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

811-22079

 

 

RMR DIVIDEND CAPTURE FUND

(Exact name of registrant as specified in charter)

 

400 CENTRE STREET

NEWTON, MASSACHUSETTS

 

02458

(Address of principal executive offices)

 

(Zip code)

 

Adam D. Portnoy, President
RMR Dividend Capture Fund
400 Centre Street
Newton, Massachusetts 02458

(Name and address of agent for service)

 

Copy to:

 

Brian D. O’Sullivan

State Street Bank and Trust Company

801 Pennsylvania Avenue, Tower II, 4 th  Floor

Kansas City, Missouri 64102

 

Julie A Tedesco, Esq.

State Street Bank and Trust Company

4 Copley Place, 5 th  Floor

Boston, MA 02116

 

Registrant’s telephone number, including area code:

(617) 332-9530

 

 

Date of fiscal year end:

December 31

 

 

 

 

Date of reporting period:

March 31, 2009

 

 


 

RMR Dividend Capture Fund

Portfolio of Investments — March 31, 2009 (unaudited)

 

Company

 

Shares

 

Value

 

Common Stocks — 80.8%

 

 

 

 

 

Real Estate Investment Trusts — 80.8%

 

 

 

 

 

Apartments — 9.0%

 

 

 

 

 

Apartment Investment & Management Co.

 

100

 

$

548

 

Associated Estates Realty Corp.

 

5,000

 

28,400

 

AvalonBay Communities, Inc.

 

103

 

4,847

 

Home Properties, Inc.

 

100

 

3,065

 

Mid-America Apartment Communities, Inc.

 

3,000

 

92,490

 

UDR, Inc.

 

3,000

 

25,830

 

 

 

 

 

155,180

 

Diversified — 13.8%

 

 

 

 

 

Colonial Properties Trust

 

8,800

 

33,528

 

Cousins Properties, Inc.

 

5,000

 

32,200

 

Duke Realty Corp.

 

16,100

 

88,550

 

Lexington Corporate Properties Trust

 

33,883

 

80,642

 

Vornado Realty Trust

 

101

 

3,357

 

 

 

 

 

238,277

 

Health Care — 8.2%

 

 

 

 

 

Cogdell Spencer, Inc.

 

6,700

 

34,170

 

Health Care REIT, Inc.

 

200

 

6,118

 

Medical Properties Trust, Inc.

 

27,000

 

98,550

 

Nationwide Health Properties, Inc.

 

100

 

2,219

 

OMEGA Healthcare Investors, Inc.

 

100

 

1,408

 

 

 

 

 

142,465

 

Hospitality — 12.6%

 

 

 

 

 

DiamondRock Hospitality Co.

 

20,000

 

80,200

 

Entertainment Properties Trust

 

1,500

 

23,640

 

Hersha Hospitality Trust

 

60,490

 

114,931

 

 

 

 

 

218,771

 

Industrial — 0.2%

 

 

 

 

 

EastGroup Properties, Inc.

 

100

 

2,807

 

 

 

 

 

 

 

Office — 12.4%

 

 

 

 

 

BioMed Realty Trust, Inc.

 

4,000

 

27,080

 

Brandywine Realty Trust

 

23,000

 

65,550

 

Corporate Office Properties Trust

 

100

 

2,483

 

Highwoods Properties, Inc.

 

2,500

 

53,550

 

Kilroy Realty Corp.

 

2,500

 

42,975

 

Mack-Cali Realty Corp.

 

100

 

1,981

 

SL Green Realty Corp.

 

1,900

 

20,520

 

 

 

 

 

214,139

 

Retail — 20.2%

 

 

 

 

 

CBL & Associates Properties, Inc.

 

17,200

 

40,592

 

Equity One, Inc.

 

100

 

1,219

 

Kimco Realty Corp.

 

7,500

 

57,150

 

Realty Income Corp.

 

2,800

 

52,696

 

Regency Centers Corp.

 

2,000

 

53,140

 

Simon Property Group, Inc.

 

1,535

 

53,172

 

Tanger Factory Outlet Centers, Inc.

 

100

 

3,086

 

The Macerich Co.

 

8,000

 

50,080

 

Weingarten Realty Investors

 

4,000

 

38,080

 

 

 

 

 

349,215

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

Common Stocks — continued

 

 

 

 

 

Real Estate Investment Trusts — continued

 

 

 

 

 

Storage — 4.4%

 

 

 

 

 

Extra Space Storage, Inc.

 

8,000

 

$

44,080

 

Public Storage, Inc.

 

100

 

5,525

 

Sovran Self Storage, Inc.

 

100

 

2,008

 

Sun Communities, Inc.

 

100

 

1,183

 

U-Store-It Trust

 

12,000

 

24,240

 

 

 

 

 

77,036

 

Total Real Estate Investment Trusts (Cost $3,775,514)

 

 

 

1,397,890

 

Total Common Stocks (Cost $3,775,514)

 

 

 

1,397,890

 

Other Investment Companies — 49.5%

 

 

 

 

 

Blackrock Preferred and Equity Advantage Trust

 

19,336

 

122,397

 

Cohen & Steers Advantage Income Realty Fund, Inc.

 

52,500

 

104,475

 

Cohen & Steers Premium Income Realty Fund, Inc.

 

7,177

 

13,493

 

Cohen & Steers REIT and Utility Income Fund, Inc.

 

24,384

 

105,095

 

DWS RREEF Real Estate Fund II, Inc.

 

94,150

 

40,484

 

Eaton Vance Enhanced Equity Income Fund II

 

12,100

 

118,338

 

Neuberger Berman Real Estate Securities Income Fund, Inc.

 

30,000

 

37,800

 

Nicholas-Applegate Convertible & Income Fund II

 

504

 

2,092

 

Nuveen Floating Rate Income Fund

 

20,185

 

118,486

 

Nuveen Real Estate Income Fund

 

3,700

 

13,283

 

Ultra Real Estate ProShares

 

7,900

 

19,355

 

UltraShort Real Estate ProShares

 

750

 

39,548

 

Western Asset Emerging Markets Debt Fund, Inc.

 

10,293

 

121,457

 

Total Other Investment Companies (Cost $3,489,968)

 

 

 

856,303

 

Short-Term Investments — 11.6%

 

 

 

 

 

Other Investment Companies — 11.6%

 

 

 

 

 

Dreyfus Cash Management, Institutional Shares, 0.74% (a) (Cost $201,083)

 

201,083

 

201,083

 

Total Investments — 141.9% (Cost $7,466,565) (b)

 

 

 

2,455,276

 

Other assets less liabilities — (2.9)%

 

 

 

(50,288

)

Preferred Shares, at liquidation preference — (39.0)%

 

 

 

(675,000

)

Net Assets applicable to common shareholders — 100%

 

 

 

$

1,729,988

 

 

Notes to Portfolio of Investments

(a)

 

Rate reflects 7 day yield as of March 31, 2009.

(b)

 

Although subject to adjustments to the extent 2009 distributions by the issuers of the Fund’s investments are characterized as return of capital, the cost, gross unrealized appreciation and gross unrealized depreciation of the Fund’s investments for federal income tax purposes, as of March 31, 2009, are as follows:

 

Cost

 

$

7,466,565

 

 

 

 

 

Gross unrealized appreciation

 

$

10,135

 

 

 

 

 

Gross unrealized depreciation

 

(5,021,424

)

 

 

 

 

Net unrealized depreciation

 

$

(5,011,289

)

 

Reference should be made to the Fund’s financial statements for the year ended December 31, 2008, for further information concerning the income tax characterization of the Fund’s investment income and distributions.

 


 

Fair Value Measurements

 

Under Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements, or FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed 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 circumstances.

 

The following is a summary of the inputs used as of March 31, 2009, in valuing the Fund’s investments carried at value:

 

Valuation Inputs

 

Investments in
Securities

 

Level 1 — Quoted prices

 

$

2,455,276

 

Level 2 — Other significant observable inputs

 

—

 

Level 3 — Significant unobservable inputs

 

—

 

Total

 

$

2,455,276

 

 

There were no investments in securities characterized as Level 2 or Level 3 on December 31, 2008, or March 31, 2009.

 


 

Item 2.  Controls and Procedures.

 

(a)  The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)), are effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

(a)(1) Certification of Principal Executive Officer, as required by Rule 30a-2(a) under the 1940 Act.

(a)(2) Certification of Principal Financial Officer, as required by Rule 30a-2(a) under the 1940 Act.

 


 

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.

 

RMR DIVIDEND CAPTURE FUND

 

By:

/s/ Adam D. Portnoy

 

 

Adam D. Portnoy

 

President

 

 

Date:

May 22, 2009

 

 

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/ Adam D. Portnoy

 

 

Adam D. Portnoy

 

President

 

 

Date:

May 22, 2009

 

 

By:

/s/ Mark L. Kleifges

 

 

Mark L. Kleifges

 

Treasurer

 

 

Date:

May 22, 2009

 

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