Newton-based RMR Advisors is merging three publicly traded closed-end funds that invest in real estate and insurance, to reduce costs.

The three funds affected are: RMR Real Estate Fund, a closed-end investment management company which invests in real estate securities, including REITs; RMR Hospitality and Real Estate Fund, a closed-end investment management company which invests in securities of hospitality and real estate companies, including REITs; RMR F.I.R.E. Fund, a closed-end investment management company which invests in securities issued by companies in the finance, insurance and real estate businesses, including REITs.

If the mergers proceed, each fund will become part of RMR Real Estate Income Fund, a newly formed Delaware statutory trust, which is managed by RMR Advisors. The process of completing the proposed mergers may take several months.