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

811-21616

 

 

RMR F.I.R.E FUND

(Exact name of registrant as specified in charter)

 

400 CENTRE STREET
NEWTON, MASSACHUSETTS

 

02458

(Address of principal executive offices)

 

(Zip code)

 

Adam D. Portnoy, President

RMR F.I.R.E. Fund

400 Centre Street

Newton, Massachusetts 02458

(Name and address of agent for service)

 

Copy to:

 

Brian D. O’Sullivan

State Street Bank and Trust Company

  2 Avenue De Lafayette, 6th Floor 

Boston, Massachusetts 02111

 

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:

(617) 332-9530

 

 

Date of fiscal year end:

December 31

 

 

 

 

Date of reporting period:

September 30, 2007

 

 


 

Item 1. Schedule of investments.

 


 

RMR F.I.R.E. Fund

Portfolio of Investments  –  September 30, 2007 (unaudited)

 

Company

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks – 97.0%

 

 

 

 

 

Financial Services – 25.6%

 

 

 

 

 

Banks – 10.5%

 

 

 

 

 

Bank of America Corp.

 

10,000

 

$

502,700

 

Cullen/Frost Bankers, Inc.

 

3,000

 

150,360

 

Fifth Third Bancorp

 

3,000

 

101,640

 

First Commonwealth Financial Corp.

 

28,000

 

309,680

 

First Horizon National Corp.

 

11,400

 

303,924

 

Firstmerit Corp.

 

12,800

 

252,928

 

FNB Corp.

 

28,500

 

471,390

 

KeyCorp

 

7,000

 

226,310

 

National City Corp.

 

12,400

 

311,116

 

Regions Financial Corp.

 

4,000

 

117,920

 

Trustco Bank Corp. NY

 

23,400

 

255,762

 

U.S. Bancorp

 

1,000

 

32,530

 

 

 

 

 

3,036,260

 

Thrifts – 7.2%

 

 

 

 

 

Beverly Hills Bancorp, Inc.

 

58

 

359

 

Capitol Federal Financial

 

9,605

 

328,491

 

Flagstar Bancorp, Inc.

 

25,000

 

243,250

 

IndyMac Bancorp, Inc.

 

5,500

 

129,855

 

New York Community Bancorp, Inc.

 

72,200

 

1,375,410

 

 

 

 

 

2,077,365

 

Other Financial Services – 7.9%

 

 

 

 

 

American Capital Strategies, Ltd.

 

2,000

 

85,460

 

Centerline Holding Co.

 

44,200

 

678,470

 

Fannie Mae

 

13,000

 

790,530

 

Friedman Billings Ramsey Group, Inc. *

 

54,000

 

248,940

 

MCG Capital Corp.

 

32,000

 

460,480

 

 

 

 

 

2,263,880

 

Total Financial Services (Cost $9,820,428)

 

 

 

7,377,505

 

 

 

 

 

 

 

Real Estate – 68.8%

 

 

 

 

 

Apartments – 6.0%

 

 

 

 

 

Apartment Investment & Management Co. *

 

10,000

 

451,300

 

AvalonBay Communities, Inc. *

 

3,000

 

354,180

 

BRE Properties, Inc. *

 

4,000

 

223,720

 

Home Properties, Inc. *

 

300

 

15,654

 

Mid-America Apartment Communities, Inc. *

 

9,600

 

478,560

 

UDR, Inc. *

 

9,000

 

218,880

 

 

 

 

 

1,742,294

 

Diversified – 12.8%

 

 

 

 

 

CapLease, Inc. *

 

15,000

 

153,750

 

Colonial Properties Trust *

 

15,780

 

541,254

 

Cousins Properties, Inc. *

 

6,900

 

202,584

 

Franklin Street Properties Corp. *

 

3,000

 

51,750

 

iStar Financial, Inc. *

 

7,000

 

237,930

 

Lexington Corporate Properties Trust *

 

56,400

 

1,128,564

 

Meruelo Maddux Properties, Inc. (a)

 

3,100

 

18,321

 

National Retail Properties, Inc. *

 

55,350

 

1,349,433

 

 

 

 

 

3,683,586

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks – continued

 

 

 

 

 

Real Estate – continued

 

 

 

 

 

Health Care – 13.0%

 

 

 

 

 

Care Investment Trust, Inc. *(a)

 

8,550

 

$

102,600

 

HCP, Inc. *

 

16,850

 

558,914

 

Health Care REIT, Inc. *

 

34,904

 

1,544,153

 

Healthcare Realty Trust, Inc. *

 

13,500

 

359,910

 

Medical Properties Trust, Inc. *

 

24,365

 

324,542

 

Nationwide Health Properties, Inc. *

 

26,400

 

795,432

 

OMEGA Healthcare Investors, Inc. *

 

5,000

 

77,650

 

 

 

 

 

3,763,201

 

Hospitality – 3.8%

 

 

 

 

 

Ashford Hospitality Trust, Inc. *

 

51,000

 

512,550

 

Host Hotels & Resorts, Inc. *

 

10,000

 

224,400

 

LaSalle Hotel Properties *

 

5,400

 

227,232

 

Sunstone Hotel Investors, Inc. *

 

5,000

 

128,200

 

 

 

 

 

1,092,382

 

Industrial – 6.2%

 

 

 

 

 

AMB Property Corp. *

 

3,000

 

179,430

 

DCT Industrial Trust, Inc. *

 

5,200

 

54,444

 

First Industrial Realty Trust, Inc. *

 

40,200

 

1,562,574

 

 

 

 

 

1,796,448

 

Manufactured Homes – 2.8%

 

 

 

 

 

Sun Communities, Inc. *

 

27,000

 

812,160

 

Mortgage – 8.2%

 

 

 

 

 

Abingdon Investment, Ltd. (b)

 

100,000

 

883,000

 

Alesco Financial, Inc. *

 

142,400

 

700,608

 

American Mortgage Acceptance Co. *

 

7,400

 

65,638

 

Anthracite Capital, Inc. *

 

15,000

 

136,500

 

JER Investors Trust, Inc. *

 

10,000

 

124,500

 

Newcastle Investment Corp. *

 

26,500

 

466,930

 

 

 

 

 

2,377,176

 

Office – 7.4%

 

 

 

 

 

American Financial Realty Trust *

 

119,000

 

957,950

 

Boston Properties, Inc. *

 

2,000

 

207,800

 

Brookfield Properties Corp.

 

5,000

 

124,500

 

Parkway Properties, Inc. *

 

300

 

13,242

 

SL Green Realty Corp. *

 

7,000

 

817,390

 

 

 

 

 

2,120,882

 

Retail – 7.2%

 

 

 

 

 

CBL & Associates Properties, Inc. *

 

3,000

 

105,150

 

Developers Diversified Realty Corp. *

 

3,000

 

167,610

 

Equity One, Inc. *

 

3,000

 

81,600

 

Feldman Mall Properties, Inc. *

 

5,000

 

37,800

 

Glimcher Realty Trust *

 

59,300

 

1,393,550

 

Realty Income Corp. *

 

200

 

5,590

 

Simon Property Group, Inc. *

 

2,000

 

200,000

 

Tanger Factory Outlet Centers, Inc. *

 

2,000

 

81,180

 

 

 

 

 

2,072,480

 

Specialty – 1.0%

 

 

 

 

 

Getty Realty Corp. *

 

4,000

 

108,800

 

Resource Capital Corp. *

 

15,588

 

175,521

 

 

 

 

 

284,321

 

Storage – 0.4%

 

 

 

 

 

U-Store-It Trust *

 

8,900

 

117,480

 

Total Real Estate (Cost $21,392,087)

 

 

 

19,862,410

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks – continued

 

 

 

 

 

Other – 2.6%

 

 

 

 

 

Iowa Telecommunication Services, Inc.

 

37,500

 

$

744,375

 

Total Other (Cost $631,150)

 

 

 

744,375

 

Total Common Stocks (Cost $31,843,665)

 

 

 

27,984,290

 

 

 

 

 

 

 

Preferred Stocks – 61.3%

 

 

 

 

 

Real Estate – 58.0%

 

 

 

 

 

Apartments – 10.7%

 

 

 

 

 

Apartment Investment & Management Co., Series U *

 

32,500

 

801,125

 

Apartment Investment & Management Co., Series V *

 

27,700

 

683,359

 

Apartment Investment & Management Co., Series Y *

 

65,000

 

1,608,100

 

 

 

 

 

3,092,584

 

Diversified – 6.6%

 

 

 

 

 

Cousins Properties, Inc., Series B *

 

20,000

 

481,600

 

Digital Realty Trust, Inc., Series A *

 

20,000

 

511,200

 

LBA Realty LLC, Series B *

 

45,000

 

902,250

 

 

 

 

 

1,895,050

 

Health Care – 3.9%

 

 

 

 

 

Health Care REIT, Inc., Series F *

 

26,900

 

664,968

 

OMEGA Healthcare Investors Inc., Series D *

 

19,000

 

470,440

 

 

 

 

 

1,135,408

 

Hospitality – 17.9%

 

 

 

 

 

Ashford Hospitality Trust, Series D *

 

32,000

 

745,600

 

Eagle Hospitality Properties Trust, Inc., Series A *

 

14,000

 

252,000

 

Entertainment Properties Trust, Series B *

 

40,000

 

958,800

 

Equity Inns, Inc., Series B *

 

50,000

 

862,500

 

FelCor Lodging Trust, Inc., Series C *

 

64,000

 

1,520,000

 

Host Marriott Corp., Series E *

 

10,000

 

256,250

 

Strategic Hotels & Resorts, Inc., Series A *

 

10,000

 

241,000

 

Strategic Hotels & Resorts, Inc., Series B *

 

13,700

 

328,252

 

 

 

 

 

5,164,402

 

Manufactured Homes – 0.5%

 

 

 

 

 

Hilltop Holdings, Inc., Series A

 

6,900

 

157,113

 

 

 

 

 

 

 

Mortgage – 4.8%

 

 

 

 

 

Anthracite Capital, Inc., Series D *

 

6,000

 

120,540

 

Gramercy Capital Corp., Series A *

 

20,000

 

450,200

 

HomeBanc Corp., Series A *

 

10,000

 

5,850

 

MFA Mortgage Investments, Inc., Series A *

 

13,800

 

323,886

 

RAIT Investment Trust, Series B *

 

20,300

 

284,403

 

Thornburg Mortgage, Inc., Series C *

 

10,000

 

189,300

 

 

 

 

 

1,374,179

 

Office – 2.8%

 

 

 

 

 

Alexandria Real Estate Equities, Inc., Series C *

 

31,600

 

793,160

 

 

 

 

 

 

 

Retail – 10.8%

 

 

 

 

 

CBL & Associates Properties, Inc., Series D *

 

10,000

 

239,400

 

Glimcher Realty Trust, Series F *

 

26,500

 

643,155

 

Glimcher Realty Trust, Series G *

 

41,000

 

964,320

 

Ramco-Gershenson Properties Trust, Series B *

 

36,000

 

900,180

 

Taubman Centers, Inc., Series G *

 

15,000

 

375,000

 

 

 

 

 

3,122,055

 

Total Real Estate (Cost $18,759,652)

 

 

 

16,733,951

 

 

 

 

 

 

 

Financial Services – 3.3%

 

 

 

 

 

Corts-UNUM Provident Financial Trust

 

38,000

 

960,450

 

Total Financial Services (Cost $982,300)

 

 

 

960,450

 

Total Preferred Stocks (Cost $19,741,952)

 

 

 

17,694,401

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

 

 

 

 

 

 

Other Investment Companies – 6.8%

 

 

 

 

 

Alpine Total Dynamic Dividend Fund

 

19,960

 

$

392,214

 

Cohen & Steers Premium Income Realty Fund, Inc.

 

3,350

 

71,020

 

Cohen & Steers REIT and Preferred Income Fund, Inc.

 

8,000

 

200,640

 

Cornerstone Strategic Value Fund, Inc.

 

20,000

 

149,200

 

Eaton Vance Enhanced Equity Income Fund II

 

13,100

 

250,996

 

LMP Real Estate Income Fund, Inc.

 

12,411

 

244,993

 

Neuberger Berman Real Estate Securities Income Fund, Inc.

 

15,000

 

231,150

 

Neuberger Berman Realty Income Fund, Inc.

 

10,800

 

224,964

 

The Zweig Total Return Fund, Inc.

 

37,750

 

183,843

 

Total Other Investment Companies (Cost $2,038,017)

 

 

 

1,949,020

 

 

 

 

 

 

 

Short-Term Investments – 3.7%

 

 

 

 

 

Other Investment Companies – 3.7%

 

 

 

 

 

Dreyfus Cash Management, Institutional Shares, 5.18% (c) (Cost $1,062,089)

 

1,062,089

 

1,062,089

 

 

 

 

 

 

 

Total Investments – 168.8% (Cost $54,685,723) (d)

 

 

 

48,689,800

 

 

 

 

 

 

 

Other assets less liabilities – 0.5%

 

 

 

152,776

 

 

 

 

 

 

 

Preferred Shares, at liquidation preference – (69.3)%

 

 

 

(20,000,000

)

 

 

 

 

 

 

Net Assets applicable to common shareholders – 100%

 

 

 

$

28,842,576

 

 

Notes to Portfolio of Investments

*

 

Real Estate Investment Trust, or REIT

(a)

 

As of September 30, 2007, this security had not paid a distribution.

(b)

 

144A securities. Securities restricted for resale to Qualified Institutional Buyers (3.1% of net assets).

(c)

 

Rate reflects 7 day yield as of September 30, 2007.

(d)

 

Although subject to adjustments to the extent 2007 distributions by the issuers of the Fund’s investments are characterized as return of capital, the cost, gross unrealized appreciation and gross unrealized depreciation of the Fund’s investments for federal income tax purposes, as of September 30, 2007, are as follows:

 

Cost

 

$

54,685,723

 

 

 

 

 

Gross unrealized appreciation

 

$

978,328

 

Gross unrealized depreciation

 

(6,974,251

)

Net unrealized depreciation

 

$

(5,995,923

)

 

 

 

Reference should be made to the Fund’s financial statements for the year ended December 31, 2006, and six months ended June 30, 2007, for further information concerning the income tax characterization of the Fund’s investment income and distributions.

 


 

Item 2. Controls and Procedures.

 

(a)  The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)), are effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

(a)(1) Certification of Principal Executive Officer, as required by Rule 30a-2(a) under the 1940 Act.

(a)(2) Certification of Principal Financial Officer, as required by Rule 30a-2(a) under the 1940 Act.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

RMR F.I.R.E. FUND

 

By:

/s/ Adam D. Portnoy

 

 

Adam D. Portnoy

 

President

 

 

Date:

November 9, 2007

 

 

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:

November 9, 2007

 

 

By:

/s/ Mark L. Kleifges

 

 

Mark L. Kleifges

 

Treasurer

 

 

Date:

November 9, 2007