Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) July 31, 2024
Number of Shares | Value | |
Common Stocks 85.9% | ||
Apartments 9.2% | ||
28,574 | AvalonBay Communities, Inc. | $5,855,384 |
45,490 | Camden Property Trust | 5,038,018 |
124,664 | UDR, Inc. | 4,995,286 |
15,888,688 | ||
Data Centers 4.1% | ||
30,507 | Digital Realty Trust, Inc. | 4,560,492 (a) |
3,288 | Equinix, Inc. | 2,598,309 (a) |
7,158,801 | ||
Free Standing 2.3% | ||
68,724 | Realty Income Corp. | 3,946,819 (a) |
Gaming 3.0% | ||
45,945 | Gaming & Leisure Properties, Inc. | 2,306,439 |
92,979 | VICI Properties, Inc. | 2,906,524 |
5,212,963 | ||
Health Care 11.1% | ||
138,300 | American Healthcare REIT, Inc. | 2,204,502 |
151,532 | Omega Healthcare Investors, Inc. | 5,515,765 (a) |
100,236 | Ventas, Inc. | 5,456,848 (a) |
53,227 | Welltower, Inc. | 5,921,503 (a) |
19,098,618 | ||
Industrial 7.2% | ||
79,003 | Prologis, Inc. | 9,958,328 (a) |
60,533 | STAG Industrial, Inc. | 2,470,352 (a) |
12,428,680 | ||
Manufactured Homes 3.6% | ||
30,096 | Equity LifeStyle Properties, Inc. | 2,066,994 |
33,320 | Sun Communities, Inc. | 4,222,643 (a) |
6,289,637 | ||
Mortgage Commercial Financing 4.8% | ||
182,043 | Blackstone Mortgage Trust, Inc. Class A | 3,249,467 (a) |
252,347 | Starwood Property Trust, Inc. | 5,034,323 (a) |
8,283,790 | ||
Mortgage Home Financing 3.9% | ||
308,541 | AGNC Investment Corp. | 3,088,496 |
182,510 | Annaly Capital Management, Inc. | 3,633,774 (a) |
6,722,270 | ||
Office 3.5% | ||
30,583 | BXP, Inc. | 2,180,874 |
123,776 | Highwoods Properties, Inc. | 3,833,342 (a) |
6,014,216 | ||
Regional Malls 6.4% | ||
71,971 | Simon Property Group, Inc. | 11,043,230 (a) |
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)
Number of Shares | Value | |
Self Storage 4.7% | ||
27,304 | Public Storage | $8,079,800 (a) |
Shopping Centers 4.8% | ||
255,692 | Kimco Realty Corp. | 5,556,187 (a) |
179,663 | Retail Opportunity Investments Corp. | 2,685,962 |
8,242,149 | ||
Single Family Homes 1.7% | ||
81,395 | Invitation Homes, Inc. | 2,870,802 |
Specialty 3.6% | ||
60,713 | Iron Mountain, Inc. | 6,226,725 (a) |
Telecommunications 12.0% | ||
56,976 | American Tower Corp. | 12,557,511 (a) |
74,315 | Crown Castle, Inc. | 8,180,595 (a) |
20,738,106 | ||
Total Common Stocks (Cost $140,050,676) | 148,245,294 | |
Preferred Stocks(b) 42.1% | ||
Data Centers 1.7% | ||
38,326 | Digital Realty Trust, Inc., Series K, 5.85% | 943,969 |
89,449 | Digital Realty Trust, Inc., Series L, 5.20% | 1,929,415 (a) |
2,873,384 | ||
Diversified 2.5% | ||
93,000 | Armada Hoffler Properties, Inc., Series A, 6.75% | 2,018,100 (a) |
80,155 | Gladstone Commercial Corp., Series G, 6.00% | 1,607,909 |
29,000 | Global Net Lease, Inc., Series A, 7.25% | 622,920 |
4,248,929 | ||
Free Standing 3.0% | ||
184,350 | Agree Realty Corp., Series A, 4.25% | 3,403,101 (a) |
73,589 | Realty Income Corp., Series A, 6.00% | 1,794,100 |
5,197,201 | ||
Lodging/Resorts 5.7% | ||
125,000 | Ashford Hospitality Trust, Inc., Series G, 7.38% | 2,041,250 (a) |
186,500 | Chatham Lodging Trust, Series A, 6.63% | 3,879,200 |
21,350 | DiamondRock Hospitality Co., Series A, 8.25% | 535,031 (a) |
28,179 | Pebblebrook Hotel Trust, Series G, 6.38% | 567,243 |
56,420 | Summit Hotel Properties, Inc., Series E, 6.25% | 1,167,330 (a) |
36,990 | Summit Hotel Properties, Inc., Series F, 5.88% | 760,514 |
30,000 | Sunstone Hotel Investors, Inc., Series H, 6.13% | 639,000 |
12,400 | Sunstone Hotel Investors, Inc., Series I, 5.70% | 248,000 |
9,837,568 | ||
Manufactured Homes 0.5% | ||
34,673 | UMH Properties, Inc., Series D, 6.38% | 828,338 |
Mortgage Commercial Financing 0.3% | ||
30,000 | KKR Real Estate Finance Trust, Inc., Series A, 6.50% | 571,500 (a) |
See Notes to Schedule of Investments
Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)
Number of Shares | Value | |
Office 7.0% | ||
6,000 | Highwoods Properties, Inc., Series A, 8.63% | $6,420,150 |
146,404 | Hudson Pacific Properties, Inc., Series C, 4.75% | 1,872,507 |
9,188 | SL Green Realty Corp., Series I, 6.50% | 201,769 |
43,000 | Vornado Realty Trust, Series L, 5.40% | 674,670 |
132,100 | Vornado Realty Trust, Series M, 5.25% | 2,011,883 |
54,925 | Vornado Realty Trust, Series N, 5.25% | 843,648 (a) |
9,143 | Vornado Realty Trust, Series O, 4.45% | 120,230 |
12,144,857 | ||
Real Estate Management & Development 6.0% | ||
50,000 | Brookfield Property Partners LP, Series A, 5.75% | 629,500 |
263,166 | DigitalBridge Group, Inc., Series I, 7.15% | 5,937,025 (a) |
165,800 | DigitalBridge Group, Inc., Series J, 7.13% | 3,738,790 (a) |
10,305,315 | ||
Self Storage 7.1% | ||
27,100 | National Storage Affiliates Trust, Series A, 6.00% | 608,124 |
31,050 | Public Storage, Series H, 5.60% | 766,625 |
29,000 | Public Storage, Series I, 4.88% | 625,530 |
33,176 | Public Storage, Series J, 4.70% | 685,084 (a) |
102,000 | Public Storage, Series K, 4.75% | 2,130,780 (a) |
80,793 | Public Storage, Series L, 4.63% | 1,638,482 (a) |
31,700 | Public Storage, Series M, 4.13% | 581,061 (a) |
118,790 | Public Storage, Series P, 4.00% | 2,076,449 (a) |
19,775 | Public Storage, Series Q, 3.95% | 347,447 |
154,200 | Public Storage, Series S, 4.10% | 2,778,684 (a) |
12,238,266 | ||
Shopping Centers 5.5% | ||
22,313 | Cedar Realty Trust, Inc., Series C, 6.50% | 286,722 |
34,375 | CTO Realty Growth, Inc., Series A, 6.38% | 751,438 |
55,600 | Federal Realty Investment Trust, Series C, 5.00% | 1,175,384 |
12,369 | Kimco Realty Corp., Series L, 5.13% | 266,799 |
56,425 | Kimco Realty Corp., Series M, 5.25% | 1,234,015 (a) |
8,000 | Regency Centers Corp., Series A, 6.25% | 186,000 |
123,750 | Regency Centers Corp., Series B, 5.88% | 2,734,875 |
58,523 | Saul Centers, Inc., Series E, 6.00% | 1,190,943 (a) |
72,445 | SITE Centers Corp., Series A, 6.38% | 1,690,142 (a) |
9,516,318 | ||
Single Family Homes 2.4% | ||
165,620 | American Homes 4 Rent, Series G, 5.88% | 3,792,698 (a) |
13,000 | American Homes 4 Rent, Series H, 6.25% | 311,740 |
4,104,438 | ||
Specialty 0.4% | ||
31,908 | EPR Properties, Series G, 5.75% | 669,430 (a) |
Total Preferred Stocks (Cost $84,926,459) | 72,535,544 |
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 0.8% | ||
Real Estate Management & Development 0.8% | ||
90,388 | Brookfield Property Preferred LP, 6.25% (Cost $2,259,939) | $1,402,822 |
Number of Shares | ||
Short-Term Investments 0.2% | ||
Investment Companies 0.2% | ||
358,644 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(c) (Cost $358,644) | 358,644 |
Total Investments 129.0% (Cost $227,595,718) | 222,542,304 | |
Liabilities Less Other Assets (29.0)% | (50,048,838 ) | |
Net Assets Applicable to Common Stockholders 100.0% | $172,493,466 |
(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 7-day effective yield as of July 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 July 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $148,245,294 | $— | $— | $148,245,294 |
Preferred Stocks | ||||
Office | 5,724,707 | 6,420,150 | — | 12,144,857 |
Other Preferred Stocks# | 60,390,687 | — | — | 60,390,687 |
Total Preferred Stocks | 66,115,394 | 6,420,150 | — | 72,535,544 |
Master Limited Partnerships and Limited Partnerships# | 1,402,822 | — | — | 1,402,822 |
Short-Term Investments | — | 358,644 | — | 358,644 |
Total Investments | $215,763,510 | $6,778,794 | $— | $222,542,304 |
# | 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
July 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.