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, 2014

 

Date of reporting period: January 31, 2014

Alpine Global Premier Properties Fund

 

Schedule of Portfolio Investments

 January 31, 2014 (Unaudited)

 

Shares			Security Description			Value
Common Stocks-107.3%
Australia-1.2%
	1,000,000		Goodman Group		$	4,086,951
	2,500,000		Mirvac Group			3,653,752
						7,740,703
Belgium-0.7%
	38,000		Cofinimmo			4,424,463
Brazil-7.6%
	699,789		Aliansce Shopping Centers SA			4,749,837
	835,619		BHG SA-Brazil Hospitality Group (a)			4,380,226
	600,200		BR Malls Participacoes SA			3,780,396
	440,310		Cyrela Commercial Properties SA Empreendimentos e Participacoes			3,704,753
	1,595,723		Direcional Engenharia SA			7,009,081
	1,111,948		Iguatemi Empresa de Shopping Centers SA			9,233,788
	1,600,000		JHSF Participacoes SA			2,665,285
	562,707		Multiplan Empreendimentos Imobiliarios SA			10,168,715
	240,000		Sao Carlos Empreendimentos e Participacoes SA			3,480,783
	275,802		Sonae Sierra Brasil SA			1,782,870
						50,955,734
Chile-0.6%
	2,378,557		Parque Arauco SA			4,064,043
China-1.3%
	5,738,840		CapitaRetail China Trust			5,933,244
	5,452,426		Franshion Properties China, Ltd.			1,748,698
	1,200,000		SOCAM Development, Ltd.			1,159,226
						8,841,168
France-4.5%
	175,526		Accor SA			8,376,756
	127,273		Kaufman & Broad SA (a)			3,312,903
	190,496		Mercialys SA			3,902,643
	358,719		Nexity SA			14,339,955
						29,932,257
Germany-1.5%
	96,284		Deutsche Annington Immobilien SE (a)			2,473,798
	633,580		DIC Asset AG			5,702,139
	534,845		Prime Office REIT AG (a)			2,055,834
						10,231,771
Hong Kong-0.6%
	68,970,051		CSI Properties, Ltd.			2,531,810
	238,095		Kerry Logistics Network, Ltd. (a)			401,742
	599,000		Mandarin Oriental International, Ltd.			1,006,320
						3,939,872
India-0.7%
	1,999,368		Hirco PLC (a)(b)			314,214
	1,000,000		Puravankara Projects, Ltd.			1,080,520
	1,695,400		Unitech Corporate Parks PLC (a)			1,128,762
	484,738		Yatra Capital, Ltd. (a)			1,905,728
						4,429,224

Ireland-2.4%
	4,500,000		Green REIT PLC (a)			7,950,584
	5,308,678		Hibernia REIT PLC (a)			8,090,587
						16,041,171
Japan-16.8%
	135,000		Aeon Mall Co., Ltd.			4,003,621
	35,000		Daito Trust Construction Co., Ltd.			3,336,596
	600		Daiwa House REIT Investment Corp.			5,056,279
	714		Frontier Real Estate Investment Corp.			3,682,862
	5,607		GLP J-REIT			5,833,651
	850,309		Hulic Co., Ltd.			10,927,432
	2,500		Hulic REIT, Inc. (a)			2,642,654
	600		Japan Prime Realty Investment Corp.			2,061,270
	750		Kenedix Realty Investment Corp.			3,751,101
	3,903,769		Kenedix, Inc. (a)			15,932,971
	550,000		Mitsubishi Estate Co., Ltd.			13,700,206
	320,000		Mitsui Fudosan Co., Ltd.			10,301,263
	1,200		Nippon Building Fund, Inc.			6,847,411
	710		Nippon Prologis REIT, Inc.			7,192,424
	160,000		Nomura Real Estate Holdings, Inc.			3,282,373
	300,000		Sumitomo Realty & Development Co., Ltd.			13,483,410
						112,035,524
Malaysia-0.5%
	3,571,429		SP Setia BHD			3,073,574
Mexico-2.8%
	4,326,924		Concentradora Fibra Hotelera Mexicana SA de CV			7,017,420
	3,342,858		Corp. Inmobiliaria Vesta SAB de CV			6,123,824
	3,125,000		TF Administradora Industrial S de RL de CV			5,780,806
						18,922,050
Philippines-2.1%
	5,983,077		Ayala Land, Inc.			3,458,884
	31,030,625		SM Prime Holdings, Inc.			10,626,551
						14,085,435
Singapore-7.7%
	18,294,904		ARA Asset Management, Ltd.			24,359,770
	5,052,698		Ascott Residence Trust			4,689,600
	8,655,400		Banyan Tree Holdings, Ltd.			4,101,443
	6,594,924		Global Logistic Properties, Ltd.			14,514,773
	2,253,000		Parkway Life REIT			3,988,079
						51,653,665
Sweden-2.0%
	499,945		JM AB			13,384,979
Thailand-1.9%
	8,010,000		Central Pattana PCL			9,099,515
	5,748,980		Minor International PCL			3,622,502
						12,722,017
Turkey-0.5%
	3,142,858		Emlak Konut Gayrimenkul Yatirim Ortakligi AS			2,989,093
United Arab Emirates-1.7%
	829,600		DAMAC Real Estate Development, Ltd.-GDR (a)(c)			11,407,000

United Kingdom-11.4%
	275,863		Countrywide PLC			2,589,433
	290,164		Crest Nicholson Holdings PLC (a)			1,745,821
	1,047,946		Foxtons Group PLC (a)			6,041,569
	1,069,547		Great Portland Estates PLC			10,628,481
	4,624,322		Londonmetric Property PLC			10,475,441
	3,210,000		LXB Retail Properties PLC (a)			6,675,297
	8,205,015		Regus PLC			28,257,807
	3,232,069		Songbird Estates PLC (a)			9,829,409
						76,243,258
United States-38.8%
	190,034		Altisource Residential Corp.			5,701,020
	300,000		American Capital Mortgage Investment Corp. (d)			5,865,000
	850,000		American Homes 4 Rent-Class A (c)			14,178,000
	28,302		American Homes 4 Rent-Class A			472,077
	50,000		AvalonBay Communities, Inc. (d)			6,175,000
	175,235		Blackstone Mortgage Trust, Inc.-Class A			4,917,094
	60,000		Boston Properties, Inc.			6,485,400
	143,000		Brookfield Residential Properties, Inc. (a)			3,234,660
	256,353		CBL & Associates Properties, Inc. (d)			4,355,437
	1,200,507		Colony Financial, Inc. (d)			26,651,255
	200,807		Cousins Properties, Inc.			2,158,675
	450,000		DR Horton, Inc. (d)			10,566,000
	50,000		Equity Lifestyle Properties, Inc.			1,965,500
	77,414		Hilton Worldwide Holdings, Inc. (a)			1,676,013
	210,569		Host Hotels & Resorts, Inc. (d)			3,872,364
	180,000		Lennar Corp.-Class A			7,228,800
	270,833		Meritage Homes Corp. (a)			13,154,359
	1,882,000		MFA Financial, Inc. (d)			13,719,780
	1,000,000		New Residential Investment Corp. (d)			6,350,000
	700,000		Newcastle Investment Corp. (d)			3,808,000
	317,375		Ocwen Financial Corp. (a)			14,008,933
	325,000		Ryland Group, Inc. (d)			14,508,000
	145,742		Simon Property Group, Inc. (d)			22,566,691
	210,000		Starwood Hotels & Resorts Worldwide, Inc. (d)			15,689,100
	750,944		Starwood Property Trust, Inc. (d)			22,678,509
	50,000		The Howard Hughes Corp. (a)			6,238,500
	1,596,931		Two Harbors Investment Corp. (d)			15,697,832
	274,780		WCI Communities, Inc. (a)			5,143,882
						259,065,881
			Total Common Stocks (Cost $594,918,537)			716,182,882
Equity-Linked Structured Notes-0.4%
India-0.4%
	850,000		Phoenix Mills, Ltd.-Merrill Lynch & Co., Inc.			2,753,969
			Total Equity-Linked Structured Notes (Cost $3,459,075)			2,753,969
Rights-0.0% *
Germany-0.0% *
	534,845		Prime Office AG (a) Expiration: January, 2014 Exercise Price: 4.2			22,362
			Total Rights (Cost $0)			22,362

Warrants-1.0%
United Kingdom-1.0%
	200,000		Merrill Lynch & Co., Inc. (a) Expiration: March, 2014 Exercise Price: 0.0			6,476,961
			Total Warrants (Cost $6,208,046)			6,476,961
Total Investments (Cost $604,585,658)-108.7%						725,436,174
Liabilities in Excess of Other Assets-(8.7)%						(58,319,203	)
TOTAL NET ASSETS 100.0%					$	667,116,971

  

Percentages are stated as a percent of net assets.

* Less than 0.05% of Net Assets.

(a) Non-income producing security.

(b) Illiquid security.

(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. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees. As of January 31, 2014, securities restricted under Rule 144A had a total value of $25,585,000 which comprised 3.8% of the Fund’s net assets.

(d) All or a portion of the security has been designated as collateral for the line of credit.

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.

AS-Anonim Sirketi is the Turkish term for joint stock company.

BHD-Malaysian equivalent to incorporated.

GDR-Global Depositary Receipt

PCL-Public Company Limited

PLC-Public Limited Company

REIT-Real Estate Investment Trust

S de RL de CV-Socieded 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

January 31, 2014 (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 Polices:

 

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. Actual results could differ from those estimates. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

 

A. 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 or if market quotations are not available or determined to be unreliable, through procedures and/or guidelines established by the Board. In computing the Fund’s NAV, equity 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, or lacking any current reported sale at the time of valuation, the option 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. Debt securities are valued based on an evaluated mean price as 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. 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.

 

Equity 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 NAV is not calculated. As stated above, if the market prices are not readily available or 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 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’s may also use fair value pricing, if the value of a security it holds is, pursuant to the Board guidelines, materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or 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. The Board has approved the use of a third-party pricing vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the NYSE. When fair value

pricing is employed, the value of the portfolio security used to calculate the Fund’s NAVs 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.

 

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 GAAP.

 

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

The following is a summary of the inputs used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2014:

 

		Valuation Inputs
Investments in Securities at Value		Level 1				Level 2				Level 3				Total Value
Common Stocks
Australia		$	7,740,703			$	—			$	—			$	7,740,703
Belgium			4,424,463				—				—				4,424,463
Brazil			50,955,734				—				—				50,955,734
Chile			4,064,043				—				—				4,064,043
China			8,841,168				—				—				8,841,168
France			29,932,257				—				—				29,932,257
Germany			10,231,771				—				—				10,231,771
Hong Kong			3,939,872				—				—				3,939,872
India			4,115,010				—				314,214				4,429,224
Ireland			16,041,171				—				—				16,041,171
Japan			112,035,524				—				—				112,035,524
Malaysia			3,073,574				—				—				3,073,574
Mexico			18,922,050				—				—				18,922,050
Philippines			14,085,435				—				—				14,085,435

Singapore			51,653,665				—				—				51,653,665
Sweden			13,384,979				—				—				13,384,979
Thailand			—				12,722,017				—				12,722,017
Turkey			2,989,093				—				—				2,989,093
United Arab Emirates			—				11,407,000				—				11,407,000
United Kingdom			76,243,258				—				—				76,243,258
United States			259,065,881				—				—				259,065,881
Equity-Linked Structured Notes			—				2,753,969				—				2,753,969
Right			22,362				—				—				22,362
Warrant			—				6,476,961				—				6,476,961
Total		$	691,762,013			$	33,359,947			$	314,214			$	725,436,174
		Valuation Inputs
Other Financial Instruments		Level 1				Level 2				Level 3				Total Value
Assets
Forward Currency Contracts		$	—			$	734			$	—			$	734
Liabilities
Forward Currency Contracts			—				(623,224	)			—				(623,224	)
Total		$	—			$	(622,490	)		$	—			$	(622,490	)

 

For the period ended January 31, 2014, there were no transfers between Level 1, Level 2 and Level 3.

 

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

 

Balance as of October 31, 2013		$	306,473
Realized gain (loss)			—
Change in unrealized depreciation			7,741
Purchases			—
Sales			—
Transfers in to Level 3*			—
Transfers out of Level 3*			—
Balance as of January 31, 2014		$	314,214
Change in net unrealized depreciation on Level 3 holdings held at period end		$	7,741

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

 

B. Federal and Other Income Taxes: It is the Fund’s policy to comply with the Federal income and excise tax requirements 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 the timing requirements imposed by the Code. Therefore, no Federal income 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. As of January 31, 2014, 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)		$	178,453,564
Gross depreciation on investments (excess of tax cost over value)			(57,603,048	)
Net unrealized appreciation			120,850,516
Cost of investments for income tax purposes		$	604,585,658

 

*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.

 

C. 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 term 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.

 

D. 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 translations 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.

 

E. Risks 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.

 

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 Fund or result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

 

F. Equity-Linked Structured Notes: The Fund may invest in equity-linked structured notes. Equity-linked structured notes are 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. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.

 

G. Forward Currency Contracts: The Fund are subject to foreign currency exchange rate risk in the normal course of pursuing their 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 each Fund as unrealized appreciation or depreciation. When the forward contract is closed, a Fund records a realized gain or loss equal to the fluctuation in value during the period the forward contract was open. A 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 January 31, 2014.

 

Description		Settlement Date		Currency				Settlement Value				Current Value				Unrealized Gain/(Loss)
Contracts Purchased:
Japanese Yen		02/07/14			270,000,000	JPY		$	2,641,956			$	2,642,690			$	734
Contracts Sold:
Japanese Yen		07/30/14			9,500,000,000	JPY		$	92,459,670			$	93,082,895			$	(623,224	)

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:		March 28, 2014

 

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:		March 28, 2014
By:		/s/ Ronald G. Palmer, Jr.
		Ronald G. Palmer, Jr.
		Chief Financial Officer (Principal Financial Officer)
Date:		March 28, 2014

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.