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
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RMR F.I.R.E. FUND
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(Exact name of registrant as specified in charter)
400 CENTRE STREET
NEWTON, MASSACHUSETTS 02458
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(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service of Copy to:
Process)
Thomas M. O'Brien, President Thomas Perugini
RMR F.I.R.E. Fund State Street Bank and Trust Company
400 Centre Street One Federal Street, 8th Floor
Newton, Massachusetts 02458 Boston, Massachusetts 02110
Thomas Reyes, Esq.
State Street Bank and Trust Company
One Federal Street, 9th Floor
Boston, Massachusetts 02110
Registrant's telephone number, including area code: (617) 332-9530
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Date of fiscal year end: December 31
Date of reporting period: March 31, 2005
ITEM 1. SCHEDULE OF INVESTMENTS.
RMR F.I.R.E. FUND
PORTFOLIO OF INVESTMENTS - March 31, 2005 (unaudited)
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COMPANY SHARES VALUE
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COMMON STOCKS - 104.8%
FINANCIAL SERVICES - 49.7%
BANKS - 26.2%
AmSouth Bancorp 27,400 $ 711,030
Citigroup, Inc. 7,100 319,074
Comerica, Inc. 14,800 815,184
F.N.B. Corp. 28,500 545,775
Farmers Capital Bank Corp. 3,035 102,583
Fifth Third Bancorp 3,000 128,940
First Commonwealth Financial Corp. 28,000 383,600
First Horizon National Corp. 11,400 465,006
FirstMerit Corp. 22,800 610,128
Hudson United Bancorp 17,100 602,775
JPMorgan Chase & Co. 7,500 259,500
KeyCorp 17,100 554,895
National City Corp. 27,400 917,900
PNC Financial Services Group, Inc. 13,400 689,832
Regions Financial Corp. 23,200 751,680
Susquehanna Bancshares, Inc. 12,600 307,188
Trustco Bank Corp. NY 23,400 268,866
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8,433,956
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THRIFTS - 9.5%
Beverly Hills Bancorp, Inc. 100 1,072
Capitol Federal Financial 17,400 602,736
Flagstar Bancorp, Inc. 25,000 488,750
New York Community Bancorp, Inc. 63,200 1,147,712
Washington Mutual, Inc. 20,500 809,750
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3,050,020
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OTHER FINANCIAL SERVICES - 14.0%
American Capital Strategies, Ltd. 17,000 533,970
CharterMac 44,200 950,300
CIT Group, Inc. 10,500 399,000
Deluxe Corp. 3,400 135,524
Fannie Mae 17,000 925,650
Friedman, Billings, Ramsey Group, Inc. * 54,000 856,980
MCG Capital Corp. 46,500 715,403
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4,516,827
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TOTAL FINANCIAL SERVICES (COST $17,427,863) 16,000,803
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REAL ESTATE - 51.4%
APARTMENTS - 4.4%
AMLI Residential Properties Trust * 10,800 295,812
Post Properties, Inc. * 22,800 707,712
United Dominion Realty Trust, Inc. * 19,200 400,704
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1,404,228
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DIVERSIFIED - 12.8%
Bedford Property Investors, Inc. * 24,000 523,920
Colonial Properties Trust * 8,400 322,644
Commercial Net Lease Realty * 34,200 630,990
Crescent Real Estate Equities Co. * 82,400 1,346,416
Lexington Corporate Properties Trust * 26,400 579,216
Liberty Property Trust * 18,000 702,900
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4,106,086
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SEE PREVIOUSLY SUBMITTED NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 2004, AND NOTES TO PORTFOLIO OF INVESTMENTS.
RMR F.I.R.E. FUND
PORTFOLIO OF INVESTMENTS - continued
HEALTH CARE - 6.9%
Health Care Property Investors, Inc. * 3,000 70,410
Health Care REIT, Inc. * 17,900 572,800
Healthcare Realty Trust, Inc. * 27,000 983,880
Nationwide Health Properties, Inc. * 26,000 525,460
Windrose Medical Properties Trust * 5,000 68,550
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2,221,100
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COMPANY SHARES VALUE
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COMMON STOCKS - CONTINUED
HOSPITALITY - 1.0%
Eagle Hospitality Properties Trust, Inc. * 36,500 $ 327,405
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INDUSTRIAL - 2.0%
First Industrial Realty Trust, Inc. * 16,900 639,327
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OFFICE - 8.9%
Arden Realty, Inc. * 9,600 324,960
Equity Office Properties Trust * 23,050 694,496
Glenborough Realty Trust, Inc. * 64,400 1,231,328
Maguire Properties, Inc. * 14,700 351,036
Reckson Associates Realty Corp. * 8,400 257,880
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2,859,700
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RETAIL - 7.2%
Glimcher Realty Trust * 44,000 1,042,800
Heritage Property Investment Trust * 16,800 498,624
New Plan Excel Realty Trust * 26,800 672,948
The Mills Corp. * 1,600 84,640
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2,299,012
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SPECIALTY - 5.2%
Capital Trust, Inc. * 5,000 165,900
iStar Financial, Inc. * 14,000 576,520
Trustreet Properties, Inc. * 61,000 938,790
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1,681,210
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STORAGE - 3.0%
Sovran Self Storage, Inc. * 13,200 523,116
U-Store-It Trust * 25,200 438,480
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961,596
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TOTAL REAL ESTATE (COST $18,270,623) 16,499,664
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Other Investments - 3.7%
TELECOMMUNICATIONS - 3.7%
PanAmSat Holding Corp. 70,800 1,203,600
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TOTAL OTHER INVESTMENTS (COST $1,274,400) 1,203,600
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TOTAL COMMON STOCKS (COST $36,972,886) 33,704,067
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PREFERRED STOCKS - 55.9%
REAL ESTATE - 52.9%
APARTMENTS - 10.0%
Apartment Investment & Management Co., Series U * 32,500 796,900
Apartment Investment & Management Co., Series V * 27,700 691,115
Apartment Investment & Management Co., Series Y * 50,000 1,237,500
Home Properties, Inc., Series F * 18,800 493,124
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3,218,639
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DIVERSIFIED - 6.7%
Bedford Property Investors, Inc., Series B * 45,000 1,120,500
Cousins Properties, Inc., Series B * 20,000 500,000
Digital Realty Trust, Inc., Series A * 20,000 520,000
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2,140,500
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HEALTH CARE - 2.1%
Health Care REIT, Inc., Series F * 26,900 672,500
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SEE PREVIOUSLY SUBMITTED NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 2004, AND NOTES TO PORTFOLIO OF INVESTMENTS.
RMR F.I.R.E. FUND
PORTFOLIO OF INVESTMENTS - continued
HOSPITALITY - 15.0%
Entertainment Properties Trust, Series B * 40,000 1,002,400
Equity Inns, Inc., Series B * 50,000 1,286,500
FelCor Lodging Trust, Inc., Series C * 54,800 1,287,800
LaSalle Hotel Properties * 36,000 961,200
Winston Hotels, Inc., Series B * 10,900 271,410
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4,809,310
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MANUFACTURED HOMES - 0.5%
Affordable Residential Communities, Series A * 6,900 173,190
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COMPANY SHARES VALUE
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PREFERRED STOCKS - CONTINUED
OFFICE - 2.6%
Alexandria Real Estate Equities, Inc., Series C * 31,600 $ 829,342
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RETAIL - 10.3%
Glimcher Realty Trust, Series F * 26,500 689,000
Glimcher Realty Trust, Series G * 41,000 1,029,100
Ramco-Gershenson Properties, Series B * 36,000 969,300
Taubman Centers, Inc., Series G * 15,000 388,500
The Mills Corp., Series E * 9,500 248,140
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3,324,040
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SPECIALTY - 5.7%
MFA Mortgage Investments, Inc., Series A * 13,800 345,000
RAIT Investment Trust, Series B * 59,000 1,483,850
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1,828,850
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TOTAL REAL ESTATE (COST $17,295,841) 16,996,371
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FINANCIAL SERVICES - 3.0%
OTHER FINANCIAL SERVICES - 3.0%
CORTS-Unum Provident Financing Trust I 38,000 962,920
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TOTAL FINANCIAL SERVICES (COST $982,300) 962,920
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TOTAL PREFERRED STOCKS (COST $18,278,141) 17,959,291
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SHORT-TERM INVESTMENT - 4.7%
OTHER INVESTMENT COMPANIES - 4.7%
SSgA Money Market Fund, 2.42% (a) (Cost $1,509,240) 1,509,240 1,509,240
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Total Investments - 165.4% (b) (Cost $56,760,267) 53,172,598
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Other assets less liabilities - (3.2)% (1,021,769)
Preferred Shares, at liquidation preference - (62.2)% (20,000,000)
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Net Assets applicable to common shareholders - 100% $ 32,150,829
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NOTES TO PORTFOLIO OF INVESTMENTS
* Real Estate Investment Trust
(a) Rate reflects 7 day yield as of March 31, 2005.
(b) Although subject to adjustment, principally due to the extent of
distributions, characterized by the issuers of the Fund's investments
as return of capital during 2005, the cost, gross unrealized
appreciation and gross unrealized depreciation of the Fund's
investments for federal income tax purposes, as of March 31, 2005,
are as follows:
Cost $ 56,760,267
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Gross unrealized appreciation 81,084
Gross unrealized depreciation (3,668,753)
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Net unrealized appreciation $ (3,587,669)
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SEE PREVIOUSLY SUBMITTED NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 2004, AND NOTES TO PORTFOLIO OF INVESTMENTS.
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/ THOMAS M. O'BRIEN
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Thomas M. O'Brien
President
Date: May 26, 2005
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/ THOMAS M. O'BRIEN
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Thomas M. O'Brien
President
Date: May 26, 2005
By: /s/ MARK L. KLEIFGES
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Mark L. Kleifges
Treasurer
Date: May 26, 2005