- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 28 2008 - 10:10AM
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
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811-22007
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RMR
ASIA REAL ESTATE FUND
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(Exact name of registrant as specified in charter)
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400 CENTRE STREET
NEWTON, MASSACHUSETTS
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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
RMR Asia Real Estate Fund
400 Centre Street
Newton, Massachusetts 02458
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(Name and address of agent for service)
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Copy to:
Brian D. OSullivan
State Street Bank and Trust Company
801 Pennsylvania Avenue, Tower
II, 4
th
Floor
Kansas City, Missouri 64102
Christina T. Simmons, Esq.
State Street Bank and Trust Company
100 Huntington Avenue, 3rd
Floor
Boston, Massachusetts 02116
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Registrants
telephone number, including area code:
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(617)
332-9530
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Date of
fiscal year end:
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December 31
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Date of
reporting period:
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September
30, 2008
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RMR Asia Real Estate Fund
Portfolio of Investments
September 30,
2008 (unaudited)
Company
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Shares
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Value
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Common Stocks 89.9%
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Hong Kong 37.1%
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Diversified 18.2%
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Agile Property Holdings, Ltd.
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201,356
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$
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91,986
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China Overseas Land & Investment,
Ltd.
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600,000
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727,225
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China Resources Land, Ltd.
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1,015,000
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1,077,907
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Hongkong Land Holdings, Ltd.
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865,000
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2,591,373
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Hysan Development Co., Ltd.
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1,025,000
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2,668,160
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Kerry Properties, Ltd.
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195,000
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632,007
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KWG Property Holding, Ltd.
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1,060,000
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286,983
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New World China Land, Ltd.
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1,650,000
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392,715
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Shun TAK Holdings, Ltd.
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585,000
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201,434
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The Wharf (Holdings), Ltd.
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296,000
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845,651
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9,515,441
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Hospitality 13.6%
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Regal Real Estate Investment Trust *
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2,166,000
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323,147
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Sun Hung Kai Properties, Ltd.
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659,000
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6,790,847
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7,113,994
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Office 1.3%
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Champion Real Estate Investment Trust *
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1,735,000
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709,438
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Retail 4.0%
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Hang Lung Properties, Ltd.
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880,000
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2,071,550
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Total Hong Kong
(Cost
$29,513,415)
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19,410,423
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Japan 43.4%
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Diversified 32.9%
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Aeon Mall Co., Ltd.
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53,000
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1,579,630
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Mitsubishi Estate Co., Ltd.
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353,500
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6,965,768
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Mitsui Fudosan Co., Ltd.
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220,000
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4,250,826
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Shoei Co., Ltd.
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76,960
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750,858
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Sumitomo Realty & Development Co.,
Ltd.
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169,000
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3,680,605
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17,227,687
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Office 10.5%
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Japan Excellent, Inc. *
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16
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71,483
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Nippon Building Fund, Inc. *
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210
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2,030,104
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Nomura Real Estate Office Fund, Inc. *
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71
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485,173
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NTT Urban Development Corp.
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1,400
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1,702,398
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Orix REIT, Inc. *
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80
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410,563
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Tokyu REIT, Inc. *
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127
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825,602
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5,525,323
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Total Japan
(Cost
$34,312,443)
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22,753,010
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Malaysia 0.8%
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Diversified 0.8%
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KLCC Property Holdings Berhad
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507,200
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400,581
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Total Malaysia
(Cost
$578,744)
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400,581
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Philippines 1.4%
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Diversified 1.4%
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Filinvest Land, Inc.
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22,590,000
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313,273
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Megaworld Corp.
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13,467,000
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418,913
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732,186
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Total Philippines
(Cost
$2,146,774)
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732,186
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See notes
to portfolio of investments.
Company
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Shares
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Value
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Common Stocks continued
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Singapore 7.2%
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Diversified 7.2%
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Allgreen Properties, Ltd.
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308,000
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$
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137,134
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Ascendas Real Estate Investment Trust *
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1,020,000
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1,347,450
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Capitaland, Ltd.
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330,000
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719,327
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CDL Hospitality Trusts *
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754,000
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459,304
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Singapore Land, Ltd.
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105,000
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354,197
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Suntec Real Estate Investment Trust *
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640,000
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523,258
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Yanlord Land Group, Ltd.
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390,000
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255,832
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3,796,502
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Total Singapore
(Cost
$6,744,129)
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3,796,502
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Total Common Stocks
(Cost
$73,295,505)
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47,092,702
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Warrants 2.4%
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India 1.8%
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Ansal Properties & Infrastructure,
Ltd., Macquarie Bank, Ltd., expiring 1/17/12 (a)
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70,000
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129,500
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DLF, Ltd., Macquarie Bank, Ltd., expiring
6/26/12 (a)
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48,000
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359,520
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Unitech, Ltd., Macquarie Bank, Ltd., expiring
6/24/08 (a)
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180,000
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446,400
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Total India
(Cost
$2,405,595)
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935,420
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Taiwan 0.6%
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Chong Hong Construction, Macquarie Bank,
Ltd., expiring 5/13/08 (a)
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210,000
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182,700
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Farglary Land Development Co.,
Ltd.,Macquarie Bank, Ltd, expiring 1/17/12 (a)
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142,000
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136,320
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Total Taiwan
(Cost
$1,152,937)
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319,020
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Total Warrants
(Cost
$3,558,532)
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1,254,440
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Short-Term Investments 7.1%
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Other Investment Companies 7.1%
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Dreyfus Cash Management, Institutional
Shares, 2.71% (b) (Cost $3,728,174)
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3,728,174
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3,728,174
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Total Investments 99.4% (Cost
$80,582,211) (c)
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52,075,316
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Other assets less liabilities 0.6%
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300,703
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Net Assets 100%
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$
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52,376,019
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Notes to Portfolio of Investments
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*
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Company is organized as a
real estate investment trust as defined by the laws of its country of
domicile.
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(a)
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As of September 30,
2008, this security had not paid a distribution.
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(b)
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Rate reflects 7 day yield
as of September 30, 2008.
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©
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The Funds investments for
federal income tax purposes, as of September 30, 2008, are as follows:
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Cost
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$
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80,582,211
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Gross unrealized appreciation
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$
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Gross unrealized depreciation
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(28,506,895
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)
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Net unrealized depreciation
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$
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(28,506,895
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)
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Fair Value
Measurements
The Fund has adopted the
provisions of Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements, or FAS 157,
effective January 1, 2008. In accordance with FAS 157, 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 of the investment. FAS 157 established 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 pricing 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 is summarized in the three
broad levels listed 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 valuation techniques used
by the Fund to measure fair value during the period ended September 30,
2008 maximized the use of observable inputs and minimized the use of unobservable
inputs. When the S&P 500 Index fluctuates significantly from the previous
day close, we believe that the closing price in the local market may no longer
represent the fair value of foreign securities at the time of the U.S. market
close. Accordingly, in such
circumstances, we report holdings in such foreign securities at their fair
values as determined by an independent security pricing service. The service uses a multi-factor model that
includes such information as the issues local closing price, relevant general
and sector indices, currency fluctuations, depository receipts, and futures, as
applicable. The model generates an
adjustment factor for each security that is applied to the local closing price
to adjust it for post closing events, resulting in the securitys reported fair
value.
The following is a summary of
the inputs used as of September 30, 2008 in valuing the Funds investments
carried at value:
Valuation Inputs
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Investments in
Securities
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Level 1 - Quoted prices
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$
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3,728,173
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Level 2 - Other significant observable
inputs
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48,347,143
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Level 3 Significant unobservable inputs
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Total
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$
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52,075,316
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There were no investments in
securities characterized as Level 3 on December 31, 2007 or September 30,
2008.
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 ASIA REAL ESTATE
FUND
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By:
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/s/ Adam D. Portnoy
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Adam D. Portnoy
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President
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Date:
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November 28, 2008
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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:
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/s/ Adam D. Portnoy
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Adam D. Portnoy
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President
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Date:
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November 28, 2008
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By:
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/s/ Mark L. Kleifges
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Mark L. Kleifges
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Treasurer
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Date:
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November 28, 2008
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