CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22446
Central Park Group
JPMorgan Alternative Strategies Fund, LLC
(Exact name of registrant as specified in charter)
805 Third Ave., 18th Floor, New York, NY
10022
(Address of principal executive offices)
(Zip code)
Gemini Fund Services, LLC 4020 South 147th St Omaha Nebraska, 68137
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-317-9200
Date of fiscal year end: March 31
Date of reporting period: March 31, 2012
Item 1. Reports to Stockholders.
CPG JPMorgan Alternative Strategies Fund, LLC
Financial Statements
For the Period from October 1, 2011 (commencement of operations) to March 31, 2012
With Report of Independent Registered Public Accounting Firm
Table of Contents
Report of Independent Registered Public Accounting Firm
1
Statement of Assets and Liabilities
2
Statement of Operations
3
Statement of Changes in Net Assets
4
Statement of Cash Flows
5
Financial Highlights
6
Notes to Financial Statements
7
Schedule of Portfolio Investments
13
Supplemental Information (Unaudited)
14
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Unit holders of
CPG JPMorgan Alternative Strategies Fund, LLC
We have audited the accompanying statement of assets and liabilities of CPG JPMorgan Alternative Strategies Fund, LLC (the “Fund”), including the schedule of portfolio investments, as of March 31, 2012, and the related statements of operations, changes in net assets, cash flows and financial highlights for the period from October 1, 2011 (commencement of operations) to March 31, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of investments in investment funds as of March 31, 2012, by correspondence with management of the underlying investment funds. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of CPG JPMorgan Alternative Strategies Fund, LLC at March 31, 2012, the results of its operations, the changes in its net assets, its cash flows and its financial highlights for the period from October 1, 2011 (commencement of operations) to March 31, 2012, in conformity with U.S. generally accepted accounting principles.
May 29, 2012
CPG JPMORGAN ALTERNATIVE STRATEGIES FUND, LLC
Statement of Assets and Liabilities
March 31, 2012
Assets
Investments in Investment Funds, at fair value (cost $24,620,000)
$ 25,867,616
Cash and cash equivalents (cost cash equivalents $742,141)
742,141
Advanced subscriptions in investments in Investment Funds
7,700,000
Due from Adviser
159,462
Prepaid expenses and other assets
76,205
Total Assets
34,545,424
Liabilities
Subscriptions received in advance
7,955,409
Management fee payable
85,254
Accounts payable and other accrued expenses
140,256
Total Liabilities
8,180,919
Net Assets
$ 26,364,505
Composition of net assets
Paid in capital
$ 25,335,063
Accumulated net investment loss
(218,174)
Accumulated net unrealized appreciation from investments in Investment Funds
1,247,616
Net assets at end of period
$ 26,364,505
Units of beneficial interests outstanding
2,082,497
Net asset value per Unit
$ 12.66
See accompanying notes to financial statements.
CPG JPMORGAN ALTERNATIVE STRATEGIES FUND, LLC
Statement of Operations
For the Period from October 1, 2011 (commencement of operations) to March 31, 2012
Investment Income
Interest
$ 62
Expenses
Professional and administrator fees
211,363
Organizational expenses
172,593
Management fees
146,640
Printing and postage expenses
19,674
Directors' fees
19,500
Custodian fees
10,422
Other expenses
34,318
Total Expenses
614,510
Fees waived by the Adviser (See Note 4)
(396,274)
Net Expenses
218,236
Net Investment Loss
(218,174)
Net unrealized gain from investments
Net unrealized appreciation on investments in Investment Funds
1,247,616
Net unrealized gain from investments
1,247,616
Net increase in net assets resulting from operations
$ 1,029,442
See accompanying notes to financial statements.
CPG JPMORGAN ALTERNATIVE STRATEGIES FUND, LLC
Statement of Changes in Net Assets
For the Period from October 1, 2011 (commencement of operations) to March 31, 2012
Net assets at beginning of period
$ -
Increase (decrease) in net assets resulting from operations
Net investment loss
(218,174)
Net unrealized appreciation on investments in Investment Funds
1,247,616
Net increase in net assets resulting from operations
1,029,442
Increase in net assets resulting from capital transactions
Proceeds from Units issued (2,082,497 Units issued)
25,335,063
Net increase in net assets from capital transactions
25,335,063
Total net increase in net assets
26,364,505
Net assets at end of period
$ 26,364,505
See accompanying notes to financial statements.
CPG JPMORGAN ALTERNATIVE STRATEGIES FUND, LLC
Statement of Cash Flows
For the Period from October 1, 2011 (commencement of operations) to March 31, 2012
Cash flows from operating activities
Net increase in net assets resulting from operations
$ 1,029,442
Adjustments to reconcile net increase in net assets resulting from operations
to net cash used in operating activities:
Purchases of investments in Investment Funds
(24,620,000)
Net unrealized appreciation on investments in Investment Funds
(1,247,616)
Changes in assets and liabilities
(Increase)/Decrease in assets:
Advanced subscriptions in investments in Investment Funds
(7,700,000)
Due from Adviser
(159,462)
Other assets
(76,205)
Increase/(Decrease) in liabilities:
Management fee payable
85,254
Accounts payable and other accrued expenses
140,256
Net cash used in operating activities
(32,548,331)
Cash flows from financing activities
Proceeds from Units issued, including subscriptions received in advance
33,290,472
Net cash provided by financing activities
33,290,472
Net increase in cash
742,141
Cash at beginning of period
-
Cash at end of period
$ 742,141
See accompanying notes to financial statements.
CPG JPMORGAN ALTERNATIVE STRATEGIES FUND, LLC
Financial Highlights
For the Period from October 1, 2011 (commencement of operations) to March 31, 2012
Per Unit operating performance:
Net asset value, beginning of period
$ 12.00
Activities from investment operations (1):
Net investment loss
(0.14)
Net unrealized gain on investments
0.80
Total from investment operations
0.66
Net asset value, end of year/period
$ 12.66
Ratios/Supplemental Data:
Ratio of total expenses to average net assets (2,3)
6.34%
Ratio of net expenses to average net assets (3)
2.25%
Ratio of net investment loss to average net assets (3)
(2.25)%
Portfolio Turnover Rate (4)
0%
Total return (4,5)
5.50%
(1)
Per Unit amounts calculated using the average Units method, which management believes more appropriately presents the per Unit data for the period.
(2)
Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(3)
Annualized for periods less than one full year.
(4)
Not annualized.
(5)
Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.
See accompanying notes to financial statements.
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