- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 24 2010 - 10:53AM
Edgar (US Regulatory)
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
|
|
|
RMR
REAL ESTATE INCOME 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 Real Estate Income Fund
400 Centre Street
Newton, Massachusetts 02458
|
(Name and address of agent for service)
|
|
Copy to:
|
|
Hugh F. Carter, Jr.
State Street Bank and Trust Company
2 Avenue De Lafayette, 4th Floor
Boston, Massachusetts 02111
|
|
Julie A. Tedesco, Esq.
State Street Bank and Trust Company
4 Copley Place, 5
th
Floor
Boston, Massachusetts 02116
|
|
Registrants
telephone number, including area code:
|
(617)
332-9530
|
|
|
Date of
fiscal year end:
|
December 31
|
|
|
|
|
Date of
reporting period:
|
September
30, 2010
|
|
|
|
|
|
|
|
|
RMR
REAL ESTATE INCOME FUND
Portfolio
of Investments
September 30, 2010 (unaudited)
Company
|
|
Shares
|
|
Value
|
|
COMMON
STOCKS 67.2%
|
|
|
|
|
|
|
|
|
|
|
|
REAL
ESTATE INVESTMENT TRUSTS 62.4%
|
|
|
|
|
|
|
|
|
|
|
|
APARTMENTS
12.5%
|
|
|
|
|
|
American
Campus Communities, Inc.
|
|
12,000
|
|
$
|
365,280
|
|
Apartment
Investment & Management Co.
|
|
28,745
|
|
614,568
|
|
Associated
Estates Realty Corp.
|
|
115,800
|
|
1,618,884
|
|
AvalonBay
Communities, Inc.
|
|
15,575
|
|
1,618,710
|
|
BRE
Properties, Inc.
|
|
16,000
|
|
664,000
|
|
Colonial
Properties Trust
|
|
34,800
|
|
563,412
|
|
Equity
Residential
|
|
49,000
|
|
2,330,930
|
|
Essex
Property Trust, Inc.
|
|
6,000
|
|
656,640
|
|
Home
Properties, Inc.
|
|
5,000
|
|
264,500
|
|
Mid-America
Apartment Communities, Inc.
|
|
20,100
|
|
1,171,428
|
|
UDR, Inc.
|
|
13,000
|
|
274,560
|
|
|
|
|
|
10,142,912
|
|
DIVERSIFIED
5.6%
|
|
|
|
|
|
Cousins
Properties, Inc.
|
|
34,360
|
|
245,330
|
|
Gladstone
Commercial Corp.
|
|
9,734
|
|
167,036
|
|
Investors
Real Estate Trust
|
|
35,000
|
|
293,300
|
|
Lexington
Corporate Properties Trust
|
|
112,558
|
|
805,915
|
|
Vornado
Realty Trust
|
|
28,335
|
|
2,423,493
|
|
Washington
Real Estate Investment Trust
|
|
18,000
|
|
571,140
|
|
|
|
|
|
4,506,214
|
|
FREE
STANDING 3.7%
|
|
|
|
|
|
Getty
Realty Corp.
|
|
17,000
|
|
456,110
|
|
National
Retail Properties, Inc.
|
|
96,900
|
|
2,433,159
|
|
Realty
Income Corp.
|
|
4,300
|
|
144,996
|
|
|
|
|
|
3,034,265
|
|
HEALTH
CARE 7.8%
|
|
|
|
|
|
Cogdell
Spencer, Inc.
|
|
31,655
|
|
200,060
|
|
HCP, Inc.
|
|
44,580
|
|
1,603,988
|
|
Health
Care REIT, Inc.
|
|
5,200
|
|
246,168
|
|
Healthcare
Realty Trust, Inc.
|
|
13,000
|
|
304,070
|
|
LTC
Properties, Inc.
|
|
7,500
|
|
191,400
|
|
Medical
Properties Trust, Inc.
|
|
185,520
|
|
1,881,173
|
|
Nationwide
Health Properties, Inc.
|
|
47,654
|
|
1,842,780
|
|
OMEGA
Healthcare Investors, Inc.
|
|
2,200
|
|
49,390
|
|
|
|
|
|
6,319,029
|
|
INDUSTRIAL
1.8%
|
|
|
|
|
|
AMB
Property Corp.
|
|
10,000
|
|
264,700
|
|
DCT
Industrial Trust, Inc.
|
|
88,600
|
|
424,394
|
|
EastGroup
Properties, Inc.
|
|
8,500
|
|
317,730
|
|
ProLogis
|
|
40,000
|
|
471,200
|
|
|
|
|
|
1,478,024
|
|
LODGING/RESORTS
3.5%
|
|
|
|
|
|
Chatham
Lodging Trust
|
|
17,049
|
|
317,282
|
|
DiamondRock
Hospitality Co.
|
|
40,603
|
|
385,323
|
|
FelCor
Lodging Trust, Inc. (a)
|
|
31,000
|
|
142,600
|
|
Hersha
Hospitality Trust
|
|
220,583
|
|
1,142,620
|
|
LaSalle
Hotel Properties
|
|
16,000
|
|
374,240
|
|
Pebblebrook
Hotel Trust (b)
|
|
10,000
|
|
180,100
|
|
Strategic
Hotels & Resorts, Inc. (a)
|
|
40,000
|
|
169,600
|
|
Supertel
Hospitality, Inc. (a)
|
|
84,642
|
|
107,495
|
|
|
|
|
|
2,819,260
|
|
MANUFACTURED
HOME 1.0%
|
|
|
|
|
|
Sun
Communities, Inc.
|
|
25,900
|
|
795,130
|
|
|
|
|
|
|
|
MIXED
OFFICE/INDUSTRIAL 2.1%
|
|
|
|
|
|
Duke Realty Corp.
|
|
46,100
|
|
534,299
|
|
Liberty Property Trust
|
|
36,200
|
|
1,154,780
|
|
|
|
|
|
1,689,079
|
|
MORTGAGE
0.4%
|
|
|
|
|
|
Anworth Mortgage Asset
Corp.
|
|
7,300
|
|
52,049
|
|
MFA
Financial, Inc.
|
|
39,950
|
|
304,818
|
|
|
|
|
|
356,867
|
|
OFFICE
9.9%
|
|
|
|
|
|
Alexandria Real Estate
Equities, Inc.
|
|
15,000
|
|
1,050,000
|
|
BioMed Realty
Trust, Inc.
|
|
21,000
|
|
376,320
|
|
Boston
Properties, Inc.
|
|
2,500
|
|
207,800
|
|
Brandywine Realty Trust
|
|
145,100
|
|
1,777,475
|
|
Corporate Office
Properties Trust
|
|
15,600
|
|
582,036
|
|
Franklin Street
Properties Corp.
|
|
25,000
|
|
310,500
|
|
Highwoods
Properties, Inc.
|
|
37,900
|
|
1,230,613
|
|
Kilroy Realty Corp.
|
|
1,600
|
|
53,024
|
|
Mack-Cali Realty Corp.
|
|
33,030
|
|
1,080,411
|
|
MPG Office
Trust, Inc. (a)
|
|
24,000
|
|
60,000
|
|
Parkway
Properties, Inc.
|
|
12,500
|
|
185,000
|
|
Piedmont Office Realty
Trust, Inc.
|
|
6,000
|
|
113,460
|
|
SL Green Realty Corp.
|
|
14,900
|
|
943,617
|
|
|
|
|
|
7,970,256
|
|
REGIONAL
MALLS 5.4%
|
|
|
|
|
|
CBL &
Associates Properties, Inc.
|
|
30,000
|
|
391,800
|
|
Glimcher Realty Trust
|
|
90,000
|
|
553,500
|
|
Pennsylvania Real
Estate Investment Trust
|
|
55,000
|
|
652,300
|
|
Simon Property
Group, Inc.
|
|
22,179
|
|
2,056,880
|
|
The Macerich Co.
|
|
16,966
|
|
728,690
|
|
|
|
|
|
4,383,170
|
|
SHOPPING
CENTERS 5.7%
|
|
|
|
|
|
Agree Realty Corp.
|
|
1,199
|
|
30,275
|
|
Cedar Shopping
Centers, Inc.
|
|
68,508
|
|
416,528
|
|
Developers Diversified
Realty Corp.
|
|
20,000
|
|
224,400
|
|
Equity One, Inc.
|
|
20,000
|
|
337,600
|
|
Excel Trust, Inc.
|
|
20,000
|
|
225,400
|
|
Inland Real Estate
Corp.
|
|
20,000
|
|
166,200
|
|
Kimco Realty Corp.
|
|
30,000
|
|
472,500
|
|
Kite Realty Group Trust
|
|
70,000
|
|
310,800
|
|
Ramco-Gershenson
Properties Trust
|
|
62,000
|
|
664,020
|
|
Regency Centers Corp.
|
|
13,700
|
|
540,739
|
|
Tanger Factory Outlet
Centers, Inc.
|
|
5,400
|
|
254,556
|
|
Urstadt Biddle
Properties
|
|
9,800
|
|
177,184
|
|
Weingarten Realty
Investors
|
|
35,000
|
|
763,700
|
|
|
|
|
|
4,583,902
|
|
SPECIALTY
2.2%
|
|
|
|
|
|
Digital Realty
Trust, Inc.
|
|
4,000
|
|
246,800
|
|
DuPont Fabros
Technology, Inc.
|
|
8,000
|
|
201,200
|
|
Entertainment
Properties Trust
|
|
31,500
|
|
1,360,170
|
|
|
|
|
|
1,808,170
|
|
|
|
|
|
|
|
|
See
notes to portfolio of investments.
Company
|
|
Shares
|
|
Value
|
|
|
|
|
|
|
|
COMMON
STOCKS CONTINUED
|
|
|
|
|
|
|
|
|
|
|
|
REAL
ESTATE INVESTMENT TRUSTS CONTINUED
|
|
|
|
|
|
|
|
|
|
|
|
STORAGE
0.8%
|
|
|
|
|
|
Public
Storage, Inc.
|
|
3,100
|
|
$
|
300,824
|
|
Sovran Self Storage, Inc.
|
|
5,000
|
|
189,500
|
|
U-Store-It Trust
|
|
15,000
|
|
125,250
|
|
|
|
|
|
615,574
|
|
|
|
|
|
|
|
Total Real Estate
Investment Trusts
(Cost $47,228,643)
|
|
|
|
50,501,852
|
|
|
|
|
|
|
|
OTHER
4.8%
|
|
|
|
|
|
Beazer Homes
USA, Inc. (a)
|
|
25,000
|
|
103,250
|
|
Brookfield Properties
Corp.
|
|
22,000
|
|
341,440
|
|
Carador PLC (c)
|
|
5,496,600
|
|
1,758,912
|
|
CB Richard Ellis
Group, Inc. (b)
|
|
11,900
|
|
217,532
|
|
D.R. Horton, Inc.
|
|
47,000
|
|
522,640
|
|
RadioShack Corp.
|
|
14,000
|
|
298,620
|
|
Standard Pacific Corp.
(a)
|
|
80,005
|
|
317,620
|
|
The St. Joe Co. (a)
|
|
5,000
|
|
124,350
|
|
Toll
Brothers, Inc. (b)
|
|
10,000
|
|
190,200
|
|
|
|
|
|
|
|
Total Other
(Cost $9,429,826)
|
|
|
|
3,874,564
|
|
|
|
|
|
|
|
Total
Common Stocks
(Cost $56,658,469)
|
|
|
|
54,376,416
|
|
|
|
|
|
|
|
PREFERRED
STOCKS 59.8%
|
|
|
|
|
|
|
|
|
|
|
|
REAL
ESTATE INVESTMENT TRUSTS 59.5%
|
|
|
|
|
|
|
|
|
|
|
|
APARTMENTS
1.6%
|
|
|
|
|
|
Apartment
Investment & Management Co., Series U
|
|
20,000
|
|
507,400
|
|
Apartment
Investment & Management Co., Series V
|
|
11,100
|
|
283,161
|
|
Apartment
Investment & Management Co., Series Y
|
|
11,900
|
|
303,688
|
|
BRE
Properties, Inc., Series D
|
|
7,400
|
|
184,260
|
|
UDR, Inc.,
Series G
|
|
63
|
|
1,590
|
|
|
|
|
|
1,280,099
|
|
DIVERSIFIED
4.5%
|
|
|
|
|
|
Cousins
Properties, Inc., Series B
|
|
15,098
|
|
368,391
|
|
LBA Realty LLC,
Series B
|
|
87,142
|
|
1,579,884
|
|
Lexington Realty Trust,
Series B
|
|
27,750
|
|
696,803
|
|
Lexington Realty Trust,
Series D
|
|
21,000
|
|
496,020
|
|
Vornado Realty Trust,
Series E
|
|
15,400
|
|
391,160
|
|
Vornado Realty Trust,
Series F
|
|
5,700
|
|
141,930
|
|
|
|
|
|
3,674,188
|
|
FREE
STANDING 0.4%
|
|
|
|
|
|
National Retail
Properties, Inc., Series C
|
|
14,500
|
|
366,415
|
|
|
|
|
|
|
|
HEALTH
CARE 2.1%
|
|
|
|
|
|
HCP, Inc.,
Series E
|
|
1,500
|
|
37,515
|
|
Health Care
REIT, Inc., Series F
|
|
8,775
|
|
221,920
|
|
OMEGA Healthcare
Investors Inc., Series D
|
|
55,000
|
|
1,413,500
|
|
|
|
|
|
1,672,935
|
|
INDUSTRIAL
0.7%
|
|
|
|
|
|
First Industrial Realty
Trust, Series J
|
|
20,963
|
|
407,940
|
|
Prologis Trust,
Series G
|
|
6,800
|
|
159,460
|
|
|
|
|
|
567,400
|
|
LODGING/RESORTS
26.8%
|
|
|
|
|
|
Ashford Hospitality
Trust, Series A
|
|
114,710
|
|
2,813,836
|
|
Ashford Hospitality
Trust, Series D
|
|
32,000
|
|
725,120
|
|
Eagle Hospitality
Properties Trust, Inc., Series A (a)(c)
|
|
165,000
|
|
148,500
|
|
FelCor Lodging
Trust, Inc., Series A (a)(d)
|
|
73,000
|
|
1,565,850
|
|
FelCor Lodging
Trust, Inc., Series C (a)
|
|
111,539
|
|
2,400,319
|
|
Grace Acquisition
I, Inc., Series B (a)(c)
|
|
133,800
|
|
53,520
|
|
Grace Acquisition
I, Inc., Series C (a)(c)
|
|
18,900
|
|
7,560
|
|
Hersha Hospitality
Trust, Series A
|
|
155,500
|
|
3,809,750
|
|
LaSalle Hotel
Properties, Series D
|
|
120,623
|
|
2,970,945
|
|
LaSalle Hotel
Properties, Series E
|
|
51,300
|
|
1,289,169
|
|
LaSalle Hotel
Properties, Series G
|
|
10,000
|
|
236,800
|
|
Strategic
Hotels & Resorts, Inc., Series A (a)
|
|
12,900
|
|
296,184
|
|
Strategic
Hotels & Resorts, Inc., Series B (a)
|
|
77,100
|
|
1,752,483
|
|
Sunstone Hotel
Investors, Inc., Series A
|
|
145,000
|
|
3,561,200
|
|
|
|
|
|
21,631,236
|
|
MIXED
OFFICE/INDUSTRIAL 1.4%
|
|
|
|
|
|
Duke Realty Corp.,
Series J
|
|
10,000
|
|
240,800
|
|
Duke Realty Corp.,
Series N
|
|
4,500
|
|
114,030
|
|
Duke Realty Corp.,
Series O
|
|
20,100
|
|
526,620
|
|
PS Business
Parks, Inc., Series L
|
|
10,000
|
|
253,150
|
|
|
|
|
|
1,134,600
|
|
MORTGAGE
0.7%
|
|
|
|
|
|
MFA
Financial, Inc., Series A
|
|
10,000
|
|
257,800
|
|
RAIT Financial Trust,
Series C
|
|
19,369
|
|
351,160
|
|
|
|
|
|
608,960
|
|
OFFICE
6.3%
|
|
|
|
|
|
Alexandria Real Estate
Equities, Inc., Series C
|
|
48,845
|
|
1,261,178
|
|
BioMed Realty
Trust, Inc., Series A
|
|
18,350
|
|
464,438
|
|
DRA CRT Acquisition Corp.,
Series A (c)
|
|
40,396
|
|
525,148
|
|
Kilroy Realty Corp.,
Series E
|
|
20,500
|
|
517,625
|
|
Kilroy Realty Corp.,
Series F
|
|
30,000
|
|
750,000
|
|
Parkway
Properties, Inc., Series D
|
|
22,100
|
|
563,550
|
|
SL Green Realty Corp.,
Series D
|
|
38,500
|
|
976,360
|
|
|
|
|
|
5,058,299
|
|
REGIONAL
MALLS 4.7%
|
|
|
|
|
|
CBL &
Associates Properties, Inc., Series D
|
|
40,000
|
|
953,600
|
|
Glimcher Realty Trust,
Series F
|
|
56,300
|
|
1,407,500
|
|
Glimcher Realty Trust,
Series G
|
|
60,100
|
|
1,469,445
|
|
|
|
|
|
3,830,545
|
|
SHOPPING
CENTERS 6.3%
|
|
|
|
|
|
Cedar Shopping
Centers, Inc., Series A
|
|
129,649
|
|
3,331,979
|
|
Developers Diversified
Realty Corp., Series H
|
|
30,000
|
|
719,700
|
|
|
|
|
|
|
|
|
See
notes to portfolio of investments.
Company
|
|
Shares
|
|
Value
|
|
|
|
|
|
|
|
PREFERRED
STOCKS CONTINUED
|
|
|
|
|
|
|
|
|
|
|
|
REAL
ESTATE INVESTMENT TRUSTS CONTINUED
|
|
|
|
|
|
|
|
|
|
|
|
Kimco Realty Corp.,
Series F
|
|
2,000
|
|
$
|
48,820
|
|
Regency Centers Corp.,
Series C
|
|
1,700
|
|
42,832
|
|
Regency Centers Corp.,
Series D
|
|
19,400
|
|
489,850
|
|
Regency Centers Corp.,
Series E
|
|
200
|
|
4,950
|
|
Weingarten Realty
Investors, Series E
|
|
1,000
|
|
24,900
|
|
Weingarten Realty
Investors, Series F
|
|
16,800
|
|
413,280
|
|
|
|
|
|
5,076,311
|
|
SPECIALTY
3.9%
|
|
|
|
|
|
Entertainment
Properties Trust, Series B
|
|
20,145
|
|
501,409
|
|
Entertainment
Properties Trust, Series D
|
|
111,800
|
|
2,678,728
|
|
|
|
|
|
3,180,137
|
|
STORAGE
0.1%
|
|
|
|
|
|
Public
Storage, Inc., Series X
|
|
2,300
|
|
57,385
|
|
|
|
|
|
|
|
Total Real Estate
Investment Trusts
(Cost $50,468,399)
|
|
|
|
48,138,510
|
|
|
|
|
|
|
|
OTHER
0.3%
|
|
|
|
|
|
Corts-UNUM Provident
Financial Trust
|
|
8,600
|
|
228,760
|
|
|
|
|
|
|
|
Total Other
(Cost $222,310)
|
|
|
|
228,760
|
|
|
|
|
|
|
|
Total
Preferred Stocks
(Cost $50,690,709)
|
|
|
|
48,367,270
|
|
|
|
|
|
|
|
INVESTMENT
COMPANIES 2.5%
|
|
|
|
|
|
Blackrock Credit
Allocation Income Trust
|
|
19,336
|
|
253,882
|
|
Cohen & Steers
Infrastructure Fund, Inc.
|
|
17,911
|
|
285,143
|
|
Cohen & Steers
Quality Income Realty Fund, Inc.
|
|
60,297
|
|
473,934
|
|
Eaton Vance Enhanced
Equity Income Fund II
|
|
24,100
|
|
311,613
|
|
Nuveen Real Estate
Income Fund
|
|
3,700
|
|
37,407
|
|
UltraShort Real Estate
ProShares (a)
|
|
29,570
|
|
633,981
|
|
|
|
|
|
|
|
Total
Investment Companies
(Cost $2,751,850)
|
|
|
|
1,995,960
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
MONEY
MARKET FUNDS 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Cash Management
Fund, Institutional Shares, 0.21% (e) (Cost $3,599,971)
|
|
3,599,971
|
|
3,599,971
|
|
|
|
|
|
|
|
Total Investments 134.0% (Cost $113,700,999)
|
|
|
|
108,339,617
|
|
|
|
|
|
|
|
Other assets less liabilities (54.6)%
|
|
|
|
(44,174,682
|
)
|
|
|
|
|
|
|
Preferred Shares, at liquidation preference
20.6%
|
|
|
|
16,675,000
|
|
Net Assets applicable to common shareholders
100%
|
|
|
|
$
|
80,839,935
|
|
Notes to Portfolio of
Investments
(a)
As of
September 30, 2010, this security had discontinued paying distributions.
(b)
Non-dividend
paying security.
(c)
As of
September 30, 2010, the Fund held $2,493,640 of securities fair valued in
accordance with policies adopted by the board of trustees, which represents
2.3% of the Funds total investments.
See Note A(2) to the financial statements.
(d)
Convertible
into common stock.
(e)
Rate reflects 7
day yield as of September 30, 2010.
See
notes to portfolio of investments.
Notes to
Financial Statements
September 30,
2010 (unaudited)
Note A
(1) Portfolio Valuation
Investment securities of RMR
Real Estate Income Fund, or the Fund or RIF are valued at the latest sales
price whenever that price is readily available on that day; securities for
which no sales were reported on that day, unless otherwise noted, are valued at
the average of the closing bid and ask prices on that day. Securities traded
primarily on the NASDAQ Stock Market, or NASDAQ, are normally valued by RIF at
the NASDAQ Official Closing Price, or NOCP, provided by NASDAQ each business
day. The NOCP is the most recently reported price as of 4:00:02 p.m.,
eastern time, unless that price is outside the range of the inside bid and
asked prices (i.e., the bid and asked prices that dealers quote to each other
when trading for their own accounts); in that case, NASDAQ will adjust the
price to equal the inside bid or asked price, whichever is closer. Some fixed
income securities may be valued using values provided by a pricing service.
Any of the Funds securities
which are not readily marketable, which are not traded or which have other
characteristics of illiquidity are valued by the Fund at fair value as
determined in good faith under the supervision of the Funds board of trustees.
Numerous factors may be considered when determining fair value of a security,
including cost at date of purchase, type of security, the nature and duration
of restrictions on disposition of the security and whether the issuer of the
security being fair valued has other securities of the same type outstanding.
See Note A (2) for a further description of fair value measurements. Short term debt securities with less than 60
days until maturity may be valued at amortized cost plus interest accrued,
which approximates market value.
(2) 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. When valuing portfolio securities, the Fund uses observable market
data when possible and otherwise uses other significant observable or
unobservable inputs for fair value measurements. Inputs refer broadly to the
assumptions we believe that market participants would use in pricing the asset
or liability, including assumptions about risk; for example, the risk inherent
in using a particular valuation technique to measure fair value and 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 independent sources. Unobservable inputs are inputs that
reflect the Funds 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 value securities reported in 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).
The following is a summary
of the inputs used as of September 30, 2010, in valuing RIFs investments
carried at value:
Notes to
Financial Statements - continued
September 30,
2010 (unaudited)
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Common
Stocks
|
|
|
|
|
|
|
|
|
|
Real
Estate Investment Trusts
|
|
|
|
|
|
|
|
|
|
Apartments
|
|
$
|
10,142,912
|
|
$
|
|
|
$
|
|
|
$
|
10,142,912
|
|
Diversified
|
|
4,506,214
|
|
|
|
|
|
4,506,214
|
|
Free
Standing
|
|
3,034,265
|
|
|
|
|
|
3,034,265
|
|
Health
Care
|
|
6,319,029
|
|
|
|
|
|
6,319,029
|
|
Industrial
|
|
1,478,024
|
|
|
|
|
|
1,478,024
|
|
Lodging/Resorts
|
|
2,819,260
|
|
|
|
|
|
2,819,260
|
|
Manufactured
Home
|
|
795,130
|
|
|
|
|
|
795,130
|
|
Mixed
Office/Industrial
|
|
1,689,079
|
|
|
|
|
|
1,689,079
|
|
Mortgage
|
|
356,867
|
|
|
|
|
|
356,867
|
|
Office
|
|
7,970,256
|
|
|
|
|
|
7,970,256
|
|
Regional
Malls
|
|
4,383,170
|
|
|
|
|
|
4,383,170
|
|
Shopping
Centers
|
|
4,583,902
|
|
|
|
|
|
4,583,902
|
|
Specialty
|
|
1,808,170
|
|
|
|
|
|
1,808,170
|
|
Storage
|
|
615,574
|
|
|
|
|
|
615,574
|
|
Total
Real Estate Investment Trusts
|
|
50,501,852
|
|
|
|
|
|
50,501,852
|
|
Other
|
|
2,115,652
|
|
|
|
1,758,912
|
|
3,874,564
|
|
Total
Common Stocks
|
|
52,617,504
|
|
|
|
1,758,912
|
|
54,376,416
|
|
Preferred
Stocks
|
|
|
|
|
|
|
|
|
|
Real
Estate Investment Trusts
|
|
|
|
|
|
|
|
|
|
Apartments
|
|
1,280,099
|
|
|
|
|
|
1,280,099
|
|
Diversified
|
|
3,674,188
|
|
|
|
|
|
3,674,188
|
|
Free
Standing
|
|
366,415
|
|
|
|
|
|
366,415
|
|
Health
Care
|
|
1,672,935
|
|
|
|
|
|
1,672,935
|
|
Industrial
|
|
567,400
|
|
|
|
|
|
567,400
|
|
Lodging/Resorts
|
|
21,421,656
|
|
209,580
|
|
|
|
21,631,236
|
|
Mixed
Office/Industrial
|
|
1,134,600
|
|
|
|
|
|
1,134,600
|
|
Mortgage
|
|
608,960
|
|
|
|
|
|
608,960
|
|
Office
|
|
4,533,151
|
|
525,148
|
|
|
|
5,058,299
|
|
Regional
Malls
|
|
3,830,545
|
|
|
|
|
|
3,830,545
|
|
Shopping
Centers
|
|
5,076,311
|
|
|
|
|
|
5,076,311
|
|
Specialty
|
|
3,180,137
|
|
|
|
|
|
3,180,137
|
|
Storage
|
|
57,385
|
|
|
|
|
|
57,385
|
|
Total
Real Estate Investment Trusts
|
|
47,403,782
|
|
734,728
|
|
|
|
48,138,510
|
|
Other
|
|
228,760
|
|
|
|
|
|
228,760
|
|
Total
Preferred Stocks
|
|
47,632,542
|
|
734,728
|
|
|
|
48,367,270
|
|
Investment
Companies
|
|
1,995,960
|
|
|
|
|
|
1,995,960
|
|
Short-Term
Investments
|
|
|
|
|
|
|
|
|
|
Money
Market Funds
|
|
3,599,971
|
|
|
|
|
|
3,599,971
|
|
Total
Investments
|
|
$
|
105,845,977
|
|
$
|
734,728
|
|
$
|
1,758,912
|
|
$
|
108,339,617
|
|
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 an analysis of the change in value of investments in which significant
unobservable inputs (Level 3) were used in determining fair value:
Beginning balance, as of
December 31, 2009
|
|
$
|
1,311,905
|
|
Transfers into Level 3
|
|
|
|
Net Sales
|
|
(359,995
|
)
|
Total gains included in
changes in unrealized depreciation
|
|
807,002
|
|
Ending balance, as of September 30,
2010
|
|
$
|
1,758,912
|
|
Included
in the net change in unrealized appreciation/depreciation of investments for
the nine months ended September 30, 2010, is a gain of $797,007 relating
to Level 3 investments still held at September 30, 2010.
Notes to
Financial Statements - continued
September 30,
2010 (unaudited)
(3) Tax Information
Although subject to
adjustments, the Funds investments for U.S. federal income tax purposes as of
September 30, 2010, were as follows
Cost
|
|
$
|
113,700,999
|
|
Gross
unrealized appreciation
|
|
$
|
12,612,716
|
|
Gross
unrealized depreciation
|
|
(17,974,098
|
)
|
Net
unrealized depreciation
|
|
$
|
(5,361,382
|
)
|
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 24, 2010
|
|
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 24, 2010
|
|
|
|
|
|
|
|
By:
|
/s/
Mark L. Kleifges
|
|
|
Mark
L. Kleifges
|
|
|
Treasurer
|
|
|
|
|
Date:
|
November 24, 2010
|
|
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