UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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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) |
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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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Thomas M. O’Brien, President |
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(Name and address of agent for service) |
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Copy to: |
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Thomas Perugini |
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Thomas Reyes, Esq. |
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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, 2005 |
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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.
Item 1. Schedule of investments
RMR F.I.R.E. Fund
Portfolio of Investments - September 30, 2005 (unaudited)
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Company |
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Shares |
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Value |
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Common Stocks – 90.0% |
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Financial Services – 30.5% |
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Banks – 13.4% |
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Comerica Incorporated |
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5,000 |
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$ |
294,500 |
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Farmers Capital Bank Corp. |
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3,035 |
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94,024 |
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Fifth Third Bancorp |
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4,000 |
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146,920 |
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First Commonwealth Financial Corp. |
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28,000 |
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373,240 |
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First Horizon National Corp. |
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11,400 |
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414,390 |
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Firstmerit Corp. |
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12,800 |
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342,912 |
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F.N.B. Corp. |
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28,500 |
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492,480 |
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JPMorgan Chase & Co. |
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7,500 |
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254,475 |
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Keycorp |
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17,100 |
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551,475 |
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National City Corp. |
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17,400 |
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581,856 |
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Regions Financial Corp. |
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23,200 |
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721,984 |
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Trustco Bank Corp NY |
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23,400 |
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293,202 |
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4,561,458 |
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Thrifts – 6.0% |
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Beverly Hills Bancorp, Inc. |
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100 |
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1,026 |
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Capitol Federal Financial |
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17,400 |
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595,428 |
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Flagstar Bancorp, Inc. |
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25,000 |
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402,500 |
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New York Community Bancorp, Inc. |
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63,200 |
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1,036,480 |
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2,035,434 |
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Other Financial Services – 11.1% |
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American Capital Strategies, Ltd. |
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17,000 |
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623,220 |
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CharterMac |
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44,200 |
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906,100 |
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Capital Trust, Inc.* |
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4,900 |
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157,584 |
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Fannie Mae |
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17,000 |
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761,940 |
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Friedman Billings Ramsey Group, Inc.* |
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54,000 |
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550,260 |
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MCG Capital Corp.* |
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46,500 |
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784,455 |
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3,783,559 |
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Total Financial Services (Cost $12,119,100) |
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10,380,451 |
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Real Estate – 55.3% |
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Apartments – 3.0% |
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AMLI Residential Properties Trust* |
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20,150 |
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646,211 |
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United Dominion Realty Trust, Inc.* |
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16,200 |
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383,940 |
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1,030,151 |
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Diversified – 16.0% |
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Bedford Property Investors, Inc.* |
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24,100 |
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574,544 |
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Colonial Properties Trust* |
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11,100 |
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493,728 |
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Crescent Real Estate Equities Co.* |
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92,400 |
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1,895,124 |
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Commercial Net Lease Realty* |
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42,150 |
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843,000 |
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Liberty Properties Trust* |
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16,900 |
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718,926 |
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Lexington Corporate Properties Trust* |
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38,500 |
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906,675 |
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5,431,997 |
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See notes to portfolio of investments.
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Company |
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Shares |
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Value |
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Health Care – 7.8% |
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Health Care Property Investors, Inc.* |
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16,850 |
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$ |
454,782 |
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Healthcare Realty Trust, Inc.* |
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11,500 |
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461,610 |
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Health Care REIT, Inc.* |
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28,650 |
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1,062,629 |
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Nationwide Health Properties, Inc.* |
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26,000 |
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605,800 |
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Windrose Medical Properties Trust* |
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5,000 |
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76,400 |
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2,661,221 |
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Hospitality – 1.4% |
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Eagle Hospitality Properties Trust, Inc.* |
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36,500 |
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364,270 |
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Marriott International, Inc. |
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2,000 |
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126,000 |
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490,270 |
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Industrial – 4.8% |
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First Industrial Realty Trust, Inc.* |
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40,700 |
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1,630,035 |
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Office – 4.6% |
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Arden Realty, Inc.* |
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4,600 |
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189,382 |
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Equity Office Properties Trust* |
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23,050 |
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753,966 |
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Glenborough Realty Trust, Inc.* |
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32,400 |
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622,080 |
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1,565,428 |
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Manufactured Homes – 2.4% |
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Sun Communities, Inc.* |
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25,000 |
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819,000 |
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Retail – 9.6% |
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Glimcher Realty Trust* |
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52,000 |
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1,272,440 |
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Heritage Property Investment Trust* |
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16,800 |
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588,000 |
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New Plan Excel Realty Trust* |
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60,650 |
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1,391,918 |
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3,252,358 |
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Specialty – 4.5% |
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iStar Financial Inc.* |
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14,000 |
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566,020 |
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Trustreet Properties, Inc.* |
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61,000 |
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954,650 |
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1,520,670 |
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Storage – 1.2% |
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Extra Space Storage, Inc.* |
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1,100 |
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16,918 |
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Sovran Self Storage, Inc. * |
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8,200 |
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401,390 |
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418,308 |
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Total Real Estate (Cost $19,186,884) |
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18,819,438 |
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Other – 4.2% |
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Iowa Telecommunication Services, Inc. |
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36,000 |
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605,520 |
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Panamsat Holding Corp. |
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29,800 |
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721,160 |
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Seaspan Corp.± |
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5,000 |
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96,750 |
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Total Other (Cost $1,277,866) |
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1,423,430 |
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Total Common Stocks (Cost $32,583,850) |
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30,623,319 |
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Preferred Stocks – 64.9% |
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Real Estate – 62.1% |
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Apartments – 10.7% |
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Apartment Investment & Management Co., Series U* |
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32,500 |
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813,475 |
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Apartment Investment & Management Co., Series V* |
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27,700 |
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703,580 |
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Apartment Investment & Management Co., Series Y* |
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65,000 |
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1,631,500 |
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Home Properties NY, Inc., Series F* |
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18,800 |
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489,928 |
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3,638,483 |
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See notes to portfolio of investments.
2
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Company |
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Shares |
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Value |
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Diversified – 7.9% |
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Bedford Properties Inv., Series B* |
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45,000 |
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$ |
1,125,900 |
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Capital Automotive REIT* |
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4,000 |
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98,160 |
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Capital Automotive REIT, Series A* |
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5,000 |
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111,500 |
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Capital Automotive REIT, Series B* |
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13,250 |
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312,038 |
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Cousins Properties, Inc., Series B* |
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20,000 |
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512,000 |
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Digital Realty Trust Inc., Series A* |
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20,000 |
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527,000 |
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2,686,598 |
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Health Care – 3.5% |
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Health Care REIT, Inc., Series F* |
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26,900 |
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680,570 |
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Omega Healthcare Investors, Inc., Series D* |
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19,000 |
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492,860 |
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1,173,430 |
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Hospitality – 17.0% |
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Eagle Hospitality Properties Trust, Series A* |
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14,000 |
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351,400 |
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Equity Inns, Inc., Series B* |
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50,000 |
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1,313,250 |
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Entertainment Properties Trust, Series B* |
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40,000 |
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1,014,000 |
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Felcor Lodging Trust, Inc., Series C* |
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64,000 |
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1,593,600 |
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Host Marriott Corp., Series E* |
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10,000 |
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273,000 |
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Lasalle Hotel Properties, Series A* |
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36,000 |
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957,600 |
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Winston Hotels, Inc., Series B* |
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10,900 |
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272,609 |
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5,775,459 |
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Manufactured Homes – 0.4% |
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Affordable Residential, Series A* |
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6,900 |
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143,865 |
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Office – 2.4% |
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Alexandria Real Estate Equities, Series C * |
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31,600 |
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831,712 |
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Retail – 10.5% |
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CBL & Associates Prop., Series D* |
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10,000 |
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252,800 |
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Glimcher Realty Trust, Series F* |
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26,500 |
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683,965 |
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Glimcher Realty Trust, Series G* |
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41,000 |
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1,040,990 |
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Ramco-Gershenson Properties Trust, Series B* |
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36,000 |
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971,280 |
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The Mills Corp., Series E* |
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9,500 |
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251,750 |
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Taubman Centers, Inc., Series G* |
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15,000 |
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390,000 |
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3,590,785 |
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Specialty – 9.7% |
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MFA Mortgage Investment, Inc., Series A* |
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13,800 |
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341,550 |
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New Century Financial, Series A* |
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20,000 |
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482,000 |
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RAIT Investment Trust, Series B* |
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59,000 |
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1,492,700 |
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Thornburg Mortgage, Inc., Series C* |
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40,000 |
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998,000 |
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3,314,250 |
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Total Real Estate (Cost $21,307,986) |
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21,154,582 |
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Financial Services – 2.8% |
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Corts-UNUM Provident Financial Trust |
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38,000 |
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961,400 |
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Total Financial Services (Cost $982,300) |
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961,400 |
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Total Preferred Stocks (Cost $22,290,286) |
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22,115,982 |
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Company |
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Shares |
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Value |
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Short-Term Investments – 1.2% |
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SSgA Money Market Fund, 3.3808%(a), (Cost $415,200) |
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415,200 |
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$ |
415,200 |
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Total Investments – 156.1% (Cost $55,289,336) |
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53,154,501 |
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Other assets less liabilities – 2.6% |
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892,556 |
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Preferred Shares, at liquidation preference – (58.7)% |
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(20,000,000 |
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Net Assets attributable to common shares – 100% |
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$ |
34,047,057 |
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Note to portfolio of investments |
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± |
Non income producing security as first dividend paid subsequent to September 30, 2005. |
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* |
Real Estate Investment Trusts. |
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(a) |
Rate reflects 7 day yield as of September 30, 2005. |
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(b) |
Although subject to adjustments to the extent 2005 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, 2005, are as follows: |
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Cost |
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$ |
55,289,336 |
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Gross unrealized appreciation |
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$ |
881,332 |
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Gross unrealized depreciation |
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(3,016,167 |
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Net unrealized appreciation |
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$ |
(2,134,835 |
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Reference should be made to the Fund’s financial statements for the period ended December 31, 2004, and the six months ended June 30, 2005, for further information concenring the income tax characterization of the Fund’s investment income and distributions. |
4
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.
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RMR F.I.R.E. FUND |
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By: |
/s/ Thomas M. O’Brien |
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Thomas M. O’Brien |
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President |
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Date: |
November 22, 2005 |
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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.
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By: |
/s/ Mark L. Kleifges |
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Thomas M. O’Brien |
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President |
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Date: |
November 22, 2005 |
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By: |
/s/ Thomas M. O’Brien |
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Mark L. Kleifges |
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Treasurer |
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Date: |
November 22, 2005 |
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