NPORT-EX 2 NPORT_9W58_66651857_0124.htm EDGAR HTML
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) 
January 31, 2024

 
Number of Shares
Value
Common Stocks 82.0%
Apartments 8.2%
128,015
Apartment Income REIT Corp.
$4,184,810
(a)
83,290
Equity Residential
5,013,225
(a)
18,572
Essex Property Trust, Inc.
4,332,291
(a)
 
13,530,326
Data Centers 4.3%
30,507
Digital Realty Trust, Inc.
4,285,013
(a)
3,288
Equinix, Inc.
2,728,284
(a)
 
7,013,297
Free Standing 2.3%
68,724
Realty Income Corp.
3,737,898
(a)
Gaming 3.0%
45,945
Gaming & Leisure Properties, Inc.
2,097,389
92,979
VICI Properties, Inc.
2,800,528
 
4,897,917
Health Care 8.9%
163,023
Omega Healthcare Investors, Inc.
4,727,667
(a)
107,362
Ventas, Inc.
4,980,523
(a)
57,684
Welltower, Inc.
4,990,243
(a)
 
14,698,433
Industrial 7.7%
79,003
Prologis, Inc.
10,008,890
(a)
74,533
STAG Industrial, Inc.
2,753,249
(a)
 
12,762,139
Manufactured Homes 3.8%
30,096
Equity LifeStyle Properties, Inc.
2,037,198
33,320
Sun Communities, Inc.
4,176,662
(a)
 
6,213,860
Mortgage Commercial Financing 5.3%
182,043
Blackstone Mortgage Trust, Inc. Class A
3,593,529
(a)
252,347
Starwood Property Trust, Inc.
5,130,214
(a)
 
8,723,743
Mortgage Home Financing 3.9%
308,541
AGNC Investment Corp.
2,924,969
182,510
Annaly Capital Management, Inc.
3,502,367
(a)
 
6,427,336
Office 3.0%
30,583
Boston Properties, Inc.
2,033,769
123,776
Highwoods Properties, Inc.
2,843,135
(a)
 
4,876,904
Regional Malls 6.7%
79,150
Simon Property Group, Inc.
10,970,982
(a)
Self Storage 4.7%
27,304
Public Storage
7,732,220
(a)
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited)  (cont’d)
Number of Shares
Value
Shopping Centers 4.4%
255,692
Kimco Realty Corp.
$5,164,978
(a)
79,802
Tanger, Inc.
2,146,674
(a)
 
7,311,652
Single Family Homes 1.6%
47,463
American Homes 4 Rent Class A
1,663,578
(a)
31,858
Invitation Homes, Inc.
1,049,084
 
2,712,662
Specialty 2.5%
60,713
Iron Mountain, Inc.
4,099,342
(a)
Telecommunications 11.7%
56,976
American Tower Corp.
11,147,354
(a)
74,315
Crown Castle, Inc.
8,044,599
(a)
 
19,191,953
Total Common Stocks (Cost $139,533,607)
134,900,664
Preferred Stocks 46.7%
Data Centers 1.8%
38,326
Digital Realty Trust, Inc., Series K, 5.85%
938,220
(b)
89,449
Digital Realty Trust, Inc., Series L, 5.20%
2,018,864
(a)(b)
 
2,957,084
Diversified 2.6%
90,811
Armada Hoffler Properties, Inc., Series A, 6.75%
2,098,642
(a)(b)
80,155
Gladstone Commercial Corp., Series G, 6.00%
1,538,976
(b)
29,000
Global Net Lease, Inc., Series A, 7.25%
603,780
(b)
 
4,241,398
Free Standing 3.3%
184,350
Agree Realty Corp., Series A, 4.25%
3,423,379
(a)(b)
79,444
Realty Income Corp., Series A, 6.00%
1,978,156
*(b)
 
5,401,535
Lodging/Resorts 6.4%
125,000
Ashford Hospitality Trust, Inc., Series G, 7.38%
1,673,675
(a)(b)
181,500
Chatham Lodging Trust, Series A, 6.63%
3,920,400
(b)
19,500
DiamondRock Hospitality Co., Series A, 8.25%
495,300
(a)(b)
40,100
Pebblebrook Hotel Trust, Series G, 6.38%
834,080
(b)
24,000
Pebblebrook Hotel Trust, Series H, 5.70%
457,200
(a)(b)
56,420
Summit Hotel Properties, Inc., Series E, 6.25%
1,206,260
(a)(b)
36,990
Summit Hotel Properties, Inc., Series F, 5.88%
739,800
(b)
41,000
Sunstone Hotel Investors, Inc., Series H, 6.13%
881,500
(b)
20,000
Sunstone Hotel Investors, Inc., Series I, 5.70%
398,000
(b)
 
10,606,215
Manufactured Homes 0.5%
34,673
UMH Properties, Inc., Series D, 6.38%
797,826
(b)
Mortgage Commercial Financing 0.4%
30,000
KKR Real Estate Finance Trust, Inc., Series A, 6.50%
573,300
(a)(b)
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited)  (cont’d)
Number of Shares
Value
Office 8.0%
6,000
Highwoods Properties, Inc., Series A, 8.63%
$6,334,664
(b)
146,404
Hudson Pacific Properties, Inc., Series C, 4.75%
2,086,257
(b)
23,283
SL Green Realty Corp., Series I, 6.50%
522,936
(b)
43,000
Vornado Realty Trust, Series L, 5.40%
705,200
(b)
132,100
Vornado Realty Trust, Series M, 5.25%
2,085,859
(b)
82,925
Vornado Realty Trust, Series N, 5.25%
1,308,557
(a)(b)
9,143
Vornado Realty Trust, Series O, 4.45%
123,613
(b)
 
13,167,086
Real Estate Management & Development 6.6%
50,000
Brookfield Property Partners LP, Series A, 5.75%
579,500
(b)
263,166
DigitalBridge Group, Inc., Series I, 7.15%
6,039,660
(a)(b)
181,800
DigitalBridge Group, Inc., Series J, 7.13%
4,172,310
(a)(b)
 
10,791,470
Regional Malls 0.0%(c)
36,942
Pennsylvania Real Estate Investment Trust, Series C, 7.20%
16,003
*(b)
Self Storage 8.2%
27,100
National Storage Affiliates Trust, Series A, 6.00%
632,243
(b)
31,050
Public Storage, Series H, 5.60%
785,255
(b)
29,000
Public Storage, Series I, 4.88%
674,830
(b)
33,176
Public Storage, Series J, 4.70%
724,896
(a)(b)
102,000
Public Storage, Series K, 4.75%
2,261,340
(a)(b)
80,793
Public Storage, Series L, 4.63%
1,784,717
(a)(b)
31,700
Public Storage, Series M, 4.13%
617,833
(a)(b)
25,000
Public Storage, Series O, 3.90%
452,250
(a)(b)
118,790
Public Storage, Series P, 4.00%
2,264,137
(a)(b)
19,775
Public Storage, Series Q, 3.95%
359,312
(b)
154,200
Public Storage, Series S, 4.10%
3,008,442
(a)(b)
 
13,565,255
Shopping Centers 5.9%
30,813
Cedar Realty Trust, Inc., Series C, 6.50%
396,563
(b)
55,600
Federal Realty Investment Trust, Series C, 5.00%
1,291,032
(b)
11,400
Kimco Realty Corp., Series L, 5.13%
265,050
(b)
56,425
Kimco Realty Corp., Series M, 5.25%
1,326,552
(a)(b)
8,000
Regency Centers Corp., Series A, 6.25%
196,000
(b)
122,250
Regency Centers Corp., Series B, 5.88%
3,031,800
(b)
58,523
Saul Centers, Inc., Series E, 6.00%
1,336,665
(a)(b)
80,538
SITE Centers Corp., Series A, 6.38%
1,884,589
(a)(b)
 
9,728,251
Single Family Homes 2.6%
165,620
American Homes 4 Rent, Series G, 5.88%
3,900,351
(a)(b)
15,000
American Homes 4 Rent, Series H, 6.25%
367,650
(b)
 
4,268,001
Specialty 0.4%
36,008
EPR Properties, Series G, 5.75%
703,956
(a)(b)
Total Preferred Stocks (Cost $88,720,822)
76,817,380
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited)  (cont’d)
Number of Units
Value
Master Limited Partnerships and Limited Partnerships 1.0%
Real Estate Management & Development 1.0%
129,388
Brookfield Property Preferred LP, 6.25% (Cost $3,122,153)
$1,680,750
Number of Shares
 
Short-Term Investments 1.1%
Investment Companies 1.1%
1,863,989
State Street Institutional U.S. Government Money Market Fund Premier Class, 5.30%(d) 
(Cost $1,863,989)
1,863,989
Total Investments 130.8% (Cost $233,240,571)
215,262,783
Liabilities Less Other Assets (30.8)%
(50,720,797
)
Net Assets Applicable to Common Stockholders 100.0%
$164,541,986
 
*
Non-income producing security.
(a)
All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable
outstanding.
(b)
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by
the issuer.
(c)
Represents less than 0.05% of net assets of the Fund.
(d)
Represents 7-day effective yield as of January 31, 2024.
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of January 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$134,900,664
$—
$—
$134,900,664
Preferred Stocks
Office
6,832,422
6,334,664
—
13,167,086
Other Preferred Stocks#
63,650,294
—
—
63,650,294
Total Preferred Stocks
70,482,716
6,334,664
—
76,817,380
Master Limited Partnerships and Limited Partnerships#
1,680,750
—
—
1,680,750
Short-Term Investments
—
1,863,989
—
1,863,989
Total Investments
$207,064,130
$8,198,653
$—
$215,262,783
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
January 31, 2024
Notes to Schedule of Investments Real Estate Securities Income Fund Inc. (Unaudited) 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement” ("ASC 820"), all investments held by Neuberger Berman Real Estate Securities Income Fund Inc. (the "Fund") are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Fund’s investments in equity securities, master limited partnerships and limited partnerships, and certain preferred stocks, for which market quotations are available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("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. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations. The value of certain preferred stock is determined by Management by obtaining valuations from independent pricing services which are based on market information which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available (generally Level 2 inputs). 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs), when available. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Act of 1940, the Fund's Board of Directors designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Real Estate Securities Income Fund Inc. (Unaudited)  (cont’d)
of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Real Estate Securities Income Fund Inc. (Unaudited) (cont'd)
Legend
 
Other Abbreviations:
Management
= Neuberger Berman Investment Advisers LLC
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.