RMR ASIA REAL ESTATE FUND
FORM NSAR-B
(Annual Report (management company))
Filed 03/02/09 for the Period Ending 12/31/08
Address Telephone CIK Symbol Industry Sector
400 CENTRE STREET NEWTON, MA 02458 617-332-9530 0001385617 RAF Misc. Financial Services Financial
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12/31/2008 0001385617 N NF Y N N 6.1 A RMR ASIA REAL ESTATE FUND 811-22007 6173329530 400 CENTRE STREET NEWTON MA 02458 N N N N N 0 1 RMR ADVISORS, INC. A 801-62519 NEWTON MA 02458 2076 MacArthurCook Investment Managers LTD S 801-66388 Melbourne Australia 3000 RMR ADVISORS, INC. 801-62519 NEWTON MA 02458 2076 STATE STREET BANK AND TRUST CO. 812-12992 BOSTON MA 02110 Wells Fargo Bank NA 85-10133 St. Paul MN
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C030001 C040001 A000001 B010001 B020001 B030001 A000001 B000001 C010001 C020001 C030001 E010001 A000002 B000002 C010002 D010002 E040002 A000003 B000003 C010003 D010003 E040003 A000004 B000004 C010004 D010004 E040004 A000005 B000005 C010005 D010005 E040005 A000006 B000006 C010006 D010006 E040006 A000007 B000007 C010007 D010007 E040007 A000008 B000008 C010008 D010008 E040008 A000009 B000009 C010009 D010009
55164 0854 ERNST & YOUNG LLP BOSTON MA 02116 STATE STREET BANK & TRUST C BOSTON MA 02110 X CITIBANK N.A. S BUENOS AIRES ARGENTINA X THE HONGKONG AND SHANGHAI BANKING CORP. LTD. S SYDNEY AUSTRALIA X UNICREDIT BANK AUSTRIA AG S VIENNA AUSTRIA X HSBC BANK MIDDLE EAST LTD S MANAMA BAHRAIN X STANDARD CHARTERED BANK S DHAKA BANGLADESH X DEUTSCHE BANK S BRUSSELS BELGIUM X SOCIETE GENERALE DE BANQUE COTE D'IVOIRE S ABIDJAN BENIN X BANK OF BERMUDA LIMITED S HAMILTON BERMUDA
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E040009 A000010 B000010 C010010 D010010 E040010 A000011 B000011 C010011 D010011 E040011 A000012 B000012 C010012 D010012 E040012 A000013 B000013 C010013 D010013 E040013 A000014 B000014 C010014 D010014 E040014 A000015 B000015 C010015 D010015 E040015 A000016 B000016 C010016 D010016 E040016 A000017 B000017 C010017 D010017 E040017 A000018 B000018 C010018 D010018 E040018 A000019 B000019 C010019 D010019 E040019
X BARCLAYS BANK OF BOTSWANA LIMITED S GABORONE BOSTWANA X CITIBANK N.A. S SAO PAULO BRAZIL X ING BANK N.V. S SOFIA BULGARIA X SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE S ABIDJAN BURKINA FASO X STATE STREET TRUST COMPANY CANADA S TORONTO CANADA X CLOSE TRUSTEES (CAYMAN) LTD S GRAND CAYMAN CAYMAN ISLANDS X BANCO ITAU CHILE S SANTIAGO CHILE X HSBC BANK (CHINA) CO., LTD. S SHANGHAI PEOPLES REP OF CHINA X HSBC BANK (CHINA) CO., LTD. S SHENZHEN PEOPLES REP OF CHINA X CITITRUST COLOMBIA S.A SOCIEDED FIDUCIARIA S BOGOTA COLOMBIA X
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BANCO BCT S.A S SAN JOSE COSTA RICA X PRIVREDNA BANKA ZAGREB D.D. S ZAGREB COATIA X BNP PARIBAS SECURITIES SERVICES S.A. S VIA ATHENS CYPRUS X CESKOSLOVENKSA OBCHODNI BANKA A.S S PRAGUE CZECH REPUBLIC X SKANDINAVISKA ENSKILDA BANKEN AB S COPENHAGEN DENMARK X HSBC BANK MIDDLE EAST LIMITED S DUBAI UNITED ARAB EMIRATES X BANCO DE LA PRODUCCION S.A. S QUITO ECUADOR X HSBC BANK EGYPT S.A.E. S CAIRO EGYPT X AS SEB PANK S TALLINN ESTONIA X EUROCLEAR S BRUSSELS EUROCLEAR X SKANDINAVISKA ENSKILDA BANKEN AB (SEB)
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S HELSINKI FINLAND X DEUTSCHE BANK AG, AMSTERDAM (VIA PARIS) S PARIS FRANCE X DEUTSCHE BANK AG S FRANKFURT GERMANY X BARCLAYS BANK OF GHANA LIMITED S ACCRA GHANA X NATIONAL BANK OF GREECE S.A. S ATHENS GREECE X SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE S GUINEAU-BISSAU GUINEA-BISSAU X STANDARD CHARTERED BANK (HONG KONG) LIMITED S HONG KONG HONG KONG X UNICREDIT BANK HUNGARY ZRT S BUDAPEST HUNGARY X NEW KAUPTHING BANK HF S REYKJAVIK ICELAND X THE HONGKONG AND SHANGHAI BANKING CORP LTD S MUMBAI INDIA X DEUTSCHE BANK AG S
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MUMBAI INDIA X DEUTSCHE BANK AG S JAKARTA INDONESIA X BANK OF IRELAND S DUBLIN IRELAND X BANK HAPOALIM B.M. S TEL AVIV ISRAEL X DEUTSCHE BANK S.P.A. S MILAN ITALY X SOCIETE GENERALE DE BANQUES EN COTE D' IVOIRE S ABIDJAN IVORY COAST X BANK OF NOVA SCOTIA JAMAICA LTD S KINGSTON JAMAICA X MIZUHO CORPORATE BANK LTD S TOKYO JAPAN X SUMITOMO MITSUI BANKING CORP. S TOKYO JAPAN X HSBC BANK MIDDLE EAST LIMITED S AMMAN JORDAN X HSBC BANK KAZAKHSTAN S ALMATY
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KAZAKHSTAN X BARCLAYS BANK OF KENYA LIMITED S NAIROBI KENYA X DEUTSCHE BANK AG S SEOUL KOREA X THE HONGKONG AND SHANGHAI BANKING CORP LTD S SEOUL KOREA X HSBC BANK MIDDLE EAST LIMITED S KUWAIT CITY KUWAIT X AS SEB BANKA S RIGA LATVIA X HSBC BANK MIDDLE EAST LTD S BEIRUT LEBANON X CLEARSTREAM BANKING S LUXEMBOURG LUXEMBOURG X STANDARD CHARTERED BANK MALAYSIA BERHAD S KUALA LUMPUR MALAYSIA X SOCIETE GENERALE DE BANQUE COTE D'IVOIRE S ABIDJAN MALI X THE HONGKONG AND SHANGHAI BANKING CORP. LTD. S MALTA MALTA
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X THE HONGKONG AND SHANGHAI BANK. CORP. LTD. S PORT LOUIS MAURITIUS X BANCO NACIONAL DE MEXICO S.A. S MEXCIO CITY MEXICO X ATTIJARIWAFA BANK S CASABLANCA MOROCCO X STANDARD BANK NAMIBIA LIMITED S WINDHOEK NAMIBIA X DEUTSCHE BANK AG S AMSTERDAM NETHERLANDS X THE HONGKONG AND SHANGHAI BANKING CORP LTD S AUCKLAND NEW ZEALAND X SOCIETE GENERALE DE BANQUES EN COTE D' IVOIRE S ABIDJAN NIGER X STANBIC IBTC BANK PLC S LAGOS NIGERIA X SKANDINAVISKA ENSKILDA BANKEN AB (SEB) S OSLO NORWAY X HSBC BANK MIDDLE EAST LIMITED S MUSCAT OMAN X
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DEUTSCHE BANK AG S KARACHI PAKISTAN X HSBC BANK MIDDLE EAST LIMITED S RAMALLAH PALESTINE X HSBC BANK (PANAMA) S.A. S PANAMA CITY PANAMA X CITIBANK DEL PERU S.A. S LIMA PERU X STANDARD CHARTERED BANK S MANILA PHILIPINES X BANK HONDLOWY W WARZAWIE S.A. S WARSAW POLAND X BANCO COMERCIAL PORTUGUES S.A. S LISBON PORTUGAL X CITIBANK N.A. S SAN JUAN PUERTO RICO X HSBC BANK MIDDLE EAST LIMITED S DOHA QATAR X ING BANK N.V. S BUCHAREST ROMANIA X ING BANK (EURASIA) ZAO
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S MOSCOW RUSSIA X SAUDI BRITISH BANK S RIYADH SAUDI ARABIA X SOCIETE GENERALE DE BANQUES EN COTE D' IVOIRE S ABIDJAN SENEGAL X UNICREDIT BANK SERBIA JSC S BELGRADE SERBIA X DBS BANK LIMITED S SINGAPORE SINGAPORE X UNITED OVERSEAS BANK LIMITED S SINGAPORE SINGAPORE X CESKOSLOVENSKA OBCHODNI BANKA A.S. S BRATISLAVA SLOVAK REPLUBIC X UniCredit Bank Slovenija d.d. S LJUBLANA SLOVENIA X NEDBANK LIMITED S BRAAMFONTEIN SOUTH AFRICA X STANDARD BANK OF SOUTH AFRICA S JOHANNESBURG SOUTH AFRICA X DEUTSCHE BANK S.A.E. S
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BARCELONA SPAIN X THE HONGKONG AND SHANGHAI BANKING CORP LTD S COLOMBO SRI LANKA X STANDARD BANK SWAZILAND LIMITED S MBABANE SWAZILAND X SKANDINAVISKA ENSKILDA BANKEN S STOCKHOLM SWEDEN X UBS AG S ZURICH SWITZERLAND X BANK OF TAIWAN S TAIPEI TAIWAN X STANDARD CHARTERED BANK (THAI) PUBLIC CO. LTD S BANGKOK THAILAND 10500 X SOCIETE GENERALE DE BANQUES EN COTE S IVORY COAST TOGO BP 1355 X REPUBLIC BANK LIMITED S PORT OF SPAIN TRINIDAD & TOBAGO X Y Y 8 RMRFUNDSXX CITIGROUP GLOBAL MARKETS INC. 13-3214963
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N Hartford Casualty Insurance Company 525 N 0 N 0 N 0 N 0 Y N 0 0 0 0 0 0 0 0 0 0 0 0 COMMON SHARES 74964Q101 RAF N N N N ADAM D. PORTNOY PRESIDENT
Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Trustees of RMR Asia Real Estate Fund In planning and performing our audit of the financial statements of the RMR Asia Real Estate Fund (the Fund) as of and for the year ended December 31, 2008, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A funds internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A funds internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transaction and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a funds assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the polices or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the funds annual or interim financial statements will not be prevented or detected on a timely basis Our consideration of the Funds internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2008. This report is intended solely for the information and use of management and the Board of Trustees of the RMR Asia Real Estate Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. ERNST & YOUNG LLP Boston, Massachusetts February 19, 2009
