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: 811-21901

ALPINE GLOBAL DYNAMIC DIVIDEND 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 Dynamic Dividend Fund

 

Schedule of Portfolio Investments
July 31, 2013 (Unaudited)

 

Shares				Security Description		Value
Common Stocks-95.1%
Aerospace & Defense-1.1%
	24,000			European Aeronautic Defence and Space Co. NV		$	1,433,106
Airlines-1.3%
	33,505			Japan Airlines Co., Ltd. (a)			1,779,450
Auto Components-0.6%
	22,500			Bridgestone Corp.			799,714
Beverages-1.5%
	64,200			Diageo PLC			2,006,024
Capital Markets-1.6%
	77,000			Daiwa Securities Group, Inc.			657,461
	127,500			Och-Ziff Capital Management Group, LLC-Class A (a)			1,440,750
							2,098,211
Chemicals-3.2%
	88,500			Clariant AG (b)			1,383,754
	36,966			Croda International PLC			1,410,924
	21,000			Koninklijke DSM NV			1,475,092
							4,269,770
Commercial Banks-7.5%
	136,003			Aozora Bank, Ltd.			420,885
	94,500			Bangkok Bank PCL			618,930
	300,000			Concentradora Fibra Hotelera Mexicana SA de CV			596,113
	27,500			Hana Financial Group, Inc.			881,234
	216,000			Malayan Banking BHD			683,156
	100,000			Mitsubishi UFJ Financial Group, Inc.			613,829
	17,500			PNC Financial Services Group, Inc.			1,330,875
	742,904			PT Bank Rakyat Indonesia Persero Tbk			596,347
	97,000			Sberbank of Russia-ADR			1,124,230
	60,000			Standard Chartered PLC			1,391,488
	7,000			Sumitomo Mitsui Financial Group, Inc.			320,652
	31,000			Wells Fargo & Co. (a)			1,348,500
							9,926,239
Commercial Services & Supplies-1.8%
	128,000			RR Donnelley & Sons Co.			2,430,720
Communications Equipment-2.9%
	51,000			Cisco Systems, Inc.			1,303,050
	39,100			QUALCOMM, Inc. (a)			2,523,905
							3,826,955
Computers & Peripherals-2.0%
	6,000			Apple, Inc. (a)			2,715,000
Construction & Engineering-1.0%
	25,500			Vinci SA			1,376,972
Construction Materials-0.8%
	14,500			HeidelbergCement AG			1,113,809
Diversified Consumer Services-1.3%
	290,442			Anhanguera Educacional Participacoes SA			1,760,717

Shares				Security Description		Value
Diversified Financial Services-1.5%
	51,500			Bank of America Corp.		$	751,900
	25,000			Citigroup, Inc.			1,303,500
							2,055,400
Diversified Telecommunication Services-1.6%
	28,500			Verizon Communications, Inc.			1,410,180
	17,000			Ziggo NV			675,312
							2,085,492
Electric Utilities-1.5%
	198,500			EDP - Energias do Brasil SA			1,027,587
	10,500			ITC Holdings Corp. (a)			963,585
							1,991,172
Energy Equipment & Services-1.5%
	9,000			National Oilwell Varco, Inc.			631,530
	99,500			Petroleum Geo-Services ASA			1,339,826
							1,971,356
Food & Staples Retailing-2.3%
	11,300			Costco Wholesale Corp. (a)			1,325,377
	35,500			Walgreen Co.			1,783,875
							3,109,252
Food Products-2.6%
	42,000			Mondelez International, Inc.-Class A			1,313,340
	32,500			Nestle SA			2,201,902
							3,515,242
Health Care Equipment & Supplies-1.2%
	26,500			Covidien PLC			1,633,195
Health Care Providers & Services-3.2%
	44,500			HCA Holdings, Inc.			1,735,500
	13,800			McKesson Corp.			1,692,708
	12,000			UnitedHealth Group, Inc.			874,200
							4,302,408
Hotels, Restaurants & Leisure-1.0%
	24,593			Las Vegas Sands Corp.			1,366,633
Household Durables-2.2%
	31,500			DR Horton, Inc.			633,150
	49,500			Electrolux AB-Series B			1,442,135
	24,000			Lennar Corp.-Class A			812,880
							2,888,165
Household Products-2.3%
	29,000			Colgate-Palmolive Co.			1,736,230
	13,500			Energizer Holdings, Inc.			1,374,300
							3,110,530
Insurance-2.7%
	150,500			BB Seguridade Participacoes SA (b)			1,216,481
	30,500			Validus Holdings, Ltd.			1,080,615
	4,800			Zurich Insurance Group AG (b)			1,291,999
							3,589,095

Shares				Security Description		Value
IT Services-3.1%
	31,057			Accenture PLC-Class A (a)		$	2,292,317
	9,700			International Business Machines Corp. (a)			1,891,888
							4,184,205
Life Sciences Tools & Services-0.7%
	9,500			Thermo Fisher Scientific, Inc.			865,545
Machinery-1.8%
	22,000			GEA Group AG			907,738
	16,000			Snap-On, Inc.			1,517,600
							2,425,338
Media-4.0%
	134,383			British Sky Broadcasting Group PLC			1,692,682
	38,500			Comcast Corp.-Class A (a)			1,735,580
	6,000			Kabel Deutschland Holding AG			676,722
	19,000			The Walt Disney Co.			1,228,350
							5,333,334
Multi-Utilities-1.1%
	50,500			CMS Energy Corp.			1,413,495
Oil, Gas & Consumable Fuels-5.0%
	30,000			Enbridge, Inc.			1,333,500
	40,000			HollyFrontier Corp. (a)			1,822,000
	8,000			Marathon Petroleum Corp.			586,640
	11,000			Occidental Petroleum Corp.			979,550
	37,500			The Williams Cos., Inc.			1,281,375
	13,000			Total SA			693,511
							6,696,576
Pharmaceuticals-5.6%
	3,312			Mallinckrodt PLC (b)			151,988
	31,000			Novartis AG-ADR (a)			2,219,910
	44,001			Pfizer, Inc.			1,286,149
	8,000			Roche Holding AG			1,970,933
	36,400			Sanofi- ADR			1,873,872
							7,502,852
Real Estate Investment Trusts-6.2%
	122,000			American Homes 4 Rent (b)(c)(d)			1,854,400
	16,000			American Tower Corp.			1,132,640
	65,380			Corrections Corp. of America			2,160,809
	50			Nippon Building Fund, Inc.			544,888
	86			Nippon Prologis REIT, Inc.			746,604
	101,906			Two Harbors Investment Corp. (a)			1,022,117
	85,220			Westfield Group			859,452
							8,320,910
Real Estate Management & Development-3.5%
	54,612			Altisource Residential Corp. (b)			1,046,912
	73,000			BR Malls Participacoes SA			647,012
	57,948			Cheung Kong Holdings, Ltd.			813,675
	30,500			Mitsui Fudosan Co., Ltd.			923,006
	140,609			Wharf Holdings, Ltd.			1,210,177
							4,640,782

Shares				Security Description		Value
Road & Rail-3.2%
	300,000			All America Latina Logistica SA		$	1,159,840
	15,500			Canadian Pacific Railway, Ltd. (a)			1,904,640
	15,000			East Japan Railway Co.			1,208,763
							4,273,243
Semiconductors & Semiconductor Equipment-2.4%
	51,000			Avago Technologies, Ltd. (a)			1,870,680
	59,000			Intel Corp.			1,374,700
							3,245,380
Specialty Retail-1.2%
	77,500			American Eagle Outfitters, Inc. (a)			1,522,100
Textiles, Apparel & Luxury Goods-1.1%
	27,000			Coach, Inc.			1,434,510
Tobacco-1.0%
	24,000			British American Tobacco PLC			1,280,041
Trading Companies & Distributors-0.5%
	13,500			Wolseley PLC			646,090
Transportation Infrastructure-1.4%
	522,000			Adani Ports and Special Economic Zone, Ltd.			1,073,102
	14,000			Koninklijke Vopak NV			806,272
							1,879,374
Water Utilities-1.2%
	36,000			American Water Works Co., Inc.			1,536,480
Wireless Telecommunication Services-1.9%
	14,400			United States Cellular Corp.			571,824
	64,000			Vodafone Group PLC-ADR (a)			1,916,800
							2,488,624
				Total Common Stocks (Cost $115,613,613)			126,843,506
Equity-Linked Structured Notes-2.0%
Diversified Financial Services-2.0%
	40,000			Koninklijke Philips NV-Morgan Stanley BV			1,280,329
	99,000			Veolia Environnement SA-Morgan Stanley BV			1,328,241
							2,608,570
				Total Equity-Linked Structured Notes (Cost $2,479,510)			2,608,570
Principal Amount
Convertible Bonds-0.0% *
Consumer Discretionary-0.0% *
$	154,733			PDG Realty SA Empreendimentos e Participacoes-Series 8, 0.000%, 9/19/16 (Brazilian Real) (e)			20,687
				Total Convertible Bonds (Cost $55,510)			20,687

Principal Amount				Security Description		Value
Short-Term Investments-2.3%
$	3,060,000			State Street Eurodollar Time Deposit, 0.01%		$	3,060,000
				Total Short-Term Investments (Cost $3,060,000)			3,060,000
				Total Investments (Cost $121,208,633)-99.4%			132,532,763
				Other Assets in Excess of Liabilities-0.6%			822,205
				TOTAL NET ASSETS 100.0%		$	133,354,968

 

Percentages are stated as a percent of net assets.

* Less than 0.05% of Net Assets.

(a) All or a portion of the security is available to serve as collateral on the line of credit.

(b) Non-income producing 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.  As of July 31, 2013, securities restricted under Rule 144A had a total value of $1,854,400 which comprised 1.4% of the Fund’s net assets.

(d) Illiquid security.

(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of the report date.

AB-Aktiebolag is the Swedish equivalent of a 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-Malaysian equivalent to incorporated.

BV-Besloten Vennootschap is the Dutch equivalent of a private limited liability company.

NV-Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PCL-Public Company Limited

PLC-Public Limited Company

REIT-Real Estate Investment Trust

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.

Alpine Global Dynamic Dividend Fund

 

Notes to Schedule of Portfolio Investments

 

July 31, 2013 (Unaudited)

 

1.	ORGANIZATION:

 

Alpine Global Dynamic Dividend Fund (the “Fund”) is a diversified, closed-end management investment company. The Fund was organized as a Delaware Statutory Trust on May 11, 2006, and had no operating history prior to July 26, 2006. The Board of Trustees (the “Board”) authorized an unlimited number of shares with no par value. The Fund has an investment objective to seek high current dividend income, more than 50% of which qualifies for the reduced Federal income tax rates created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital as a secondary investment objective.

 

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.

Alpine Global Dynamic Dividend Fund

 

Notes to Schedule of Portfolio Investments

 

July 31, 2013 (Unaudited)

 

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 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
Consumer Discretionary		$	15,105,173			$	-			$	-			$	15,105,173
Consumer Staples			13,021,089				-				-				13,021,089
Energy			8,667,932				-				-				8,667,932
Financials			28,157,307				618,930				1,854,400				30,630,637
Health Care			14,304,000				-				-				14,304,000
Industrials			16,244,293				-				-				16,244,293
Information Technology			13,971,540				-				-				13,971,540
Materials			5,383,579				-				-				5,383,579
Telecommunication Services			4,574,116				-				-				4,574,116
Utilities			4,941,147				-				-				4,941,147
Equity-Linked Structured Notes			-				2,608,570				-				2,608,570
Short-Term Investments			-				3,060,000				-				3,060,000
Convertible Bonds			-				20,687				-				20,687
Total		$	124,370,176			$	6,308,187			$	1,854,400			$	132,532,763

Alpine Global Dynamic Dividend Fund

 

Notes to Schedule of Portfolio Investments

 

July 31, 2013 (Unaudited)

 

		Valuation Inputs
Other Financial Instruments		Level 1				Level 2				Level 3				Total Value
Assets
Forward Currency Contracts		$	-			$	170,660			$	-			$	170,660
Liabilities
Forward Currency Contracts			-				(8,421	)			-				(8,421	)
Total		$	-			$	162,239			$	-			$	162,239

 

* For detailed industry 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		$	265,041
Realized gain (loss)			(4,151,547	)
Change in unrealized appreciation			4,069,705
Purchases			1,830,000
Sales			(158,799	)
Transfers in to Level 3*			-
Transfers out of  Level 3*			-
Balance as of July 31, 2013		$	1,854,400
Change in net unrealized appreciation on Level 3 holdings held at period end		$	24,400

 

* 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

$1,854,400*

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 recorded. 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 Dynamic Dividend Fund

 

Notes to Schedule of Portfolio Investments

 

July 31, 2013 (Unaudited)

 

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

 

Gross appreciation on investments (excess of value over tax cost)		$	15,563,785
Gross depreciation on investments (excess of tax cost over value)		$	(4,239,655	)
Net unrealized appreciation		$	11,324,130
Cost of investments for income tax purposes		$	121,208,633

 

*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: The Fund intends to make a level distribution each month to its shareholders of the net investment income of the Fund after payment of Fund operating expenses. 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.

 

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. 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.

 

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

Alpine Global Dynamic Dividend Fund

 

Notes to Schedule of Portfolio Investments

 

July 31, 2013 (Unaudited)

 

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 each 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 currency contracts as of July 31, 2013:

 

Description		Settlement Date		Currency						Settlement Value				Current Value				Unrealized Gain/(Loss)
Contracts Sold:
Swiss Franc		09/18/13			5,000,000		CHF			$	5,441,585			$	5,404,737			$	36,848
British Pound		09/18/13			3,000,000		GBP				4,696,109				4,562,297				133,812
Japanese Yen		10/30/13			395,000,000		JPY				4,027,809				4,036,230				(8,421	)
														$	14,003,264			$	162,239

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 DYNAMIC DIVIDEND 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.