Rmr Preferred Dividend Fund - Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
28 Maggio 2008 - 4:58PM
Edgar (US Regulatory)
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
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811-21671
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RMR PREFERRED DIVIDEND FUND
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(Exact name of registrant as specified in charter)
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400 CENTRE STREET NEWTON, MASSACHUSETTS
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02458
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(Address of principal executive offices)
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(Zip code)
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Adam D. Portnoy, President
RMR Preferred Dividend Fund
400 Centre Street
Newton, Massachusetts 02458
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(Name and address of agent for service)
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Copy to:
Brian D. OSullivan
State Street Bank and Trust Company
801 Pennsylvania Avenue, Tower II, 4th Floor
Kansas City, Missouri 64102
Elizabeth Watson, Esq.
State Street Bank and Trust Company
2 Avenue De Lafayette, 6th Floor
Boston, Massachusetts 02111
Registrant's
telephone number, including area code:
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(617) 332-9530
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Date of
fiscal year end:
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December 31
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Date of
reporting period:
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March 31, 2008
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RMR
Preferred Dividend Fund
Portfolio
of Investments
March 31, 2008
(unaudited)
Company
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Shares
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Value
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Preferred
Stocks 151.5%
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Real
Estate Investment Trusts 131.6%
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Apartments
13.7%
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Apartment
Investment & Management Co., Series G
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56,400
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$
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1,381,236
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Apartment
Investment & Management Co., Series T
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10,000
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227,900
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Associated Estates Realty
Corp., Series B
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39,800
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961,170
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Mid-America Apartment
Communities, Inc., Series H
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41,400
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1,003,950
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3,574,256
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Diversified
14.9%
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Colonial Properties Trust,
Series D
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10,000
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244,000
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Cousins
Properties, Inc., Series B
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17,000
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347,650
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Digital Realty
Trust, Inc., Series A
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56,200
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1,292,038
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Duke Realty Corp.,
Series O
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4,000
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98,400
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LBA Realty LLC,
Series B
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25,000
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450,750
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Lexington Realty Trust,
Series B
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69,000
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1,466,250
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3,899,088
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Health
Care 4.5%
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LTC Properties, Inc.,
Series F
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4,000
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96,720
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OMEGA Healthcare Investors
Inc., Series D
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43,200
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1,080,000
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1,176,720
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Hospitality
51.8%
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Ashford Hospitality Trust,
Series A
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58,000
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1,073,000
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Ashford Hospitality Trust,
Series D
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7,200
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131,040
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Eagle Hospitality
Properties Trust, Inc., Series A
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95,000
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950,000
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Entertainment Properties
Trust, Series B
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9,100
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204,750
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Entertainment Properties
Trust, Series D
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30,000
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608,400
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FelCor Lodging
Trust, Inc., Series C
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167,400
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3,289,410
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Grace Acquisition
I, Inc., Series B
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83,800
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838,000
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Grace Acquisition
I, Inc., Series C
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18,900
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189,000
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Hersha Hospitality Trust,
Series A
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99,500
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2,139,250
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Host Marriott Corp.,
Series E
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15,000
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377,250
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LaSalle Hotel Properties,
Series E
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70,000
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1,529,150
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Strategic
Hotels & Resorts, Inc., Series A
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13,000
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245,050
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Strategic
Hotels & Resorts, Inc., Series B
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39,100
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752,284
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Strategic
Hotels & Resorts, Inc., Series C
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27,200
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511,768
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Sunstone Hotel
Investors, Inc., Series A
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36,500
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684,375
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13,522,727
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Mortgage
12.5%
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Accredited Mortgage Loan
REIT Trust, Series A
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1,500
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17,250
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American Home Mortgage
Investment Corp., Series A
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74,300
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4,644
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Anthracite
Capital, Inc., Series C
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3,000
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48,750
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Anthracite
Capital, Inc., Series D
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51,000
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675,750
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Gramercy Capital Corp.,
Series A
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20,000
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365,000
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MFA Mortgage
Investments, Inc., Series A
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40,000
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840,000
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Newcastle Investment
Corp., Series B
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28,000
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400,400
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NorthStar Realty Finance
Corp., Series A
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20,000
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282,000
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NorthStar Realty Finance
Corp., Series B
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36,000
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477,000
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RAIT Financial Trust,
Series C
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12,700
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149,860
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3,260,654
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Office
22.9%
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Alexandria Real Estate
Equities, Inc., Series C
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60,000
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1,528,800
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BioMed Realty
Trust, Inc., Series A
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35,000
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777,000
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Corporate Office
Properties Trust, Series G
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5,900
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142,986
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DRA CRT Acquisition Corp.,
Series A
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40,060
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691,035
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Kilroy Realty Corp.,
Series E
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600
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13,143
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Kilroy Realty Corp.,
Series F
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44,100
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934,479
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Parkway
Properties, Inc., Series D
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41,000
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966,370
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SL Green Realty Corp.,
Series D
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40,000
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917,200
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5,971,013
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See notes to portfolio of
investments.
Company
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Shares or
Principal Amount
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Value
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Preferred
Stocks continued
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Real
Estate Investment Trusts continued
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Retail
11.3%
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Cedar Shopping
Centers, Inc., Series A
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42,000
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$
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971,040
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Glimcher Realty Trust,
Series F
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30,000
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561,900
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Glimcher Realty Trust,
Series G
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15,000
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255,450
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Kimco Realty Corp.,
Series G
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5,000
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119,500
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Taubman
Centers, Inc., Series G
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45,000
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1,045,350
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2,953,240
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Total Real Estate Investment Trusts (Cost $44,160,325)
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34,357,698
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Other
19.9%
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Ford Motor Co., 6/15/43
Series
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9,400
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129,626
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General Motors Corp.,
5/15/48 Series
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26,100
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401,157
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Great Atlantic &
Pacific Tea Co., 8/01/39 Series
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87,800
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2,228,364
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Hilltop
Holdings, Inc., Series A
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97,200
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2,045,088
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Red Lion Hotels Corp.,
2/19/44 Series
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15,925
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398,125
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Total Other (Cost $5,749,755)
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5,202,360
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Total Preferred Stocks (Cost $49,910,080)
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39,560,058
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Common
Stocks 10.3%
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Real
Estate Investment Trusts 3.8%
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Diversified
0.9%
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Colonial Properties Trust
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9,800
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235,690
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Health
Care 0.9%
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Care Investment
Trust, Inc.
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10,600
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111,830
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Medical Properties
Trust, Inc.
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11,275
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127,633
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239,463
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Mortgage
1.6%
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Alesco
Financial, Inc.
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142,500
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410,400
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Retail
0.0%
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Feldman Mall
Properties, Inc.
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5,000
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12,950
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Storage
0.4%
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U-Store-It Trust
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8,900
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100,837
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Total Real Estate Investment Trusts (Cost $2,099,413)
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999,340
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Other
6.5%
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Abingdon Investment, Ltd.
(a)
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150,000
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906,000
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American Capital
Strategies, Ltd.
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10,700
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365,512
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Iowa Telecommunication
Services, Inc.
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24,500
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434,385
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Total Other (Cost $2,462,395)
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1,705,897
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Total Common Stocks (Cost $4,561,808)
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2,705,237
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Debt
Securities 18.5%
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Ford Motor Co., 7.75%, 06/15/2043
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$
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2,210,000
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1,430,975
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Ford Motor Co., 8.90%, 01/15/2032
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557,000
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417,750
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General Motors Corp., 8.375%, 07/15/2033
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2,000,000
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1,410,000
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Six Flags, Inc., 9.75%, 04/15/2013
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2,740,000
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1,575,500
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Total Debt Securities (Cost $6,545,858)
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4,834,225
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Other
Investment Companies 4.5%
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Alpine Total Dynamic
Dividend Fund
|
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32,295
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519,950
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Cornerstone Strategic
Value Fund, Inc.
|
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31,200
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181,896
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Eaton Vance Enhanced
Equity Income Fund II
|
|
800
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13,640
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LMP Real Estate Income
Fund, Inc.
|
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4,260
|
|
62,579
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Neuberger Berman Real
Estate Securities Income Fund, Inc.
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30,217
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313,350
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The Zweig Total Return
Fund, Inc.
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17,750
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82,360
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Total Other Investment Companies (Cost $1,574,048)
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1,173,775
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See notes to portfolio of investments.
Total Investments 184.8%
(Cost $62,591,794) (b)
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48,273,295
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Other assets less
liabilities 1.3%
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345,256
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Preferred Shares, at
liquidation preference (86.1)%
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(22,500,000
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)
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Net Assets applicable to
common shareholders 100%
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$
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26,118,551
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Notes to Portfolio of Investments
(a)
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144A securities. Securities restricted for resale to
Qualified Institutional Buyers (3.5% of net assets).
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(b)
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Although
subject to adjustments to the extent 2008 distributions by the issuers of the
Funds investments are characterized as return of capital, the cost, gross
unrealized appreciation and gross unrealized depreciation of the Funds
investments for federal income tax purposes, as of March 31, 2008, are
as follows:
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Cost
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$
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62,591,794
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|
|
|
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Gross
unrealized appreciation
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$
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83,648
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|
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Gross
unrealized depreciation
|
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(14,402,147
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)
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Net
unrealized depreciation
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$
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(14,318,499
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)
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Reference
should be made to the Funds financial statements for the year ended December 31,
2007, for further information concerning the income tax characterization of
the Funds investment income and distributions.
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Information regarding FAS 157
The Fund has adopted the
provisions of Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements, or FAS 157,
effective January 1, 2008. In accordance with 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. Inputs refer
broadly to the assumptions that market participants would use in pricing the
asset or liability, including assumptions about risk, for example, the risk
inherent in a particular valuation technique used to measure fair value
including such a pricing model and/or the risk inherent in the inputs to the
valuation technique. Inputs may be observable or unobservable. 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 entitys 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 three tier hierarchy of inputs is summarized in the three
broad levels listed below.
·
Level 1 quoted prices in active markets for
identical investments
·
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest rates, credit risk, etc.)
·
Level 3 significant unobservable inputs
(including the Funds own assumptions in determining the fair value of
investments)
The valuation techniques used
by the Fund to measure fair value during the three months ended March 31,
2008, maximized the use of observable inputs and minimized the use of
unobservable inputs. The Fund utilized broker quotes, company financial
information and other market indicators to value the securities whose prices
were not readily available.
The following is a summary of
the inputs used as of March 31, 2008, in valuing the Funds investments
carried at value:
Valuation Inputs
|
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Investments in
Securities
|
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Level 1 - Quoted prices
|
|
$
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45,390,295
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|
Level 2 - Other significant observable
inputs
|
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1,977,000
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Level 3 Significant unobservable inputs
|
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906,000
|
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Total
|
|
$
|
48,273,295
|
|
Following is a reconciliation
of investments in which significant unobservable inputs (Level 3) were used in
determining value:
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Investments in
Securities
Characterized
as Level 3
|
|
Balance as of 12/31/07
|
|
$
|
1,194,000
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|
Accrued discounts/premiums
|
|
|
|
Realized gain/loss and change in unrealized
appreciation/depreciation
|
|
(288,000
|
)
|
Net purchases/sales
|
|
|
|
Net transfers in and/or out of Level 3
|
|
|
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Balance, as of 03/31/08
|
|
$
|
906,000
|
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Net change in unrealized
appreciation/depreciation from investments still held as of 03/31/08
|
|
$
|
(288,000
|
)
|
Item
2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that
occurred during the registrants last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the registrants
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 27,
2008
|
|
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 27,
2008
|
|
By:
|
/s/
Mark L. Kleifges
|
|
|
Mark
L. Kleifges
|
|
|
Treasurer
|
|
|
|
|
Date:
|
May 27,
2008
|
|
Grafico Azioni Rmr Dividend (AMEX:RDR)
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Da Ago 2024 a Set 2024
Grafico Azioni Rmr Dividend (AMEX:RDR)
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