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 |
| Exact name of registrant as specified in charter: | Aberdeen Global Premier Properties Fund |
| Address of principal executive offices: | 1735 Market Street, 32nd Floor |
| Philadelphia, PA 19103 | |
| Name and address of agent for service: | Ms. Andrea Melia |
| Aberdeen Standard Investments Inc. | |
| 1735 Market Street, 32nd Floor | |
| Philadelphia, PA 19103 | |
| Registrant’s telephone number, including area code: | 800-522-5465 |
| Date of fiscal year end: | October 31 |
| Date of reporting period: | January 31, 2019 |
Item 1. Schedule of Investments - The schedule of investments for the three-month period ended January 31, 2019 is filed herewith.
Portfolio of Investments (unaudited)
As of January 31, 2019
| Shares | Value | |||||||
| LONG-TERM INVESTMENTS (102.4%) | ||||||||
| COMMON STOCKS (102.4%) | ||||||||
| AUSTRALIA (2.7%) | ||||||||
| Industrial REITs (1.4%) | ||||||||
| Goodman Group, REIT(a) | 913,358 | $ | 7,773,510 | |||||
| Retail REITs (1.3%) | ||||||||
| Scentre Group REIT(a) | 2,389,484 | 6,920,620 | ||||||
| 14,694,130 | ||||||||
| AUSTRIA (1.1%) | ||||||||
| Real Estate Operating Companies (1.1%) | ||||||||
| CA Immobilien Anlagen AG | 169,710 | 6,072,255 | ||||||
| BELGIUM (1.2%) | ||||||||
| Real Estate Operating Companies (1.2%) | ||||||||
| VGP NV | 85,333 | 6,426,825 | ||||||
| BRAZIL (0.7%) | ||||||||
| Homebuilding (0.2%) | ||||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes(a) | 273,930 | 1,278,301 | ||||||
| Real Estate Operating Companies (0.5%) | ||||||||
| BR Malls Participacoes SA(a) | 316,299 | 1,262,136 | ||||||
| Multiplan Empreendimentos Imobiliarios SA(a) | 173,826 | 1,241,076 | ||||||
| 2,503,212 | ||||||||
| 3,781,513 | ||||||||
| CANADA (2.6%) | ||||||||
| Diversified REITs (1.8%) | ||||||||
| Dream Global Real Estate Investment Trust | 979,000 | 9,663,709 | ||||||
| Office REITs (0.8%) | ||||||||
| Allied Properties Real Estate Investment Trust | 124,195 | 4,461,360 | ||||||
| 14,125,069 | ||||||||
| CHILE (0.9%) | ||||||||
| Real Estate Operating Companies (0.9%) | ||||||||
| Parque Arauco SA | 1,725,759 | 4,736,758 | ||||||
| CHINA (6.7%) | ||||||||
| Real Estate Development (6.7%) | ||||||||
| China Resources Land Ltd.(a) | 2,104,000 | 8,209,312 | ||||||
| China Vanke Co. Ltd., H Shares(a) | 1,950,000 | 7,907,429 | ||||||
| CIFI Holdings Group Co. Ltd.(a) | 7,333,495 | 4,852,282 | ||||||
| Longfor Group Holdings Ltd.(a) | 2,006,937 | 6,253,713 | ||||||
| Shimao Property Holdings Ltd.(a) | 1,598,500 | 4,551,974 | ||||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2019
| Times China Holdings Ltd.(a) | 4,000,000 | $ | 5,235,018 | |||||
| 37,009,728 | ||||||||
| FRANCE (3.1%) | ||||||||
| Diversified REITs (1.2%) | ||||||||
| Gecina SA, REIT(a) | 45,099 | 6,627,860 | ||||||
| Retail REITs (1.9%) | ||||||||
| Unibail-Rodamco-Westfield(a) | 58,233 | 10,473,300 | ||||||
| 17,101,160 | ||||||||
| GERMANY (7.8%) | ||||||||
| Real Estate Development (1.3%) | ||||||||
| Instone Real Estate Group AG(b)(c) | 326,004 | 7,033,765 | ||||||
| Real Estate Operating Companies (6.5%) | ||||||||
| ADO Properties SA(a)(c) | 281,160 | 16,877,877 | ||||||
| Corestate Capital Holding SA(a) | 146,709 | 5,376,891 | ||||||
| TLG Immobilien AG(a) | 237,945 | 7,305,420 | ||||||
| Vonovia SE(a) | 125,000 | 6,282,323 | ||||||
| 35,842,511 | ||||||||
| 42,876,276 | ||||||||
| HONG KONG (0.6%) | ||||||||
| Retail REITs (0.6%) | ||||||||
| Link REIT(a) | 322,500 | 3,544,965 | ||||||
| INDIA (1.5%) | ||||||||
| Diversified Real Estate Activities (0.4%) | ||||||||
| Phoenix Mills Ltd. (The)(a) | 287,492 | 2,408,950 | ||||||
| Hotels, Resorts & Cruise Lines (0.5%) | ||||||||
| Lemon Tree Hotels Ltd.(a)(b)(c) | 2,896,185 | 2,861,288 | ||||||
| Real Estate Development (0.6%) | ||||||||
| Prestige Estates Projects Ltd.(a) | 1,124,241 | 3,163,349 | ||||||
| 8,433,587 | ||||||||
| JAPAN (11.3%) | ||||||||
| Diversified Real Estate Activities (2.8%) | ||||||||
| Kenedix, Inc.(a) | 786,600 | 4,141,746 | ||||||
| Sumitomo Realty & Development Co. Ltd.(a) | 151,351 | 5,780,075 | ||||||
| Tokyu Fudosan Holdings Corp.(a) | 975,670 | 5,315,491 | ||||||
| 15,237,312 | ||||||||
| Diversified REITs (2.2%) | ||||||||
| Canadian Solar Infrastructure Fund, Inc.(a) | 8,300 | 7,357,210 | ||||||
| Kenedix Office Investment Corp.(a) | 731 | 5,020,446 | ||||||
| 12,377,656 | ||||||||
| Hotel & Resort REITs (1.0%) | ||||||||
| Invincible Investment Corp., REIT(a) | 13,391 | 5,827,683 |
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2019
| Industrial REITs (1.6%) | ||||||||
| GLP J-Reit(a) | 8,434 | $ | 8,963,386 | |||||
| Office REITs (2.4%) | ||||||||
| Daiwa Office Investment Corp., REIT(a) | 854 | 5,711,651 | ||||||
| Invesco Office J-Reit, Inc.(a) | 28,819 | 4,346,389 | ||||||
| Orix JREIT, Inc., REIT(a) | 1,844 | 3,223,092 | ||||||
| 13,281,132 | ||||||||
| Real Estate Operating Companies (1.3%) | ||||||||
| Hulic Co. Ltd.(a) | 534,772 | 4,934,558 | ||||||
| Ichigo, Inc.(a) | 607,323 | 2,100,130 | ||||||
| 7,034,688 | ||||||||
| MEXICO (1.7%) | ||||||||
| Hotel & Resort REITs (0.3%) | ||||||||
| Concentradora Fibra Hotelera Mexicana SA de CV(c) | 2,611,146 | 1,369,598 | ||||||
| Industrial REITs (0.8%) | ||||||||
| PLA Administradora Industrial S de RL de CV | 3,191,232 | 4,539,294 | ||||||
| Real Estate Operating Companies (0.6%) | ||||||||
| Corp. Inmobiliaria Vesta SAB de CV | 2,507,723 | 3,513,284 | ||||||
| 9,422,176 | ||||||||
| NETHERLANDS (0.6%) | ||||||||
| IT Consulting & Other Services (0.6%) | ||||||||
| InterXion Holding NV(b) | 58,855 | 3,533,654 | ||||||
| REPUBLIC OF IRELAND (2.0%) | ||||||||
| Consumer Discretionary (0.9%) | ||||||||
| Dalata Hotel Group PLC | 757,380 | 4,949,981 | ||||||
| Real Estate (1.1%) | ||||||||
| Green REIT PLC(a) | 3,755,442 | 6,215,499 | ||||||
| 11,165,480 | ||||||||
| SINGAPORE (2.6%) | ||||||||
| Real Estate Operating Companies (1.1%) | ||||||||
| Ascendas India Trust | 8,000,000 | 6,418,066 | ||||||
| Retail REITs (1.5%) | ||||||||
| CapitaLand Mall Trust, REIT(a) | 4,575,304 | 8,170,340 | ||||||
| 14,588,406 | ||||||||
| SPAIN (1.5%) | ||||||||
| Diversified REITs (1.5%) | ||||||||
| Merlin Properties Socimi SA, REIT(a) | 600,000 | 8,049,468 | ||||||
| SWEDEN (1.0%) | ||||||||
| Real Estate Operating Companies (1.0%) | ||||||||
| Catena AB(a) | 212,582 | 5,726,597 |
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2019
| UNITED KINGDOM (3.5%) | ||||||||
| Diversified REITs (1.3%) | ||||||||
| LondonMetric Property PLC, REIT(a) | 2,787,999 | $ | 6,866,797 | |||||
| Health Care REITs (1.1%) | ||||||||
| Assura PLC | 7,929,357 | 6,219,283 | ||||||
| Industrial REITs (1.1%) | ||||||||
| Segro PLC, REIT(a) | 706,305 | 6,004,088 | ||||||
| 19,090,168 | ||||||||
| UNITED STATES (49.3%) | ||||||||
| Diversified REITs (2.0%) | ||||||||
| Colony Capital, Inc.(d) | 485,647 | 2,947,877 | ||||||
| STORE Capital Corp. | 159,259 | 5,147,251 | ||||||
| VEREIT, Inc. | 383,484 | 3,098,551 | ||||||
| 11,193,679 | ||||||||
| Health Care REITs (7.1%) | ||||||||
| Omega Healthcare Investors, Inc. | 172,207 | 6,920,999 | ||||||
| Sabra Health Care REIT, Inc. | 244,991 | 5,032,115 | ||||||
| Ventas, Inc. | 102,340 | 6,599,907 | ||||||
| Welltower, Inc. | 263,535 | 20,421,327 | ||||||
| 38,974,348 | ||||||||
| Hotel & Resort REITs (0.6%) | ||||||||
| DiamondRock Hospitality Co. | 352,482 | 3,581,217 | ||||||
| Hotels, Resorts & Cruise Lines (1.4%) | ||||||||
| Hilton Worldwide Holdings, Inc.(d) | 54,581 | 4,065,193 | ||||||
| Hyatt Hotels Corp.(d), Class A | 54,517 | 3,811,283 | ||||||
| 7,876,476 | ||||||||
| Industrial REITs (6.4%) | ||||||||
| Duke Realty Corp.(d) | 407,449 | 11,913,809 | ||||||
| Prologis, Inc. REIT(d) | 341,446 | 23,614,405 | ||||||
| 35,528,214 | ||||||||
| Mortgage REITs (6.0%) | ||||||||
| Blackstone Mortgage Trust, Inc., Class A, REIT | 158,984 | 5,483,358 | ||||||
| Starwood Property Trust, Inc.(d) | 1,260,340 | 27,828,307 | ||||||
| 33,311,665 | ||||||||
| Office REITs (6.7%) | ||||||||
| Alexandria Real Estate Equities, Inc.(d) | 91,933 | 12,108,496 | ||||||
| Highwoods Properties, Inc. | 172,810 | 7,658,939 | ||||||
| Hudson Pacific Properties, Inc.(d) | 245,157 | 7,960,248 | ||||||
| SL Green Realty Corp. | 97,889 | 9,047,880 | ||||||
| 36,775,563 | ||||||||
| Residential REITs (7.9%) | ||||||||
| AvalonBay Communities, Inc.(d) | 67,669 | 13,054,703 | ||||||
| Camden Property Trust(d) | 63,217 | 6,128,888 |
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (concluded)
As of January 31, 2019
| Equity LifeStyle Properties, Inc.(d) | 94,815 | $ | 10,039,012 | |||||
| Invitation Homes, Inc. | 188,716 | 4,244,223 | ||||||
| UDR, Inc. | 231,513 | 10,128,694 | ||||||
| 43,595,520 | ||||||||
| Retail REITs (7.8%) | ||||||||
| Brixmor Property Group, Inc.(d) | 439,420 | 7,527,265 | ||||||
| Macerich Co. (The) | 101,096 | 4,666,591 | ||||||
| Realty Income Corp. | 173,430 | 11,912,907 | ||||||
| Regency Centers Corp. | 48,998 | 3,184,870 | ||||||
| Simon Property Group, Inc.(d) | 87,665 | 15,965,550 | ||||||
| 43,257,183 | ||||||||
| Specialized REITs (3.4%) | ||||||||
| American Tower Corp.(d) | 43,308 | 7,485,355 | ||||||
| CoreSite Realty Corp. | 8,300 | 819,957 | ||||||
| Equinix, Inc. | 20,234 | 7,972,196 | ||||||
| GEO Group, Inc. (The)(d) | 100,000 | 2,255,000 | ||||||
| 18,532,508 | ||||||||
| 272,626,373 | ||||||||
| Total Common Stocks | 565,726,445 | |||||||
| Total Long-Term Investments—102.4% (cost $537,564,868) | 565,726,445 | |||||||
| Total Investments—102.4% (cost $537,564,868) | 565,726,445 | |||||||
| Liabilities in Excess of Other Assets—(2.4)% | (13,083,488 | ) | ||||||
| Net Assets—100.0% | $ | 552,642,957 |
| (a) | Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments. |
| (b) | Non-income producing security. |
| (c) | Denotes a security issued under Regulation S or Rule 144A. |
| (d) | All or a portion of the security has been designated as collateral for the line of credit. |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
See Notes to Portfolio of Investments.
Notes to Portfolio of Investments (unaudited)
January 31, 2019
Summary of Significant Accounting Policies
a. Security Valuation:
The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Fund’s Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.
Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, and has an objective to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.
In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund’s Board of Directors. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the
Notes to Portfolio of Investments (unaudited) (concluded)
January 31, 2019
circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The three-level hierarchy of inputs is summarized below:
Level 1 — quoted prices in active markets for identical investments;
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used as of January 31, 2019 in valuing the Fund’s investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Refer to the Portfolio of Investments for a detailed breakout of the security types:
| Level 1-Quoted Prices ($) | Level 2-Other Significant Observable Inputs ($) | Level 3-Significant Unobservable Inputs ($) | Total ($) | |||||||||||||
| Investments, at Value | ||||||||||||||||
| Investments in Securities | ||||||||||||||||
| Common Stocks | $ | 341,564,205 | $ | 224,162,240 | $ | — | $ | 565,726,445 | ||||||||
| Amounts listed as “-” are $0 or round to $0. | ||||||||||||||||
For the period ended January 31, 2019, there were no significant changes to the fair valuation methodologies.
b. Restricted Securities:
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the “1933 Act”). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.
Item 2. Controls and Procedures
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (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 (17 CFR 270.30a-3(d))) 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
| (a) | Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT. |
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.
Aberdeen Global Premier Properties Fund
| By: | /s/ Christian Pittard |
Christian Pittard,
Principal Executive Officer of
Aberdeen Global Premier Properties Fund
Date: March 28, 2019
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/ Christian Pittard |
Christian Pittard,
Principal Executive Officer of
Aberdeen Global Premier Properties Fund
Date: March 28, 2019
| By: | /s/ Andrea Melia |
Andrea Melia,
Principal Financial Officer of
Aberdeen Global Premier Properties Fund
Date: March 28, 2019