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Share Name | Share Symbol | Market | Type |
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Rmr Div Cptre FD Common Shrs | AMEX:RCR | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
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 |
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RMR DIVIDEND CAPTURE FUND |
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(Exact name of registrant as specified in charter) |
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400 CENTRE STREET
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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 Dividend Capture 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, 4 th Floor
Kansas City, Missouri 64102
Christina T. Simmons, Esq.
State Street Bank and Trust Company
100 Huntington Avenue, 3rd Floor
Boston, Massachusetts 02116
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Registrant's telephone number, including area code: |
(617) 332-9530 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2008 |
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RMR Dividend Capture Fund
Portfolio of Investments September 30, 2008 (unaudited)
Company |
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Shares |
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Value |
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Common Stocks 80.3% |
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Real Estate Investment Trusts 77.9% |
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Diversified 16.2% |
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CapLease, Inc. |
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123,725 |
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$ |
981,139 |
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Duke Realty Corp. |
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35,100 |
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862,758 |
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Lexington Corporate Properties Trust |
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50,883 |
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876,205 |
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2,720,102 |
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Health Care 6.2% |
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Medical Properties Trust, Inc. |
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91,053 |
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1,033,452 |
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Hospitality 16.9% |
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Ashford Hospitality Trust, Inc. |
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148,030 |
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599,522 |
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DiamondRock Hospitality Co. |
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90,000 |
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819,000 |
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FelCor Lodging Trust, Inc. |
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70,945 |
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507,966 |
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Hersha Hospitality Trust |
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121,200 |
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901,728 |
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2,828,216 |
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Industrial 7.7% |
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DCT Industrial Trust, Inc. |
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58,500 |
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438,165 |
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First Industrial Realty Trust, Inc. |
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29,730 |
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852,656 |
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1,290,821 |
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Manufactured Homes 5.4% |
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Sun Communities, Inc. |
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45,717 |
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905,654 |
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Mortgage 0.5% |
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Gramercy Capital Corp. |
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32,262 |
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83,559 |
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Office 9.2% |
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Brandywine Realty Trust |
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40,000 |
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641,200 |
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Parkway Properties, Inc. |
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23,856 |
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903,188 |
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1,544,388 |
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Retail 15.8% |
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CBL & Associates Properties, Inc. |
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32,200 |
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646,576 |
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Developers Diversified Realty Corp. |
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29,400 |
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931,686 |
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Glimcher Realty Trust |
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68,600 |
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716,184 |
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Pennsylvania Real Estate Investment Trust |
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19,200 |
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361,920 |
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2,656,366 |
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Total Real Estate Investment Trusts (Cost $16,130,091) |
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13,062,558 |
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Other 2.4% |
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DHT Maritime, Inc. |
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60,000 |
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403,200 |
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Total Other (Cost $657,282) |
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403,200 |
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Total Common Stocks (Cost $16,787,373) |
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13,465,758 |
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See notes to portfolio of investments.
Company |
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Shares |
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Value |
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Other Investment Companies 71.7% |
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Blackrock Enhanced Dividend Achievers Trust |
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80,766 |
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$ |
695,395 |
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Blackrock Limited Duration Income Trust |
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56,150 |
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703,560 |
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Blackrock Preferred and Equity Advantage Trust |
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49,836 |
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515,803 |
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Cohen & Steers Advantage Income Realty Fund, Inc. |
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58,000 |
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669,320 |
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Cohen & Steers Premium Income Realty Fund, Inc. |
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47,376 |
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548,614 |
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Cohen & Steers REIT and Preferred Income Fund, Inc. |
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39,000 |
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505,830 |
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Cohen & Steers REIT and Utility Income Fund, Inc. |
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65,384 |
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819,915 |
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DWS Dreman Value Income Edge Fund, Inc. |
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79,070 |
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656,281 |
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DWS RREEF Real Estate Fund II, Inc. |
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94,150 |
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761,673 |
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Eaton Vance Enhanced Equity Income Fund |
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51,871 |
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690,403 |
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Eaton Vance Enhanced Equity Income Fund II |
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20,100 |
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280,797 |
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Eaton Vance Senior Floating-Rate Fund |
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20,000 |
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218,000 |
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Flaherty & Crumrine/ Claymore Preferred Securities Income Fund, Inc. |
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55,744 |
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424,212 |
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ING Global Equity Dividend & Premium Opportunity Fund |
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47,143 |
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523,287 |
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LMP Capital and Income Fund, Inc. |
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60,144 |
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695,265 |
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LMP Real Estate Income Fund, Inc. |
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52,172 |
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599,456 |
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Neuberger Berman Real Estate Securities Income Fund, Inc. |
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84,540 |
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604,461 |
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Nicholas-Applegate Convertible & Income Fund II |
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53,804 |
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402,992 |
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Nuveen Floating Rate Income Fund |
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31,885 |
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244,558 |
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Nuveen Real Estate Income Fund |
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3,700 |
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41,810 |
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Pioneer Floating Rate Trust |
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53,431 |
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534,844 |
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The Zweig Total Return Fund, Inc. |
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84,877 |
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311,499 |
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Western Asset Emerging Markets Debt Fund, Inc. |
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45,473 |
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582,509 |
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Total Other Investment Companies (Cost $17,403,589) |
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12,030,484 |
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Short-Term Investments 14.6% |
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Other Investment Companies 14.6% |
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Dreyfus Cash Management, Institutional Shares, 2.71% (a) (Cost $2,447,174) |
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2,447,174 |
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2,447,174 |
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Total Investments 166.6% (Cost $36,638,136) (b) |
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27,943,416 |
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Other assets less liabilities (7.0)% |
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(1,172,966 |
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Preferred Shares, at liquidation preference (59.6)% |
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(10,000,000 |
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Net Assets applicable to common shareholders 100% |
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$ |
16,770,450 |
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Notes to Portfolio of Investments
(a) Rate reflects 7 day yield as of September 30, 2008.
(b) 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 September 30, 2008, are as follows:
Cost |
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$ |
36,638,136 |
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Gross unrealized appreciation |
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$ |
108,707 |
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Gross unrealized depreciation |
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(8,803,427 |
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Net unrealized depreciation |
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$ |
(8,694,720 |
) |
Reference should be made to the Funds financial statements for the year ended December 31, 2007, and six months ended June 30, 2008, for further information concerning the income tax characterization of the Funds investment income and distributions.
Fair Value Measurements
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 period ended September 30, 2008 maximized the use of observable inputs and minimized the use of unobservable inputs. The Fund did not fair value any of its securities during the period.
The following is a summary of the inputs used as of September 30, 2008 in valuing the Funds investments carried at value:
Valuation Inputs |
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Investments in
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Level 1 - Quoted prices |
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$ |
27,943,416 |
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Level 2 - Other significant observable inputs |
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Level 3 Significant unobservable inputs |
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Total |
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$ |
27,943,416 |
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There were no investments in securities characterized as Level 3 on December 31, 2007, or September 30, 2008.
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 DIVIDEND CAPTURE FUND
By: |
/s/ Adam D. Portnoy |
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Adam D. Portnoy |
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President |
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Date: |
November 28, 2008 |
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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 |
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Adam D. Portnoy |
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President |
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Date: |
November 28, 2008 |
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By: |
/s/ Mark L. Kleifges |
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Mark L. Kleifges |
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Treasurer |
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Date: |
November 28, 2008 |
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