

9,207,721

 

Tokyo Tatemono Co., Ltd.

 

912,000

 

4,539,500

 

United Urban Investment Corp.

 

505

 

2,218,751

 

 

 

 

 

108,634,247

 

Malaysia (0.3%)

 

 

 

 

 

KLCC Property Holdings BHD

 

450,000

 

396,652

 

Resorts World BHD

 

2,900,000

 

2,484,951

 

 

 

 

 

2,881,603

 

Mexico (1.3%)

 

 

 

 

 

Consorcio ARA SAB de C.V.

 

169,800

 

140,897

 

Corp. GEO SAB de C.V.*

 

1,137,100

 

4,157,048

 

Desarrolladora Homex SA de C.V.* - ADR

 

98,700

 

5,517,331

 

Urbi Desarrollos Urbanos SA de C.V.*

 

1,277,800

 

4,232,285

 

 

 

 

 

14,047,561

 

Norway (0.9%)

 

 

 

 

 

Norwegian Property ASA

 

2,297,150

 

9,460,119

 

 



 

Philippines (0.2%)

 

 

 

 

 

Ayala Land, Inc.

 

3,300,600

 

732,387

 

SM Prime Holdings, Inc.

 

9,605,000

 

1,587,603

 

 

 

 

 

2,319,990

 

Poland (0.4%)

 

 

 

 

 

Orco Property Group

 

133,500

 

4,966,502

 

 

 

 

 

 

 

Russia (1.7%)

 

 

 

 

 

PIK Group*(1) - GDR

 

805,000

 

18,515,000

 

RGI International, Ltd.*

 

98,900

 

595,873

 

 

 

 

 

19,110,873

 

Singapore (9.8%)

 

 

 

 

 

Allco Commercial Real Estate Investment Trust

 

6,651,000

 

3,939,820

 

ARA Asset Management, Ltd.

 

15,852,000

 

7,535,323

 

Ascendas (REIT)

 

6,350,000

 

10,680,854

 

Ascott Residence Trust

 

300,000

 

232,558

 

Banyan Tree Holdings, Ltd.

 

9,997,300

 

8,919,633

 

CapitaCommercial Trust

 

12,597,000

 

17,687,758

 

CapitaLand, Ltd.

 

2,925,000

 

12,192,848

 

CapitaMall Trust

 

3,850,000

 

8,446,687

 

City Developments, Ltd.

 

1,527,800

 

12,826,636

 

Macquarie MEAG Prime REIT

 

17,451,400

 

13,655,842

 

Mandarin Oriental International, Ltd.

 

1,849,000

 

3,272,730

 

Singapore Land, Ltd.

 

1,376,000

 

6,490,566

 

Suntec Real Estate Investment Trust

 

2,677,000

 

3,034,482

 

 

 

 

 

108,915,737

 

Spain (0.3%)

 

 

 

 

 

Realia Business SA

 

821,335

 

3,779,404

 

 

 

 

 

 

 

Sweden (1.3%)

 

 

 

 

 

Castellum AB

 

151,600

 

1,521,234

 

JM AB

 

941,457

 

11,157,652

 

Kungsleden AB

 

300,000

 

2,115,921

 

 

 

 

 

14,794,807

 

Thailand (1.4%)

 

 

 

 

 

Land and Houses PLC

 

5,000,000

 

985,369

 

Minor International

 

23,808,400

 

9,384,021

 

Preuksa Real Estate PCL

 

8,940,000

 

2,082,174

 

SC Asset Corp. PCL

 

12,431,900

 

2,895,456

 

 

 

 

 

15,347,020

 

United Kingdom (7.6%)

 

 

 

 

 

Enterprise Inns PLC

 

873,000

 

5,364,321

 

Great Portland Estates PLC

 

1,044,315

 

7,043,175

 

Hammerson PLC

 

1,076,200

 

20,489,397

 

Helical Bar PLC

 

772,684

 

4,529,659

 

Mapeley, Ltd.

 

544,372

 

12,559,941

 

Punch Taverns PLC

 

1,025,264

 

5,192,368

 

Segro PLC

 

1,981,419

 

16,083,074

 

Shaftesbury PLC

 

1,102,318

 

8,739,885

 

Songbird Estates PLC*

 

1,967,700

 

3,900,297

 

 

 

 

 

83,902,117

 

United States (17.6%)

 

 

 

 

 

Alexander’s, Inc.*

 

38,870

 

13,788,744

 

Alexandria Real Estate Equities, Inc.

 

99,000

 

10,222,740

 

Annaly Capital Management, Inc.

 

140,000

 

2,109,800

 

Ashford Hospitality Trust, Inc.

 

814,400

 

3,233,168

 

Brandywine Realty Trust

 

276,500

 

4,437,825

 

CBL & Associates Properties, Inc.

 

70,000

 

1,359,400

 

Centex Corp.

 

167,818

 

2,463,568

 

DiamondRock Hospitality Co.

 

678,000

 

6,251,160

 

DR Horton, Inc.

 

200,000

 

2,224,000

 

Forestar Real Estate*

 

394,650

 

7,135,272

 

General Growth Properties, Inc.

 

500,000

 

13,705,000

 

Gramercy Capital Corp.

 

181,285

 

1,225,487

 

Guaranty Financial Group*

 

286,450

 

948,150

 

HRPT Properties Trust

 

1,218,000

 

8,538,180

 

iStar Financial, Inc.

 

1,680,965

 

13,800,723

 

Kilroy Realty Corp.

 

175,000

 

8,016,750

 

Lennar Corp.

 

230,000

 

2,783,000

 

Mack-Cali Realty Corp.

 

392,300

 

15,056,473

 

Maguire Properties, Inc.

 

398,600

 

4,300,894

 

Meritage Homes Corp.*

 

160,000

 

2,888,000

 

 



 

MFA Mortgage Investments, Inc.

 

650,000

 

4,192,500

 

Orient-Express Hotels, Ltd.

 

458,497

 

15,263,364

 

Pfizer, Inc.

 

500,000

 

9,335,000

 

Starwood Hotels & Resorts Worldwide, Inc.

 

140,600

 

4,821,174

 

Strategic Hotels & Resorts, Inc.

 

225,000

 

1,775,250

 

Sunrise Senior Living, Inc.*

 

395,300

 

7,087,729

 

Temple-Inland, Inc.

 

933,950

 

15,176,688

 

Vornado Realty Trust

 

135,583

 

12,889,876

 

 

 

 

 

195,029,915

 

TOTAL COMMON STOCKS

(Identified Cost $1,636,564,881)

 

 

 

1,065,307,813

 

 

 

 

 

 

 

PARTICIPATION NOTES (0.1%)

 

 

 

 

 

Netherlands (0.1%)

 

 

 

 

 

Merrill DLF Limited (Loan Participation Notes
issued by Merrill Lynch & Co., Inc.)
expiring 06/21/12*

 

79,100

 

950,315

 

 

 

 

 

 

 

TOTAL PARTICIPATION NOTES

(Identified Cost $910,401)

 

 

 

950,315

 

 

 

 

 

 

 

RIGHTS (0.0%)(2)

 

 

 

 

 

Norway (0.0%)(2)

 

 

 

 

 

Norwegian Property ASA*

 

1,938,559

 

 

 

 

 

 

 

 

TOTAL RIGHTS

(Identified Cost $0)

 

 

 

 

 

 

 

Maturity

 

 

 

Value

 

Description

 

Date

 

Shares

 

(Note 1)

 

 

 

 

 

 

 

 

 

EQUITY - LINKED STRUCTURED NOTES (1.9%)

 

 

 

 

 

 

 

Finland (0.4%)

 

 

 

 

 

 

 

Merrill Lynch & Co., Inc. -
Sponda Oyj. Link*

 

03/24/09

 

459,281

 

4,248,290

 

 

 

 

 

 

 

 

 

Sweden (0.9%)

 

 

 

 

 

 

 

Morgan Stanley & Co., Inc. -
SKF AB - B Shares*

 

04/24/09

 

600,000

 

10,232,734

 

 

 

 

 

 

 

 

 

Switzerland (0.3%)

 

 

 

 

 

 

 

Morgan Stanley & Co., Inc. -
Swiss Life Holding*

 

07/30/09

 

15,500

 

4,010,407

 

 

 

 

 

 

 

 

 

United Kingdom (0.1%)

 

 

 

 

 

 

 

Morgan Stanley & Co., Inc. -
Berkeley Group Holdings*

 

01/03/11

 

100,000

 

1,428,147

 

 

 

 

 

 

 

 

 

United States (0.2%)

 

 

 

 

 

 

 

Morgan Stanley & Co., Inc. -
Apartment Investment*

 

06/23/09

 

54,168

 

1,850,921

 

 

 

 

 

 

 

 

 

TOTAL EQUITY - LINKED STRUCTURED NOTES

 

 

 

 

 

 

 

(Identified Cost $26,953,149)

 

 

 

 

 

21,770,499

 

 



 

 

 

 

 

 

 

Value

 

Description

 

7 day yield

 

Shares

 

(Note 1)

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS (0.1%)

 

 

 

 

 

 

 

Morgan Stanley Institutional Liquidity Money Market Fund, Advisor Class(2)

 

2.383

%

682,427

 

682,427

 

 

 

 

 

 

 

 

 

TOTAL SHORT TERM INVESTMENTS

(Identified Cost $682,427)

 

 

 

 

 

682,427

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (98.0%)

(Identified Cost $1,665,110,858)

 

 

 

 

 

1,088,711,054

 

 

 

 

 

 

 

 

 

TOTAL OTHER ASSETS LESS LIABILITIES (2.0%)

 

 

 

 

 

22,322,192

 

 

 

 

 

 

 

 

 

NET ASSETS (100.0%)

 

 

 

 

 

$

1,111,033,246

 

 


* Non-income producing security.

(1) 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. Securities restricted under Rule 144A comprised 1.67% of the fund’s net assets.

(2) Less than 0.05% of Total Net Assets.

(3) 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.

 

See Notes to Quarterly Schedule of Portfolio Investments.

 

Common Abbreviations

AB - Aktiebolag is the Swedish equivalent of the term corporation.

ADR - American Depositary Receipt.

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

ASA - Allmennaksjeselskap is the Norwegian term for a public limited company.

BHD - Berhad is the Malaysian term for public limited company.

GDR - Global Depositary Receipt.

Inc. – Incorporated.

Ltd. - Limited.

Oyj. - Osakeyhtio is the Finnish equivalent of a limited company.

PCL - Public Company Limited.

PLC - Public Limited Co.

REIT - Real Estate Investment Trust.

SA - Generally designates corporations in various countries, mostly those employing the civil law.

SA de CV - A variable capital company.

SAB de CV - A 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.

S.p.A. – Societa` Per Azioni is an Italian shared company.

 




 


 

NOTES TO QUARTERLY PORTFOLIO INVESTMENTS

July 31, 2008

 

1. Organization:

 

Alpine Global Premier Properties Fund (the “Fund”) is a diversified, closed-end management investment company. The Fund’s primary investment objective is capital appreciation. The Fund’s secondary investment objective is high current income.

 

The Fund had no operations prior to April 26, 2007 other than matters relating to its organization and the sale and issuance of 213,089.005 shares of beneficial interest in the Fund to a group consisting of Alpine Woods Capital Investors, LLC (“Alpine Woods”), certain of its officers and parties either related to or affiliated with those officers and 6,235.602 shares of beneficial interest in the Fund to the Independent Trustees at the initial subscription price of $19.10 per share. Alpine Woods serves as the Fund’s investment adviser. The Fund’s Common Shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “AWP”.

 

The following summarizes the significant accounting policies of the Fund.

 

2. 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.

 



 

3. 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.

 

4. 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.

 

5. Total Return Swap Contract:

 

The Fund may enter into total return swaps. A total return swap is an agreement between the Fund and a counterparty to exchange a market linked return for a floating rate payment, both based on a notional principal amount. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily based upon quotations from the market makers and the change in value, if any, is recorded as an unrealized gain or loss in the Statement of Operations. The unrealized gain (loss) related to the daily change in the valuation of the notional amount of the swap, as well as the amount due to (owed by) the Fund at termination or settlement, is combined and separately disclosed as an asset (liability). The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). Total return swaps are subject to risks (if the counterparty fails to meet its obligations).

 

Counterparty:

 

Morgan Stanley

 

Underlying Security

 

Shares

 

Notional Amount

 

Phoenix Mills, Ltd.

 

850,000

 

$

8,452,655

 

 

Floating Rate
Paid by the Fund

 

Termination
Date

 

Unrealized
Depreciation

 

Collateral

 

US One Month
LIBOR+45bps

 

08/02/10

 

$

(4,621,433

)

$

8,405,415

 

 

6. Income Tax:

 

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

 

Gross appreciation (excess of value over tax cost)

 

7,837,154

 

Gross depreciation (excess of tax cost over value)

 

(591,761,387

)

Net unrealized appreciation/(depreciation)

 

(583,924,233

)

Cost of investments for income tax purposes

 

1,672,635,287

 

 

7. New Accounting Pronouncements:

 

In September 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Statement No. 157, “Fair Valuation Measurement” (“SFAS No. 157”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Fund is currently evaluating the potential impact the adoption of SFAS No. 157 will have on the Fund’s financial statements.

 



 

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.

 

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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 29, 2008

 

 

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 29, 2008

 

 

 

By:

/s/ Sheldon Flamm

 

 

Sheldon Flamm

 

 

Chief Financial Officer (Principal Financial Officer)

 

 

 

 

Date:

September 29, 2008

 

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