RFR Rmr F I R E Fd

RMR Advisors, Inc. (�Advisors�), the investment adviser to the RMR Funds group, today announced the following management changes: 1. Adam D. Portnoy (age 36) will replace Thomas M. O�Brien as President of Advisors, as President of all of the RMR Funds and as co-portfolio manager of the RMR Funds which invest in U.S. domestic securities: RMR Real Estate Fund (AMEX: RMR); RMR Hospitality and Real Estate Fund (AMEX: RHR); RMR Preferred Dividend Fund (AMEX: RDR); RMR F.I.R.E. Fund (AMEX: RFR). Adam Portnoy is currently a Vice President of Advisors and President of Reit Management & Research, LLC (�Reit Management�), an affiliate of Advisors which provides management services to three publicly owned real estate investment trusts and two real estate based operating companies. Besides serving as President of the RMR Funds and as co-portfolio manager of RMR, RHR, RDR and RFR, Mr. O�Brien served as a Senior Vice President of Reit Management. Although he has resigned from Advisors and the RMR Funds, Mr. O�Brien remains a Senior Vice President of Reit Management and he has recently assumed additional responsibilities at TravelCenters of America, LLC, as President, Chief Executive Officer and a Managing Director. TravelCenters is a real estate based operating company managed by Reit Management. 2. Karen Jacoppo-Wood (age 40) has been appointed a Vice President of Advisors and of each of the RMR Funds. Ms. Jacoppo-Wood was a Vice President and Managing Counsel at State Street Bank and Trust Company and has 18 years prior experience in the investment management and mutual fund industries. Ms. Jacoppo-Wood is filling a new position and will not be replacing any existing Advisors personnel. Ms. Jacoppo-Wood will be working with Adam Portnoy in the day-to-day administration of the RMR Funds and in the design and development of new funds and other investment products to be offered by Advisors. 3. Fernando Diaz (age 39) will replace James J. McKelvey as a Vice President of Advisors and of each of the RMR Funds, and as a co-portfolio manager of the RMR Funds which invest in U.S. domestic securities: RMR, RHR, RDR and RFR. Mr. Diaz has 11 years experience at several investment advisors in the Boston area, including State Street Global Advisors � The Tuckerman Group. Mr. Diaz specializes in real estate securities, including securities of real estate investment trusts and companies in the lodging industry. Mr. McKelvey has resigned from Advisors and the RMR Funds to pursue other opportunities. 4. Other Matters. All of the RMR Funds use a team approach when selecting securities for investment. Mr. Barry M. Portnoy will remain a co-portfolio manager for the RMR Funds which invest in U.S. domestic securities, together with Mr. Adam Portnoy and Mr. Fernando Diaz.