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 |
811-22234 |
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RMR REAL ESTATE INCOME 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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Adam D. Portnoy, President |
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(Name and address of agent for service) |
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Copy to:
Frank J. DiPietro State Street Bank and Trust Company
Julie A. Tedesco, Esq. State Street Bank and Trust Company |
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Registrants 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, 2009 |
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RMR Real Estate Income Fund
Portfolio of Investments September 30, 2009 (unaudited)
Company |
|
Shares |
|
Value |
|
|
Common Stocks 58.6% |
|
|
|
|
|
|
Real Estate Investment Trusts 55.3% |
|
|
|
|
|
|
Apartments 10.4% |
|
|
|
|
|
|
Apartment Investment & Management Co. |
|
28,745 |
|
$ |
423,989 |
|
Associated Estates Realty Corp. |
|
80,000 |
|
769,600 |
|
|
AvalonBay Communities, Inc. |
|
15,575 |
|
1,132,769 |
|
|
BRE Properties, Inc. |
|
16,000 |
|
500,800 |
|
|
Colonial Properties Trust |
|
39,800 |
|
387,254 |
|
|
Equity Residential |
|
49,000 |
|
1,504,300 |
|
|
Essex Property Trust, Inc. |
|
6,000 |
|
477,480 |
|
|
Home Properties, Inc. |
|
500 |
|
21,545 |
|
|
Mid-America Apartment Communities, Inc. |
|
20,100 |
|
907,113 |
|
|
UDR, Inc. |
|
3,000 |
|
47,220 |
|
|
|
|
|
|
6,172,070 |
|
|
Diversified 4.8% |
|
|
|
|
|
|
Cousins Properties, Inc. |
|
33,361 |
|
276,229 |
|
|
Lexington Corporate Properties Trust |
|
47,193 |
|
240,684 |
|
|
Vornado Realty Trust |
|
28,233 |
|
1,818,488 |
|
|
Washington Real Estate Investment Trust |
|
18,000 |
|
518,400 |
|
|
|
|
|
|
2,853,801 |
|
|
Free Standing 3.7% |
|
|
|
|
|
|
National Retail Properties, Inc. |
|
96,900 |
|
2,080,443 |
|
|
Realty Income Corp. |
|
4,300 |
|
110,295 |
|
|
|
|
|
|
2,190,738 |
|
|
Health Care 7.0% |
|
|
|
|
|
|
Cogdell Spencer, Inc. |
|
31,655 |
|
151,944 |
|
|
HCP, Inc. |
|
39,580 |
|
1,137,529 |
|
|
Healthcare Realty Trust, Inc. |
|
13,000 |
|
274,690 |
|
|
Medical Properties Trust, Inc. |
|
139,120 |
|
1,086,527 |
|
|
Nationwide Health Properties, Inc. |
|
47,654 |
|
1,476,798 |
|
|
OMEGA Healthcare Investors, Inc. |
|
2,200 |
|
35,244 |
|
|
|
|
|
|
4,162,732 |
|
|
Industrial 1.2% |
|
|
|
|
|
|
DCT Industrial Trust, Inc. |
|
75,000 |
|
383,250 |
|
|
EastGroup Properties, Inc. |
|
7,100 |
|
271,362 |
|
|
First Industrial Realty Trust, Inc. (a) |
|
10,000 |
|
52,500 |
|
|
|
|
|
|
707,112 |
|
|
Lodging/Resorts 1.7% |
|
|
|
|
|
|
DiamondRock Hospitality Co. (a) |
|
20,000 |
|
162,000 |
|
|
Hersha Hospitality Trust |
|
200,583 |
|
621,807 |
|
|
Sunstone Hotel Investors, Inc. (a) |
|
3,285 |
|
23,324 |
|
|
Supertel Hospitality, Inc. |
|
84,642 |
|
181,980 |
|
|
|
|
|
|
989,111 |
|
|
Manufactured Home 0.0% |
|
|
|
|
|
|
Sun Communities, Inc. |
|
100 |
|
2,152 |
|
|
Mixed - Office/Industrial 2.6% |
|
|
|
|
|
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Duke Realty Corp. |
|
31,100 |
|
373,511 |
|
|
Liberty Property Trust |
|
36,200 |
|
1,177,586 |
|
|
|
|
|
|
1,551,097 |
|
|
Mortgage 0.9% |
|
|
|
|
|
|
Chimera Investment Corp. |
|
74,000 |
|
282,680 |
|
|
MFA Financial, Inc. |
|
29,950 |
|
238,402 |
|
|
|
|
|
|
521,082 |
|
|
See notes to portfolio of investments.
Company |
|
Shares |
|
Value |
|
|
Common Stocks continued |
|
|
|
|
|
|
Real Estate Investment Trusts continued |
|
|
|
|
|
|
Office 12.2% |
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc. |
|
12,500 |
|
$ |
679,375 |
|
Brandywine Realty Trust |
|
130,900 |
|
1,445,136 |
|
|
Corporate Office Properties Trust |
|
15,600 |
|
575,328 |
|
|
Franklin Street Properties Corp. |
|
75,000 |
|
982,500 |
|
|
Highwoods Properties, Inc. |
|
57,900 |
|
1,820,955 |
|
|
Mack-Cali Realty Corp. |
|
29,700 |
|
960,201 |
|
|
Maguire Properties, Inc. (a) |
|
24,000 |
|
50,400 |
|
|
SL Green Realty Corp. |
|
16,900 |
|
741,065 |
|
|
|
|
|
|
7,254,960 |
|
|
Regional Malls 3.7% |
|
|
|
|
|
|
CBL & Associates Properties, Inc. |
|
18,314 |
|
177,646 |
|
|
Simon Property Group, Inc. |
|
22,043 |
|
1,530,475 |
|
|
The Macerich Co. |
|
15,270 |
|
463,139 |
|
|
|
|
|
|
2,171,260 |
|
|
Shopping Centers 3.8% |
|
|
|
|
|
|
Cedar Shopping Centers, Inc. (a) |
|
38,508 |
|
248,377 |
|
|
Equity One, Inc. |
|
3,100 |
|
48,577 |
|
|
Kimco Realty Corp. |
|
30,000 |
|
391,200 |
|
|
Ramco-Gershenson Properties Trust |
|
21,000 |
|
187,320 |
|
|
Regency Centers Corp. |
|
12,700 |
|
470,535 |
|
|
Tanger Factory Outlet Centers, Inc. |
|
5,400 |
|
201,636 |
|
|
Weingarten Realty Investors |
|
35,000 |
|
697,200 |
|
|
|
|
|
|
2,244,845 |
|
|
Specialty 1.9% |
|
|
|
|
|
|
Entertainment Properties Trust |
|
32,500 |
|
1,109,550 |
|
|
Storage 1.4% |
|
|
|
|
|
|
Public Storage, Inc. |
|
3,100 |
|
233,244 |
|
|
Sovran Self Storage, Inc. |
|
19,150 |
|
582,734 |
|
|
|
|
|
|
815,978 |
|
|
Total Real Estate Investment Trusts (Cost $38,236,922) |
|
|
|
32,746,488 |
|
|
Other 3.3% |
|
|
|
|
|
|
Brookfield Properties Corp. |
|
10,000 |
|
112,600 |
|
|
Carador PLC (b) |
|
7,496,600 |
|
1,199,456 |
|
|
D.R. Horton, Inc. |
|
37,000 |
|
422,170 |
|
|
Toll Brothers, Inc. (c) |
|
10,000 |
|
195,400 |
|
|
Total Other (Cost $10,737,416) |
|
|
|
1,929,626 |
|
|
Total Common Stocks (Cost $48,974,338) |
|
|
|
34,676,114 |
|
|
Preferred Stocks 65.7% |
|
|
|
|
|
|
Real Estate Investment Trusts 65.3% |
|
|
|
|
|
|
Apartments 2.9% |
|
|
|
|
|
|
Apartment Investment & Management Co., Series V |
|
6,500 |
|
137,670 |
|
|
Apartment Investment & Management Co., Series Y |
|
11,900 |
|
249,900 |
|
|
Associated Estates Realty Corp., Series B |
|
1,500 |
|
35,160 |
|
|
BRE Properties, Inc., Series D |
|
7,400 |
|
151,774 |
|
|
Colonial Properties Trust, Series D |
|
50,500 |
|
1,158,470 |
|
|
UDR, Inc., Series G |
|
63 |
|
1,317 |
|
|
|
|
|
|
1,734,291 |
|
|
Diversified 3.9% |
|
|
|
|
|
|
Cousins Properties, Inc., Series B |
|
10,098 |
|
197,214 |
|
|
LBA Realty LLC, Series B |
|
87,142 |
|
1,176,417 |
|
|
Lexington Realty Trust, Series B |
|
24,950 |
|
452,094 |
|
|
Vornado Realty Trust, Series E |
|
15,400 |
|
365,750 |
|
|
Vornado Realty Trust, Series F |
|
5,700 |
|
119,985 |
|
|
|
|
|
|
2,311,460 |
|
|
Free Standing 0.6% |
|
|
|
|
|
|
National Retail Properties, Inc., Series C |
|
14,500 |
|
331,905 |
|
|
See notes to portfolio of investments.
Company |
|
Shares |
|
Value |
|
|
Preferred Stocks continued |
|
|
|
|
|
|
Real Estate Investment Trusts continued |
|
|
|
|
|
|
Health Care 6.8% |
|
|
|
|
|
|
HCP, Inc., Series E |
|
1,500 |
|
$ |
33,375 |
|
Health Care REIT, Inc., Series F |
|
8,775 |
|
207,880 |
|
|
Health Care REIT, Inc., Series G (d) |
|
20,000 |
|
611,800 |
|
|
LTC Properties, Inc., Series F |
|
10,600 |
|
248,040 |
|
|
OMEGA Healthcare Investors Inc., Series D |
|
116,775 |
|
2,890,181 |
|
|
|
|
|
|
3,991,276 |
|
|
Industrial 0.4% |
|
|
|
|
|
|
First Industrial Realty Trust, Series J |
|
7,600 |
|
114,000 |
|
|
Prologis Trust, Series G |
|
6,800 |
|
133,960 |
|
|
|
|
|
|
247,960 |
|
|
Lodging/Resorts 25.6% |
|
|
|
|
|
|
Ashford Hospitality Trust, Series A |
|
114,710 |
|
1,664,442 |
|
|
Ashford Hospitality Trust, Series D |
|
22,000 |
|
319,000 |
|
|
Eagle Hospitality Properties Trust, Inc., Series A (a)(b) |
|
165,000 |
|
82,500 |
|
|
FelCor Lodging Trust, Inc., Series A (a)(d) |
|
73,000 |
|
892,790 |
|
|
FelCor Lodging Trust, Inc., Series C (a) |
|
111,539 |
|
1,338,468 |
|
|
Grace Acquisition I, Inc., Series B (a) |
|
133,800 |
|
73,590 |
|
|
Grace Acquisition I, Inc., Series C (a) |
|
18,900 |
|
18,900 |
|
|
Hersha Hospitality Trust, Series A |
|
155,500 |
|
2,786,560 |
|
|
Host Marriott Corp., Series E |
|
13,465 |
|
336,625 |
|
|
Innkeepers USA Trust, Series C (a) |
|
24,000 |
|
26,400 |
|
|
LaSalle Hotel Properties, Series D |
|
120,623 |
|
2,457,090 |
|
|
LaSalle Hotel Properties, Series E |
|
51,300 |
|
1,135,269 |
|
|
LaSalle Hotel Properties, Series G |
|
10,000 |
|
200,000 |
|
|
Strategic Hotels & Resorts, Inc., Series A (a) |
|
12,900 |
|
121,260 |
|
|
Strategic Hotels & Resorts, Inc., Series B (a) |
|
77,100 |
|
740,931 |
|
|
Sunstone Hotel Investors, Inc., Series A |
|
158,300 |
|
2,960,210 |
|
|
|
|
|
|
15,154,035 |
|
|
Mixed - Office/Industrial 1.4% |
|
|
|
|
|
|
Duke Realty Corp., Series N |
|
4,500 |
|
94,545 |
|
|
Duke Realty Corp., Series O |
|
20,100 |
|
487,827 |
|
|
PS Business Parks, Inc., Series L |
|
10,000 |
|
230,200 |
|
|
|
|
|
|
812,572 |
|
|
Mortgage 0.2% |
|
|
|
|
|
|
Anthracite Capital, Inc., Series D (a) |
|
3,500 |
|
11,550 |
|
|
NorthStar Realty Finance Corp., Series A |
|
5,500 |
|
74,800 |
|
|
NorthStar Realty Finance Corp., Series B |
|
105 |
|
1,318 |
|
|
RAIT Financial Trust, Series C |
|
700 |
|
8,820 |
|
|
|
|
|
|
96,488 |
|
|
Office 9.1% |
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc., Series C |
|
56,645 |
|
1,371,942 |
|
|
BioMed Realty Trust, Inc., Series A |
|
18,350 |
|
408,287 |
|
|
Corporate Office Properties Trust, Series G |
|
4,900 |
|
116,988 |
|
|
Corporate Office Properties Trust, Series H |
|
2,000 |
|
45,180 |
|
|
Corporate Office Properties Trust, Series J |
|
22,000 |
|
506,000 |
|
|
DRA CRT Acquisition Corp., Series A (b) |
|
35,060 |
|
473,310 |
|
|
Kilroy Realty Corp., Series E |
|
20,500 |
|
476,625 |
|
|
Kilroy Realty Corp., Series F |
|
30,000 |
|
654,600 |
|
|
Parkway Properties, Inc., Series D |
|
22,100 |
|
472,940 |
|
|
SL Green Realty Corp., Series D |
|
38,500 |
|
875,875 |
|
|
|
|
|
|
5,401,747 |
|
|
Regional Malls 2.5% |
|
|
|
|
|
|
CBL & Associates Properties, Inc., Series D |
|
2,500 |
|
46,100 |
|
|
Glimcher Realty Trust, Series F |
|
56,300 |
|
954,848 |
|
|
Glimcher Realty Trust, Series G |
|
18,000 |
|
290,340 |
|
|
Taubman Centers, Inc., Series G |
|
9,000 |
|
213,750 |
|
|
|
|
|
|
1,505,038 |
|
|
See notes to portfolio of investments.
Company |
|
Shares |
|
Value |
|
|
Preferred Stocks continued |
|
|
|
|
|
|
Real Estate Investment Trusts continued |
|
|
|
|
|
|
Shopping Centers 6.4% |
|
|
|
|
|
|
Cedar Shopping Centers, Inc., Series A |
|
129,649 |
|
$ |
2,631,875 |
|
Kimco Realty Corp., Series F |
|
2,000 |
|
42,460 |
|
|
Kimco Realty Corp., Series G |
|
18,496 |
|
450,377 |
|
|
Regency Centers Corp., Series C |
|
1,700 |
|
38,590 |
|
|
Regency Centers Corp., Series D |
|
12,800 |
|
284,160 |
|
|
Regency Centers Corp., Series E |
|
200 |
|
4,130 |
|
|
Weingarten Realty Investors, Series E |
|
1,000 |
|
20,800 |
|
|
Weingarten Realty Investors, Series F |
|
16,800 |
|
336,000 |
|
|
|
|
|
|
3,808,392 |
|
|
Specialty 5.4% |
|
|
|
|
|
|
Digital Realty Trust, Inc., Series A |
|
33,050 |
|
806,420 |
|
|
Entertainment Properties Trust, Series B |
|
20,145 |
|
389,806 |
|
|
Entertainment Properties Trust, Series D |
|
111,800 |
|
2,012,400 |
|
|
|
|
|
|
3,208,626 |
|
|
Storage 0.1% |
|
|
|
|
|
|
Public Storage, Inc, Series X |
|
2,300 |
|
49,151 |
|
|
Total Real Estate Investment Trusts (Cost $53,189,321) |
|
|
|
38,652,941 |
|
|
Other 0.4% |
|
|
|
|
|
|
Corts-UNUM Provident Financial Trust |
|
8,600 |
|
189,974 |
|
|
Total Other (Cost $222,310) |
|
|
|
189,974 |
|
|
Total Preferred Stocks (Cost $53,411,631) |
|
|
|
38,842,915 |
|
|
Other Investment Companies 4.4% |
|
|
|
|
|
|
Blackrock Preferred and Equity Advantage Trust |
|
19,336 |
|
219,850 |
|
|
Cohen & Steers Advantage Income Realty Fund, Inc. |
|
52,500 |
|
310,275 |
|
|
Cohen & Steers Premium Income Realty Fund, Inc. |
|
7,177 |
|
38,541 |
|
|
Cohen & Steers REIT and Utility Income Fund, Inc. |
|
24,384 |
|
231,892 |
|
|
Direxion Daily Financial Bear 3X Shares (c) |
|
7,500 |
|
155,925 |
|
|
DWS RREEF Real Estate Fund II, Inc. (a) |
|
94,150 |
|
82,852 |
|
|
Eaton Vance Enhanced Equity Income Fund II |
|
12,100 |
|
160,083 |
|
|
Nicholas-Applegate Convertible & Income Fund II |
|
504 |
|
4,027 |
|
|
Nuveen Floating Rate Income Fund |
|
20,185 |
|
190,950 |
|
|
Nuveen Real Estate Income Fund |
|
3,700 |
|
29,008 |
|
|
UltraShort Financials ProShares (a) |
|
550 |
|
13,778 |
|
|
UltraShort Real Estate ProShares |
|
103,751 |
|
1,005,347 |
|
|
Western Asset Emerging Markets Debt Fund, Inc. |
|
10,293 |
|
177,348 |
|
|
Total Other Investment Companies (Cost $4,951,964) |
|
|
|
2,619,876 |
|
|
Short-Term Investments 0.1% |
|
|
|
|
|
|
Other Investment Companies 0.1% |
|
|
|
|
|
|
Dreyfus Cash Management Fund, Institutional Shares, 0.22% (e) (Cost $78,897) |
|
78,897 |
|
78,897 |
|
|
Total Investments 128.8% (Cost $107,416,830)(f) |
|
|
|
76,217,802 |
|
|
Other assets less liabilities (0.6)% |
|
|
|
(357,590 |
) |
|
Preferred Shares, at liquidation preference (28.2)% |
|
|
|
(16,675,000 |
) |
|
Net Assets applicable to common shareholders 100% |
|
|
|
$ |
59,185,212 |
|
Notes to Portfolio of Investments
(a) |
As of September 30, 2009, this security had discontinued paying distributions. |
(b) |
As of September 30, 2009, the Fund held securities fair valued in accordance with policies adopted by the board of trustees aggregating to $1,755,266 and 2.3% of market value. |
(c) |
Non-dividend paying security. |
(d) |
Convertible into common stock. |
(e) |
Rate reflects 7 day yield as of September 30, 2009. |
(f) |
Although subject to adjustments to the extent 2009 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 U.S. federal income tax purposes, as of September 30, 2009, are as follows: |
Cost |
|
$ |
107,416,830 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
5,523,530 |
|
|
|
|
|
|
Gross unrealized depreciation |
|
(36,722,558 |
) |
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(31,199,028 |
) |
Reference should be made to the Funds financial statements for the year ended December 31, 2008 and six months ended June 30, 2009, for further information concerning the income tax characterization of the Funds investment income and distributions.
Fair Value Measurements
The Fund reports the value of its securities at their fair value. 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 for the investment. The Fund uses 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 valuing 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 used to prepare these financial statements is summarized 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).
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Common Stocks |
|
|
|
|
|
|
|
|
|
||||
Real Estate Investment Trusts |
|
|
|
|
|
|
|
|
|
||||
Apartments |
|
$ |
6,172,070 |
|
$ |
|
|
$ |
|
|
$ |
6,172,070 |
|
Diversified |
|
2,853,801 |
|
|
|
|
|
2,853,801 |
|
||||
Free Standing |
|
2,190,738 |
|
|
|
|
|
2,190,738 |
|
||||
Health Care |
|
4,162,732 |
|
|
|
|
|
4,162,732 |
|
||||
Industrial |
|
707,112 |
|
|
|
|
|
707,112 |
|
||||
Lodging/Resorts |
|
989,111 |
|
|
|
|
|
989,111 |
|
||||
Manufactured Home |
|
2,152 |
|
|
|
|
|
2,152 |
|
||||
Mixed - Office/Industrial |
|
1,551,097 |
|
|
|
|
|
1,551,097 |
|
||||
Mortgage |
|
521,082 |
|
|
|
|
|
521,082 |
|
||||
Office |
|
7,254,960 |
|
|
|
|
|
7,254,960 |
|
||||
Regional Malls |
|
2,171,260 |
|
|
|
|
|
2,171,260 |
|
||||
Shopping Centers |
|
2,244,845 |
|
|
|
|
|
2,244,845 |
|
||||
Specialty |
|
1,109,550 |
|
|
|
|
|
1,109,550 |
|
||||
Storage |
|
815,978 |
|
|
|
|
|
815,978 |
|
||||
Total Real Estate Investment Trusts |
|
32,746,488 |
|
|
|
|
|
32,746,488 |
|
||||
Other |
|
730,170 |
|
|
|
1,199,456 |
|
1,929,626 |
|
||||
Total Common Stocks |
|
33,476,658 |
|
|
|
1,199,456 |
|
34,676,114 |
|
||||
Preferred Stocks |
|
|
|
|
|
|
|
|
|
||||
Real Estate Investment Trusts |
|
|
|
|
|
|
|
|
|
||||
Apartments |
|
1,734,291 |
|
|
|
|
|
1,734,291 |
|
||||
Diversified |
|
2,311,460 |
|
|
|
|
|
2,311,460 |
|
||||
Free Standing |
|
331,905 |
|
|
|
|
|
331,905 |
|
||||
Health Care |
|
3,991,276 |
|
|
|
|
|
3,991,276 |
|
||||
Industrial |
|
247,960 |
|
|
|
|
|
247,960 |
|
||||
Lodging/Resorts |
|
15,071,535 |
|
82,500 |
|
|
|
15,154,035 |
|
||||
Mixed - Office/Industrial |
|
812,572 |
|
|
|
|
|
812,572 |
|
||||
Mortgage |
|
96,488 |
|
|
|
|
|
96,488 |
|
||||
Office |
|
4,928,437 |
|
473,310 |
|
|
|
5,401,747 |
|
||||
Regional Malls |
|
1,505,038 |
|
|
|
|
|
1,505,038 |
|
||||
Shopping Centers |
|
3,808,392 |
|
|
|
|
|
3,808,392 |
|
||||
Specialty |
|
3,208,626 |
|
|
|
|
|
3,208,626 |
|
||||
Storage |
|
49,151 |
|
|
|
|
|
49,151 |
|
||||
Total Real Estate Investment Trusts |
|
38,097,131 |
|
555,810 |
|
|
|
38,652,941 |
|
||||
Other |
|
189,974 |
|
|
|
|
|
189,974 |
|
||||
Total Preferred Stocks |
|
38,287,105 |
|
555,810 |
|
|
|
38,842,915 |
|
||||
Other Investment Companies |
|
2,619,876 |
|
|
|
|
|
2,619,876 |
|
||||
Short-Term Investments |
|
|
|
|
|
|
|
|
|
||||
Other Investment Companies |
|
78,897 |
|
|
|
|
|
78,897 |
|
||||
Total Investments |
|
$ |
74,462,536 |
|
$ |
555,810 |
|
$ |
1,199,456 |
|
$ |
76,217,802 |
|
The valuation techniques used by the Fund to measure fair value during the period ended September 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs. The Fund utilized broker quotes, issuer company financial information and other market indicators to value the securities whose prices were not readily available.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
|
|
Investments in |
|
|
Balance, as of 12/31/08 |
|
$ |
|
|
Accrued discounts/premiums |
|
|
|
|
Realized gain/loss and change in unrealized appreciation/depreciation |
|
(1,645,504 |
) |
|
Net purchases/sales |
|
|
|
|
Net transfers in and/or out of Level 3 |
|
2,844,960 |
|
|
Balance, as of 9/30/2009 |
|
$ |
1,199,456 |
|
Net change in unrealized appreciation/depreciation from investments still held as of 9/30/09 |
|
$ |
(1,645,504 |
) |
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 REAL ESTATE INCOME FUND
By: |
/s/ Adam D. Portnoy |
|
|
Adam D. Portnoy |
|
|
President |
|
|
|
|
Date: |
November 19, 2009 |
|
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 19, 2009 |
|
By: |
/s/ Mark L. Kleifges |
|
|
Mark L. Kleifges |
|
|
Treasurer |
|
|
|
|
Date: |
November 19, 2009 |
|