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

811-21671

 

 

RMR PREFERRED DIVIDEND 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 Preferred Dividend 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 Preferred Dividend Fund

Portfolio of Investments — March 31, 2009 (unaudited)

 

Company

 

Shares

 

Value

 

Preferred Stocks — 122.1%

 

 

 

 

 

Real Estate Investment Trusts — 122.1%

 

 

 

 

 

Apartments — 3.8%

 

 

 

 

 

Apartment Investment & Management Co., Series V

 

6,500

 

$

70,395

 

BRE Properties, Inc., Series D

 

3,000

 

44,130

 

 

 

 

 

114,525

 

Diversified — 24.1%

 

 

 

 

 

Digital Realty Trust, Inc., Series A

 

5,000

 

87,200

 

Duke Realty Corp., Series N

 

3,500

 

30,135

 

LBA Realty LLC, Series B (a)

 

23,950

 

191,600

 

Lexington Realty Trust, Series B

 

33,350

 

303,485

 

National Retail Properties, Inc., Series C

 

2,800

 

42,588

 

Prologis Trust, Series G

 

1,900

 

14,839

 

Vornado Realty Trust, Series E

 

3,500

 

51,660

 

 

 

 

 

721,507

 

Health Care — 13.0%

 

 

 

 

 

HCP, Inc., Series E

 

1,100

 

19,789

 

Health Care REIT, Inc., Series F

 

4,275

 

82,593

 

LTC Properties, Inc., Series F

 

2,500

 

51,388

 

OMEGA Healthcare Investors Inc., Series D

 

13,100

 

235,800

 

 

 

 

 

389,570

 

Hospitality — 22.2%

 

 

 

 

 

Ashford Hospitality Trust, Series A

 

6,810

 

48,351

 

Eagle Hospitality Properties Trust, Inc., Series A (a) (b)

 

95,000

 

61,750

 

Entertainment Properties Trust, Series B

 

12,145

 

117,807

 

Grace Acquisition I, Inc., Series B (b)

 

83,800

 

21,788

 

Grace Acquisition I, Inc., Series C (a) (b)

 

18,900

 

12,285

 

Hersha Hospitality Trust, Series A

 

23,100

 

188,265

 

LaSalle Hotel Properties, Series E

 

5,900

 

63,543

 

LaSalle Hotel Properties, Series G

 

10,000

 

95,000

 

Strategic Hotels & Resorts, Inc., Series B (b)

 

23,450

 

58,625

 

 

 

 

 

667,414

 

Mortgage — 1.7%

 

 

 

 

 

NorthStar Realty Finance Corp., Series A

 

5,500

 

45,595

 

NorthStar Realty Finance Corp., Series B

 

105

 

828

 

RAIT Financial Trust, Series C

 

700

 

4,466

 

 

 

 

 

50,889

 

Office — 41.8%

 

 

 

 

 

Alexandria Real Estate Equities, Inc., Series C

 

12,120

 

236,340

 

BioMed Realty Trust, Inc., Series A

 

18,350

 

196,895

 

Corporate Office Properties Trust, Series G

 

4,900

 

93,100

 

DRA CRT Acquisition Corp., Series A

 

35,060

 

175,300

 

Kilroy Realty Corp., Series E

 

15,000

 

195,750

 

Parkway Properties, Inc., Series D

 

17,100

 

252,225

 

SL Green Realty Corp., Series D

 

10,000

 

103,500

 

 

 

 

 

1,253,110

 

Retail — 14.2%

 

 

 

 

 

Cedar Shopping Centers, Inc., Series A

 

19,999

 

173,991

 

Glimcher Realty Trust, Series F

 

9,800

 

57,036

 

Glimcher Realty Trust, Series G

 

18,000

 

86,760

 

Kimco Realty Corp., Series F

 

2,000

 

23,000

 

Kimco Realty Corp., Series G

 

1,700

 

23,205

 

Regency Centers Corp., Series C

 

1,700

 

28,050

 

Regency Centers Corp., Series D

 

800

 

12,616

 

Weingarten Realty Investors, Series F

 

1,800

 

20,142

 

 

 

 

 

424,800

 

Storage — 1.3%

 

 

 

 

 

Public Storage, Inc. Series X

 

2,300

 

37,904

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

Total Real Estate Investment Trusts (Cost $10,829,725)

 

 

 

3,659,719

 

Total Preferred Stocks (Cost $10,829,725)

 

 

 

3,659,719

 

Common Stocks — 19.9%

 

 

 

 

 

Real Estate Investment Trusts — 12.8%

 

 

 

 

 

Apartments — 7.6%

 

 

 

 

 

Apartment Investment & Management Co.

 

474

 

$

2,597

 

Associated Estates Realty Corp.

 

9,000

 

51,120

 

AvalonBay Communities, Inc.

 

309

 

14,542

 

Home Properties, Inc.

 

200

 

6,130

 

Mid-America Apartment Communities, Inc.

 

5,000

 

154,150

 

 

 

 

 

228,539

 

Diversified — 0.3%

 

 

 

 

 

Vornado Realty Trust

 

305

 

10,138

 

Health Care — 1.3%

 

 

 

 

 

Cogdell Spencer, Inc.

 

7,500

 

38,250

 

Office — 2.8%

 

 

 

 

 

BioMed Realty Trust, Inc.

 

3,000

 

20,310

 

Kilroy Realty Corp.

 

2,500

 

42,975

 

SL Green Realty Corp.

 

1,900

 

20,520

 

 

 

 

 

83,805

 

Retail — 0.8%

 

 

 

 

 

Kimco Realty Corp.

 

3,000

 

22,860

 

Total Real Estate Investment Trusts (Cost $469,600)

 

 

 

383,592

 

Other — 7.1%

 

 

 

 

 

Carador PLC (a)  (Cost $1,500,000)

 

1,124,490

 

213,653

 

Total Common Stocks (Cost $1,969,600)

 

 

 

597,245

 

Other Investment Companies — 1.3%

 

 

 

 

 

Ultra Real Estate ProShares

 

3,050

 

7,473

 

UltraShort Real Estate ProShares

 

600

 

31,638

 

Total Other Investment Companies (Cost $118,439)

 

 

 

39,111

 

Short-Term Investments — 10.1%

 

 

 

 

 

Other Investment Companies — 10.1%

 

 

 

 

 

Dreyfus Cash Management, Institutional Shares, 0.74% (c) (Cost $303,411)

 

303,411

 

303,411

 

Total Investments — 153.4% (Cost $13,221,175) (d)

 

 

 

4,599,486

 

Other assets less liabilities — (0.1)%

 

 

 

(1,563

)

Preferred Shares, at liquidation preference — (53.3)%

 

 

 

(1,600,000

)

Net Assets applicable to common shareholders — 100%

 

 

 

$

2,997,923

 

 

Notes to Portfolio of Investments

(a)           As of March 31, 2009, the Fund held securities fair valued in accordance with policies adopted by the board of trustees aggregating to $479,288 and 10.4% of market value.

(b)          As of March 31, 2009, this security had discontinued paying distributions.

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

(d)          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

 

$

13,221,175

 

 

 

 

 

Gross unrealized appreciation

 

$

29,496

 

 

 

 

 

Gross unrealized depreciation

 

(8,651,185

)

 

 

 

 

Net unrealized depreciation

 

$

(8,621,689

)

 

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

 

$

4,120,198

 

Level 2 — Other significant observable inputs

 

479,288

 

Level 3 — Significant unobservable inputs

 

—

 

Total

 

$

4,599,486

 

 

There were no investments in securities characterized as 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 PREFERRED DIVIDEND 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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