- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
26 Maggio 2009 - 4:50PM
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:
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Brian D. OSullivan
State Street Bank and Trust Company
801 Pennsylvania Avenue, Tower II, 4
th
Floor
Kansas City, Missouri 64102
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Julie A Tedesco, Esq.
State Street Bank and Trust Company
4 Copley Place, 5
th
Floor
Boston, MA 02116
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Registrants
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,
2009
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RMR Preferred Dividend Fund
Portfolio of Investments
March 31, 2009
(unaudited)
Company
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Shares
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Value
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Preferred Stocks 122.1%
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|
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Real Estate Investment Trusts 122.1%
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|
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Apartments 3.8%
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Apartment Investment & Management
Co., Series V
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6,500
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$
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70,395
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BRE Properties, Inc., Series D
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3,000
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44,130
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|
|
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114,525
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Diversified 24.1%
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|
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Digital Realty Trust, Inc.,
Series A
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5,000
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87,200
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Duke Realty Corp., Series N
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3,500
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30,135
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LBA Realty LLC, Series B (a)
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23,950
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191,600
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Lexington Realty Trust, Series B
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33,350
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303,485
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National Retail Properties, Inc.,
Series C
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2,800
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42,588
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Prologis Trust, Series G
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1,900
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14,839
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Vornado Realty Trust, Series E
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3,500
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51,660
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721,507
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Health Care 13.0%
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HCP, Inc., Series E
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1,100
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19,789
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Health Care REIT, Inc., Series F
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4,275
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82,593
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LTC Properties, Inc., Series F
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2,500
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51,388
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OMEGA Healthcare Investors Inc.,
Series D
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13,100
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235,800
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|
|
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389,570
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Hospitality 22.2%
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Ashford Hospitality Trust, Series A
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6,810
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48,351
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Eagle Hospitality Properties
Trust, Inc., Series A (a) (b)
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95,000
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61,750
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Entertainment Properties Trust,
Series B
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12,145
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117,807
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Grace Acquisition I, Inc.,
Series B (b)
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83,800
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21,788
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Grace Acquisition I, Inc.,
Series C (a) (b)
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18,900
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12,285
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Hersha Hospitality Trust, Series A
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23,100
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188,265
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LaSalle Hotel Properties, Series E
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5,900
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63,543
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LaSalle Hotel Properties, Series G
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10,000
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95,000
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Strategic Hotels &
Resorts, Inc., Series B (b)
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23,450
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58,625
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667,414
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Mortgage 1.7%
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NorthStar Realty Finance Corp.,
Series A
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5,500
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45,595
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NorthStar Realty Finance Corp.,
Series B
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105
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828
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RAIT Financial Trust, Series C
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700
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4,466
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50,889
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Office 41.8%
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Alexandria Real Estate Equities, Inc.,
Series C
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12,120
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236,340
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BioMed Realty Trust, Inc.,
Series A
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18,350
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196,895
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Corporate Office Properties Trust,
Series G
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4,900
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93,100
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DRA CRT Acquisition Corp., Series A
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35,060
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175,300
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Kilroy Realty Corp., Series E
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15,000
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195,750
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Parkway Properties, Inc.,
Series D
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17,100
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252,225
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SL Green Realty Corp., Series D
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10,000
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103,500
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1,253,110
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Retail 14.2%
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Cedar Shopping Centers, Inc.,
Series A
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19,999
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173,991
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Glimcher Realty Trust, Series F
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9,800
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57,036
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Glimcher Realty Trust, Series G
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18,000
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86,760
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Kimco Realty Corp., Series F
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2,000
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23,000
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Kimco Realty Corp., Series G
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1,700
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23,205
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Regency Centers Corp., Series C
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1,700
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28,050
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Regency Centers Corp., Series D
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800
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12,616
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Weingarten Realty Investors, Series F
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1,800
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20,142
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424,800
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Storage 1.3%
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Public Storage, Inc. Series X
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2,300
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37,904
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See notes
to portfolio of investments.
Company
|
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Shares
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Value
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Total Real Estate Investment Trusts
(Cost
$10,829,725)
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3,659,719
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Total Preferred Stocks
(Cost
$10,829,725)
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3,659,719
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Common Stocks 19.9%
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Real Estate Investment Trusts 12.8%
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|
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Apartments 7.6%
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Apartment Investment & Management
Co.
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474
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$
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2,597
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Associated Estates Realty Corp.
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9,000
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51,120
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AvalonBay Communities, Inc.
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309
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14,542
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Home Properties, Inc.
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200
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6,130
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Mid-America Apartment
Communities, Inc.
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5,000
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154,150
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228,539
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Diversified 0.3%
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Vornado Realty Trust
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305
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10,138
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Health Care 1.3%
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Cogdell Spencer, Inc.
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7,500
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38,250
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Office 2.8%
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BioMed Realty Trust, Inc.
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3,000
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20,310
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Kilroy Realty Corp.
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2,500
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42,975
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SL Green Realty Corp.
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1,900
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20,520
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83,805
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Retail 0.8%
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Kimco Realty Corp.
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3,000
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22,860
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Total Real Estate Investment Trusts
(Cost $469,600)
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383,592
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Other 7.1%
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Carador PLC (a) (Cost $1,500,000)
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1,124,490
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213,653
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Total Common Stocks
(Cost
$1,969,600)
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597,245
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Other Investment Companies 1.3%
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|
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Ultra Real Estate ProShares
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3,050
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7,473
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UltraShort Real Estate ProShares
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|
600
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31,638
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Total Other Investment Companies
(Cost
$118,439)
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39,111
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Short-Term Investments 10.1%
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Other Investment Companies 10.1%
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Dreyfus Cash Management, Institutional
Shares, 0.74% (c) (Cost $303,411)
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303,411
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303,411
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Total Investments 153.4% (Cost
$13,221,175) (d)
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4,599,486
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Other assets less liabilities (0.1)%
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(1,563
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)
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Preferred Shares, at liquidation preference
(53.3)%
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|
|
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(1,600,000
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)
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Net Assets applicable to common
shareholders 100%
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$
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2,997,923
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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 $479,288 and 10.4% of market value.
(b)
As of March 31,
2009, this security had discontinued paying distributions.
(c)
Rate reflects 7
day yield as of March 31, 2009.
(d)
Although subject to adjustments to the
extent 2009 distributions by the issuers of the Funds investments are
characterized as return of capital, the cost, gross unrealized appreciation and
gross unrealized depreciation of the Funds investments for federal income tax
purposes, as of March 31, 2009, are as follows:
Cost
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$
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13,221,175
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|
|
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Gross unrealized appreciation
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$
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29,496
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Gross unrealized depreciation
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(8,651,185
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)
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Net unrealized depreciation
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$
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(8,621,689
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)
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Reference should be made to
the Funds financial statements for the year ended December 31, 2008, for
further information concerning the income tax characterization of the Funds
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 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
following is a summary of the inputs used as of March 31, 2009, 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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$
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4,120,198
|
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Level 2
Other significant
observable inputs
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479,288
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|
Level 3 Significant unobservable inputs
|
|
|
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Total
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$
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4,599,486
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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 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:
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/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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