Jos, I just can't understand how the managers at Alpine continue to say they are not returning shareholder "capital" in their CEF distributions.. This has been discussed by others more familiar with the specific funds, on IV boards
AWP is due for release of a new semi-annual report in July, but in the FY07 annual report for the first period of operations, they state that part of the FY distribution was return of capital, and their balance sheet indicates they had significant losses and over-distributed net investment income, another indicator of ROC.
NET ASSETS REPRESENTED BY
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|
|
|
|
|
|
|
|
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Paid-in-capital
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$
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2,008,334,666
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|
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Overdistributed net investment income
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(646,697
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)
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|
Accumulated net realized loss on
investments, swap contracts and foreign currency transactions
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|
(82,659,108
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)
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Net unrealized depreciation on investments,
swap contracts and foreign currency translations
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(16,967,028
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)
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Net Assets
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$
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1,908,061,833
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|
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Net asset value
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|
|
DISTRIBUTIONS TO SHAREHOLDERS
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|
|
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From net investment income
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(59,034,114
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)
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From tax return of capital
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(7,976,683
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)
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Net decrease in net assets resulting from
distributions to shareholders
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(67,010,797
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|
Maybe things picked up following the FY end at October 2007 and they are speaking iof the tax year. I could well be missing something else, including what the speaker really meant, since I do not follow Aloine funds or fully understand carry-forwards, if any, in the concept of losses and ROC. I could not find a CY2007 tax breakout on the Alpine website. Best wishes.
