Rmr F.I.R.E. Fund - Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 28 2008 - 10:59AM
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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811-21616
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RMR
F.I.R.E. 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 F.I.R.E. 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
Elizabeth Watson, Esq.
State Street Bank and Trust Company
2 Avenue De Lafayette, 6
th
Floor
Boston, Massachusetts 02111
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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
F.I.R.E. Fund
Portfolio
of Investments
March 31, 2008
(unaudited)
Company
|
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Shares
|
|
Value
|
|
Common Stocks 95.2%
|
|
|
|
|
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Financial Services 26.6%
|
|
|
|
|
|
Banks
11.7%
|
|
|
|
|
|
Bank of America Corp.
|
|
10,000
|
|
$
|
379,100
|
|
Fifth Third Bancorp
|
|
3,000
|
|
62,760
|
|
First Commonwealth
Financial Corp.
|
|
28,000
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|
324,520
|
|
First Horizon National
Corp.
|
|
11,400
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|
159,714
|
|
Firstmerit Corp.
|
|
12,800
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|
264,448
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|
FNB Corp.
|
|
28,500
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|
444,885
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|
KeyCorp
|
|
7,000
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|
153,650
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|
National City Corp.
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12,400
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|
123,380
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Regions Financial Corp.
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4,000
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79,000
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Trustco Bank Corp. NY
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23,400
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208,026
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U.S. Bancorp
|
|
1,000
|
|
32,360
|
|
|
|
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2,231,843
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Thrifts
9.8%
|
|
|
|
|
|
Beverly Hills
Bancorp, Inc.
|
|
58
|
|
147
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|
Capitol Federal Financial
|
|
9,605
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|
359,995
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|
Flagstar
Bancorp, Inc.
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|
25,000
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|
180,500
|
|
IndyMac Bancorp, Inc.
|
|
5,500
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|
27,280
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|
New York Community
Bancorp, Inc.
|
|
72,200
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1,315,484
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|
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1,883,406
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Other
Financial Services 5.1%
|
|
|
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American Capital
Strategies, Ltd.
|
|
2,000
|
|
68,320
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Centerline Holding Co.
|
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44,200
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|
179,452
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Fannie Mae
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13,000
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342,160
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Friedman Billings Ramsey
Group, Inc. *
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54,000
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91,800
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MCG Capital Corp.
|
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32,000
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|
290,880
|
|
|
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972,612
|
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Total Financial Services (Cost
$9,654,252)
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5,087,861
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Real Estate 62.0%
|
|
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Apartments
6.2%
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|
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AvalonBay
Communities, Inc. *
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3,000
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289,560
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BRE Properties, Inc.
*
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4,000
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182,240
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Home Properties, Inc.
*
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300
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|
14,397
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Mid-America Apartment
Communities, Inc. *
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9,600
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478,464
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UDR, Inc. *
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9,000
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220,680
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1,185,341
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Diversified
9.4%
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|
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CapLease, Inc. *
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15,000
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116,550
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Colonial Properties Trust
*
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15,780
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379,509
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Cousins
Properties, Inc. *
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6,900
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170,499
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DuPont Fabros
Technology, Inc. *
|
|
2,500
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|
41,225
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Franklin Street Properties
Corp. *
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|
3,000
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|
42,960
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|
iStar Financial, Inc.
*
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16,000
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224,480
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Lexington Corporate
Properties Trust *
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56,400
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812,724
|
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National Retail
Properties, Inc. *
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143
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3,153
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1,791,100
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Health
Care 13.9%
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|
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Care Investment
Trust, Inc. *
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8,550
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90,203
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HCP, Inc. *
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8,850
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|
299,218
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Health Care
REIT, Inc. *
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|
11,904
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537,228
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Healthcare Realty
Trust, Inc. *
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18,500
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483,775
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Medical Properties
Trust, Inc. *
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24,365
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275,812
|
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Nationwide Health
Properties, Inc. *
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26,400
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891,000
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OMEGA Healthcare
Investors, Inc. *
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5,000
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86,800
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2,664,036
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See
notes to portfolio of investments
Company
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Shares
|
|
Value
|
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Common Stocks continued
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Real Estate continued
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Hospitality
3.6%
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Ashford Hospitality
Trust, Inc. *
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51,000
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$
|
289,680
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Host Hotels &
Resorts, Inc. *
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10,000
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159,200
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LaSalle Hotel Properties *
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|
5,400
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155,142
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|
Sunstone Hotel
Investors, Inc. *
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5,000
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80,050
|
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684,072
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Industrial
6.8%
|
|
|
|
|
|
DCT Industrial
Trust, Inc. *
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5,200
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|
51,792
|
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First Industrial Realty
Trust, Inc. *
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40,200
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1,241,778
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1,293,570
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Manufactured
Homes 2.9%
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|
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Sun Communities, Inc.
*
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27,000
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|
553,500
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Mortgage
4.3%
|
|
|
|
|
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Alesco
Financial, Inc. *
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142,400
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|
410,112
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Anthracite
Capital, Inc. *
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|
15,000
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|
99,000
|
|
JER Investors
Trust, Inc. *
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|
10,000
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|
84,800
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Newcastle Investment Corp.
*
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26,500
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|
218,890
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|
|
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812,802
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Office
9.5%
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American Financial Realty
Trust *
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119,000
|
|
944,860
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Boston
Properties, Inc. *
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2,000
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|
184,140
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Brookfield Properties
Corp.
|
|
5,000
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|
96,550
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|
Parkway
Properties, Inc. *
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|
300
|
|
11,088
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|
SL Green Realty Corp. *
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7,000
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|
570,290
|
|
|
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|
1,806,928
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Retail
4.0%
|
|
|
|
|
|
CBL & Associates
Properties, Inc. *
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|
3,000
|
|
70,590
|
|
Developers Diversified
Realty Corp. *
|
|
3,000
|
|
125,640
|
|
Equity One, Inc. *
|
|
3,000
|
|
71,910
|
|
Glimcher Realty Trust *
|
|
19,300
|
|
230,828
|
|
Realty Income Corp. *
|
|
200
|
|
5,124
|
|
Simon Property
Group, Inc. *
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|
2,000
|
|
185,820
|
|
Tanger Factory Outlet
Centers, Inc. *
|
|
2,000
|
|
76,940
|
|
|
|
|
|
766,852
|
|
Specialty
0.9%
|
|
|
|
|
|
Getty Realty Corp. *
|
|
4,000
|
|
63,720
|
|
Resource Capital Corp. *
|
|
15,588
|
|
118,001
|
|
|
|
|
|
181,721
|
|
Storage
0.5%
|
|
|
|
|
|
U-Store-It Trust *
|
|
8,900
|
|
100,837
|
|
Total Real Estate (Cost
$16,486,087)
|
|
|
|
11,840,759
|
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Other
6.6%
|
|
|
|
|
|
Abingdon Investment, Ltd.
(a)
|
|
100,000
|
|
604,000
|
|
Iowa Telecommunication
Services, Inc.
|
|
37,500
|
|
664,875
|
|
Total Other (Cost $1,631,150)
|
|
|
|
1,268,875
|
|
Total Common Stocks (Cost
$27,771,489)
|
|
|
|
18,197,495
|
|
Preferred Stocks 75.2%
|
|
|
|
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|
Real Estate 70.3%
|
|
|
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Apartments
14.6%
|
|
|
|
|
|
Apartment
Investment & Management Co., Series U *
|
|
32,500
|
|
735,475
|
|
Apartment
Investment & Management Co., Series V *
|
|
27,700
|
|
621,865
|
|
Apartment
Investment & Management Co., Series Y *
|
|
65,000
|
|
1,442,350
|
|
|
|
|
|
2,799,690
|
|
|
|
|
|
|
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|
See notes to portfolio of
investments
Company
|
|
Shares
|
|
Value
|
|
Preferred Stocks
continued
|
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Real Estate continued
|
|
|
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Diversified
9.3%
|
|
|
|
|
|
Cousins
Properties, Inc., Series B *
|
|
20,000
|
|
$
|
409,000
|
|
Digital Realty
Trust, Inc., Series A *
|
|
20,000
|
|
459,800
|
|
Duke Realty Corp.,
Series O *
|
|
4,000
|
|
98,400
|
|
LBA Realty LLC,
Series B *
|
|
45,000
|
|
811,350
|
|
|
|
|
|
1,778,550
|
|
Health
Care 5.9%
|
|
|
|
|
|
Health Care
REIT, Inc., Series F *
|
|
26,900
|
|
645,331
|
|
OMEGA Healthcare Investors
Inc., Series D *
|
|
19,000
|
|
475,000
|
|
|
|
|
|
1,120,331
|
|
Hospitality
21.4%
|
|
|
|
|
|
Ashford Hospitality Trust,
Series D *
|
|
32,000
|
|
582,400
|
|
Eagle Hospitality Properties
Trust, Inc., Series A *
|
|
14,000
|
|
140,000
|
|
Entertainment Properties
Trust, Series B *
|
|
40,000
|
|
900,000
|
|
FelCor Lodging
Trust, Inc., Series C *
|
|
64,000
|
|
1,257,600
|
|
Grace Acquisition
I, Inc., Series B *
|
|
50,000
|
|
500,000
|
|
Host Marriott Corp., Series E
*
|
|
10,000
|
|
251,500
|
|
Strategic
Hotels & Resorts, Inc., Series A *
|
|
10,000
|
|
188,500
|
|
Strategic
Hotels & Resorts, Inc., Series B *
|
|
13,700
|
|
263,588
|
|
|
|
|
|
4,083,588
|
|
Manufactured
Homes 0.7%
|
|
|
|
|
|
Hilltop
Holdings, Inc., Series A
|
|
6,900
|
|
145,176
|
|
Mortgage
5.1%
|
|
|
|
|
|
Anthracite
Capital, Inc., Series D *
|
|
6,000
|
|
79,500
|
|
Gramercy Capital Corp.,
Series A *
|
|
20,000
|
|
365,000
|
|
HomeBanc Corp.,
Series A *
|
|
10,000
|
|
300
|
|
MFA Mortgage
Investments, Inc., Series A *
|
|
13,800
|
|
289,800
|
|
RAIT Investment Trust, Series B
*
|
|
20,300
|
|
237,510
|
|
|
|
|
|
972,110
|
|
Office
4.2%
|
|
|
|
|
|
Alexandria Real Estate
Equities, Inc., Series C *
|
|
31,600
|
|
805,168
|
|
|
|
|
|
|
|
Retail
9.1%
|
|
|
|
|
|
CBL & Associates
Properties, Inc., Series D *
|
|
10,000
|
|
196,500
|
|
Glimcher Realty Trust,
Series F *
|
|
26,500
|
|
496,345
|
|
Glimcher Realty Trust,
Series G *
|
|
41,000
|
|
698,230
|
|
Taubman
Centers, Inc., Series G *
|
|
15,000
|
|
348,450
|
|
|
|
|
|
1,739,525
|
|
Total Real Estate (Cost
$16,810,673)
|
|
|
|
13,444,138
|
|
Financial Services 4.9%
|
|
|
|
|
|
Corts-UNUM Provident Financial Trust
|
|
38,000
|
|
929,480
|
|
Total Financial Services (Cost
$982,300)
|
|
|
|
929,480
|
|
Total Preferred Stocks (Cost
$17,792,973)
|
|
|
|
14,373,618
|
|
Other Investment Companies
11.5%
|
|
|
|
|
|
Alpine Total Dynamic
Dividend Fund
|
|
29,960
|
|
482,356
|
|
Cohen & Steers
Premium Income Realty Fund, Inc.
|
|
13,350
|
|
206,391
|
|
Cohen & Steers
REIT and Preferred Income Fund, Inc.
|
|
8,000
|
|
155,200
|
|
Cornerstone Strategic
Value Fund, Inc.
|
|
32,528
|
|
189,638
|
|
Eaton Vance Enhanced
Equity Income Fund II
|
|
13,100
|
|
223,355
|
|
LMP Real Estate Income
Fund, Inc.
|
|
12,411
|
|
182,318
|
|
Neuberger Berman Real
Estate Securities Income Fund, Inc.
|
|
45,507
|
|
471,907
|
|
The Zweig Total Return
Fund, Inc.
|
|
60,850
|
|
282,344
|
|
Total Other Investment
Companies (Cost $2,878,561)
|
|
|
|
2,193,509
|
|
Rights 0.0%
|
|
|
|
|
|
Centerline Holding Co.,
expiring 04/04/2008 (b)
|
|
44,200
|
|
0
|
|
MCG Capital Corp expiring
04/18/2008 (b)
|
|
4,571
|
|
4,891
|
|
Total Rights (Cost $0)
|
|
|
|
4,891
|
|
|
|
|
|
|
|
|
See notes to portfolio of investments
Company
|
|
Shares
|
|
Value
|
|
Short-Term Investments
0.7%
|
|
|
|
|
|
Other
Investment Companies 0.7%
|
|
|
|
|
|
Dreyfus Cash Management,
Institutional Shares, 3.32% (c) (Cost $128,410)
|
|
128,410
|
|
$
|
128,410
|
|
Total Investments 182.6%
(Cost $48,571,433) (d)
|
|
|
|
34,897,923
|
|
Other assets less
liabilities 1.1%
|
|
|
|
216,392
|
|
Preferred Shares, at
liquidation preference (83.7)%
|
|
|
|
(16,000,000
|
)
|
Net Assets applicable to
common shareholders 100%
|
|
|
|
$
|
19,114,315
|
|
Notes to Portfolio of
Investments
|
*
|
|
Real Estate Investment
Trust, or REIT
|
(a)
|
|
144A securities. Securities restricted for resale to
Qualified Institutional Buyers (3.2% of net assets).
|
(b)
|
|
As of March 31, 2008,
this security had not paid a distribution.
|
(c)
|
|
Rate reflects 7 day yield
as of March 31, 2008.
|
(d)
|
|
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:
|
Cost
|
|
$
|
48,571,433
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
531,921
|
|
|
|
|
|
Gross unrealized depreciation
|
|
(14,205,431
|
)
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(13,673,510
|
)
|
|
|
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.
|
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
|
|
Investments in
Securities
|
|
Level 1 - Quoted prices
|
|
$
|
33,653,923
|
|
Level 2 - Other significant observable inputs
|
|
640,000
|
|
Level 3 Significant unobservable inputs
|
|
604,000
|
|
Total
|
|
$
|
34,897,923
|
|
Following is a reconciliation
of investments in which significant unobservable inputs (Level 3) were used in
determining value:
|
|
Investments in
Securities
Characterized
as Level 3
|
|
Balance as of 12/31/07
|
|
$
|
796,000
|
|
Accrued discounts/premiums
|
|
|
|
Realized gain/loss and change in unrealized appreciation/depreciation
|
|
(192,000
|
)
|
Net purchases/sales
|
|
|
|
Net transfers in and/or out of Level 3
|
|
|
|
Balance, as of 03/31/08
|
|
$
|
604,000
|
|
Net change in unrealized appreciation/depreciation from investments
still held as of 03/31/08
|
|
$
|
(192,000
|
)
|
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
F.I.R.E. 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
|
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