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)

 

Thomas M. O’Brien, President
RMR F.I.R.E. Fund
400 Centre Street
Newton, Massachusetts 02458

(Name and address of agent for service)

 

Copy to:

 

Thomas Perugini

State Street Bank and Trust Company

One Federal Street, 8th Floor

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

 

 

Date of fiscal year end:

December 31

 

 

 

 

Date of reporting period:

March 31, 2006

 

 


 

Item 1. Schedule of Investments.

 

RMR F.I.R.E. Fund

Portfolio of Investments  –  March 31, 2006 (unaudited)

 

Company

 

Shares

 

Value

 

Common Stocks – 90.9%

 

 

 

 

 

Financial Services – 35.7%

 

 

 

 

 

Banks – 10.7%

 

 

 

 

 

Farmers Capital Bank Corp.

 

3,035

 

$

95,967

 

First Commonwealth Financial Corp.

 

28,000

 

410,480

 

First Horizon National Corp.

 

11,400

 

474,810

 

Firstmerit Corp.

 

12,800

 

315,648

 

FNB Corp.

 

28,500

 

487,350

 

Keycorp

 

7,100

 

261,280

 

National City Corp.

 

17,400

 

607,260

 

Regions Financial Corp.

 

13,200

 

464,244

 

Trustco Bank Corp. NY

 

23,400

 

284,778

 

U.S. Bancorp

 

10,000

 

305,000

 

 

 

 

 

3,706,817

 

Thrifts – 7.7%

 

 

 

 

 

Beverly Hills Bancorp, Inc.

 

100

 

1,060

 

Capitol Federal Financial

 

17,400

 

562,020

 

Flagstar Bancorp, Inc.

 

25,000

 

377,500

 

New York Community Bancorp, Inc.

 

67,200

 

1,177,344

 

Washington Mutual, Inc.

 

13,000

 

554,060

 

 

 

 

 

2,671,984

 

Other Financial Services - 17.3%

 

 

 

 

 

Alesco Financial Trust (a)(b)

 

150,000

 

1,500,000

 

American Capital Strategies, Ltd.

 

45,000

 

1,582,200

 

Capital Trust, Inc. *

 

4,900

 

152,488

 

CharterMac

 

44,200

 

897,260

 

Fannie Mae

 

13,000

 

668,200

 

Friedman Billings Ramsey Group, Inc. *

 

54,000

 

506,520

 

MCG Capital Corp.

 

46,500

 

656,115

 

 

 

 

 

5,962,783

 

Total Financial Services  (Cost $13,866,509)

 

 

 

12,341,584

 

Real Estate – 51.5%

 

 

 

 

 

Apartments – 1.6%

 

 

 

 

 

Post Properties, Inc. *

 

2,000

 

89,000

 

United Dominion Realty Trust, Inc. *

 

16,200

 

462,348

 

 

 

 

 

551,348

 

Diversified – 13.6%

 

 

 

 

 

Bedford Property Investors, Inc. *

 

11,100

 

298,923

 

Commercial Net Lease Realty *

 

37,150

 

865,595

 

Centracore Properties Trust *

 

3,000

 

75,150

 

Cousins Properties, Inc. *

 

200

 

6,686

 

Crescent Real Estate Equities Co. *

 

92,400

 

1,946,868

 

Lexington Corporate Properties Trust *

 

38,500

 

802,725

 

Liberty Property Trust *

 

11,900

 

561,204

 

Newkirk Realty Trust, Inc. *

 

8,000

 

144,720

 

 

 

 

 

4,701,871

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

Common Stocks – continued

 

 

 

 

 

Health Care – 8.1%

 

 

 

 

 

Health Care Property Investors, Inc. *

 

16,850

 

$

478,540

 

Health Care REIT, Inc. *

 

28,650

 

1,091,565

 

Healthcare Realty Trust, Inc. *

 

11,500

 

429,870

 

Medical Properties Trust, Inc. *

 

14,150

 

152,820

 

Nationwide Health Properties, Inc. *

 

27,400

 

589,100

 

Windrose Medical Properties Trust *

 

5,000

 

75,400

 

 

 

 

 

2,817,295

 

Hospitality – 1.3%

 

 

 

 

 

Eagle Hospitality Properties Trust, Inc. *

 

36,500

 

367,920

 

Highland Hospitality Corp. *

 

7,000

 

88,970

 

 

 

 

 

456,890

 

Industrial – 5.0%

 

 

 

 

 

EastGroup Properties, Inc. *

 

4,500

 

213,480

 

First Industrial Realty Trust, Inc. *

 

35,700

 

1,524,033

 

 

 

 

 

1,737,513

 

Manufactured Homes – 2.6%

 

 

 

 

 

Sun Communities, Inc. *

 

25,000

 

883,750

 

Mortgage – 1.6%

 

 

 

 

 

American Mortgage Acceptance Co. *

 

1,500

 

24,075

 

iStar Financial Inc. *

 

14,000

 

535,920

 

 

 

 

 

559,995

 

Office – 0.4%

 

 

 

 

 

Equity Office Properties Trust *

 

50

 

1,679

 

Maguire Properties, Inc. *

 

4,000

 

146,000

 

 

 

 

 

147,679

 

Retail – 13.2%

 

 

 

 

 

CBL & Associates Properties, Inc. *

 

9,000

 

382,050

 

Feldman Mall Properties, Inc. *

 

1,000

 

12,250

 

Glimcher Realty Trust *

 

55,300

 

1,570,520

 

Heritage Property Investment Trust *

 

16,800

 

665,112

 

New Plan Excel Realty Trust *

 

40,650

 

1,054,461

 

Taubman Centers, Inc. *

 

2,000

 

83,340

 

The Mills Corp. *

 

28,100

 

786,800

 

 

 

 

 

4,554,533

 

Specialty – 4.0%

 

 

 

 

 

Getty Realty Corp. *

 

4,000

 

116,400

 

Trustreet Properties, Inc. *

 

84,300

 

1,280,517

 

 

 

 

 

1,396,917

 

Storage – 0.1%

 

 

 

 

 

Extra Space Storage, Inc. *

 

1,100

 

18,909

 

Total Real Estate  (Cost $17,485,835)

 

 

 

17,826,700

 

Other – 3.7%

 

 

 

 

 

Iowa Telecommunication Services, Inc.

 

42,500

 

810,900

 

Panamsat Holding Corp.

 

19,100

 

474,062

 

Total Other  (Cost $1,064,992)

 

 

 

1,284,962

 

Total Common Stocks  (Cost $32,417,336)

 

 

 

31,453,246

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

Preferred Stocks – 64.0%

 

 

 

 

 

Real Estate – 61.1%

 

 

 

 

 

Apartments – 10.5%

 

 

 

 

 

Apartment Investment & Management Co., Series U *

 

32,500

 

$

811,200

 

Apartment Investment & Management Co., Series V *

 

27,700

 

700,810

 

Apartment Investment & Management Co., Series Y *

 

65,000

 

1,630,200

 

Home Properties, Inc., Series F *

 

18,800

 

483,160

 

 

 

 

 

3,625,370

 

Diversified – 5.8%

 

 

 

 

 

Bedford Property Investors, Inc., Series B *

 

45,000

 

974,250

 

Cousins Properties, Inc., Series B *

 

20,000

 

507,600

 

Digital Realty Trust, Inc., Series A *

 

20,000

 

506,200

 

 

 

 

 

1,988,050

 

Health Care – 3.4%

 

 

 

 

 

Health Care REIT, Inc., Series F *

 

26,900

 

685,950

 

OMEGA Healthcare Investors Inc., Series D *

 

19,000

 

493,905

 

 

 

 

 

1,179,855

 

Hospitality – 17.4%

 

 

 

 

 

Eagle Hospitality Properties Trust, Inc., Series A *

 

14,000

 

351,610

 

Entertainment Properties Trust, Series B *

 

40,000

 

976,000

 

Equity Inns, Inc., Series B *

 

50,000

 

1,286,250

 

FelCor Lodging Trust, Inc., Series C *

 

64,000

 

1,601,280

 

Host Hotels & Resorts, Inc., Series E *

 

10,000

 

265,300

 

LaSalle Hotel Properties, Series A *

 

36,000

 

925,920

 

Strategic Hotels & Resorts, Inc., Series B *

 

13,700

 

344,555

 

Winston Hotels, Inc., Series B *

 

10,900

 

272,500

 

 

 

 

 

6,023,415

 

Manufactured Homes – 0.4%

 

 

 

 

 

Affordable Residential Communities, Series A *

 

6,900

 

151,179

 

Mortgage – 10.4%

 

 

 

 

 

HomeBanc Corp., Series A *

 

10,000

 

255,000

 

MFA Mortgage Investments, Inc., Series A *

 

13,800

 

332,994

 

New Century Financial Corp., Series A *

 

20,000

 

491,000

 

RAIT Investment Trust, Series B *

 

59,000

 

1,500,075

 

Thornburg Mortgage, Inc., Series C *

 

40,000

 

1,008,000

 

 

 

 

 

3,587,069

 

Office – 2.4%

 

 

 

 

 

Alexandria Real Estate Equities, Inc., Series C *

 

31,600

 

825,708

 

Retail – 10.8%

 

 

 

 

 

CBL & Associates Properties, Inc., Series D *

 

10,000

 

254,000

 

Glimcher Realty Trust, Series F *

 

26,500

 

675,750

 

Glimcher Realty Trust, Series G *

 

41,000

 

1,037,300

 

Ramco-Gershenson Properties Trust, Series B *

 

36,000

 

934,200

 

Taubman Centers, Inc., Series G *

 

15,000

 

384,300

 

The Mills Corp., Series E *

 

9,500

 

214,225

 

The Mills Corp., Series G *

 

11,500

 

244,950

 

 

 

 

 

3,744,725

 

Total Real Estate  (Cost $21,602,672)

 

 

 

21,125,371

 

Financial Services – 2.9%

 

 

 

 

 

Corts-UNUM Provident Financial Trust

 

38,000

 

1,014,220

 

Total Financial Services  (Cost $982,300)

 

 

 

1,014,220

 

Total Preferred Stocks  (Cost $22,584,972)

 

 

 

22,139,591

 

 

See notes to portfolio of investments.

 


 

Company

 

Shares

 

Value

 

Short-Term Investments – 1.7%

 

 

 

 

 

Other Investment Companies – 1.7%

 

 

 

 

 

SSgA Money Market Fund, 4.30%(c) (Cost $597,492)

 

597,492

 

$

597,492

 

Total Investments – 156.6% (Cost $55,599,800) (d)

 

 

 

54,190,329

 

Other assets less liabilities – 1.2%

 

 

 

413,297

 

Preferred Shares, at liquidation preference – (57.8)%

 

 

 

(20,000,000

)

Net Assets applicable to common shareholders – 100%

 

 

 

$

34,603,626

 

 

Notes to Portfolio of Investments

*                      Real estate investment trust

(a)               Non-income producing security. The first quarterly cash distribution was declared on April 19, 2006.

(b)              144A securities. Securities restricted for resale to qualified institutional buyers.

(c)               Rate reflects 7 day yield as of March 31, 2006.

(d)              Although subject to adjustments to the extent 2006 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 March 31, 2006, are as follows:

 

Cost

 

$

55,599,800

 

 

 

 

 

Gross unrealized appreciation

 

$

1,450,682

 

Gross unrealized depreciation

 

(2,860,153

)

Net unrealized depreciation

 

$

(1,409,471

)

 

Reference should be made to the Fund’s financial statements for the year ended December 31, 2005, 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/ Thomas M. O’Brien

 

 

Thomas M. O’Brien

 

President

 

 

Date:

May 4, 2006

 

 

 

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

 

 

Thomas M. O’Brien

 

President

 

 

Date:

May 4, 2006

 

 

 

 

 

By:

/s/ Mark L. Kleifges

 

 

Mark L. Kleifges

 

Treasurer

 

 

Date:

May 4, 2006