sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)(1)
Neuberger Berman Real Estate Securities Income Fund, Inc.
---------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.0001 Per Share
-----------------------------------------
(Title of Class of Securities)
64190A103
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 20, 2007
--------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 29 Pages)
--------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).3
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 2 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,971,239
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,971,239
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,971,239
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 3 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARTHUR D. LIPSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,971,239
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,971,239
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,971,239
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 4 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT HEDGED PARTNERS L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 976,945
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
976,945
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
976,945
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 5 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 993,394
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
993,394
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
993,394
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 6 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 800,410
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
800,410
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
800,410
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 7 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS PARTNERS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 532,000
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
532,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
532,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 8 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BENCHMARK PLUS MANAGEMENT, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,332,410
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,332,410
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,332,410
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 9 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ROBERT FERGUSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,332,410
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,332,410
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,332,410
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 10 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SCOTT FRANZBLAU
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,332,410
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,332,410
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,332,410
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 11 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ROBERT A. WOOD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 12 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
D. JAMES DARAS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 13 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MATTHEW CROUSE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- 0 -
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 14 of 29 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ELYSE NAKAJIMA
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 15 of 29 Pages
---------------------- ----------------------
The following constitutes Amendment No. 2 ("Amendment No. 2") to
the Schedule 13D filed by the undersigned. This Amendment No. 2 amends the
Schedule 13D as specifically set forth.
Item 2(a) is hereby amended to add the following:
(a) On April 20, 2007, Elyse Nakajima executed a Joinder Agreement
to the Joint Filing and Solicitation Agreement entered into on February 20, 2007
(the "Joint Filing Agreement") by the Reporting Persons, whereby Ms. Nakajima
agreed to be bound by the terms of the Joint Filing Agreement. Accordingly, Ms.
Nakajima shall be deemed to be a Reporting Person following such date.
Item 2(b) is hereby amended to add the following:
(b) Ms. Nakajima has no principal business address, but can be
reached c/o WILLC.
Item 2(c) is hereby amended to add the following:
(c) The principal occupation of Ms. Nakajima is opera singer.
Item 2(f) is hereby amended to add the following:
(f) Ms. Nakajima is a citizen of the United States of America.
Item 3 is hereby amended and restated as follows:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the 1,971,239 Shares beneficially
owned by WILLC is approximately $35,339,682, including brokerage commissions.
The Shares beneficially owned by WILLC consist of 900 Shares that were acquired
with WILLC's working capital, 976,945 Shares that were acquired with WIHP's
working capital and 993,394 Shares that were acquired with WIAP's working
capital. The aggregate purchase price of the 1,332,410 Shares beneficially owned
by BPM is approximately $23,714,260, including brokerage commissions. The Shares
beneficially owned by BPM were acquired with the working capital of each of BPIP
and BPP. The 100 Shares owned by Ms. Nakajima were a gift from WILLC.
Item 4 is hereby amended to add the following:
On April 13, 2007, the Reporting Persons filed a Preliminary Proxy
Statement with the SEC to solicit proxies from shareholders of the Issuer in
support of the Reporting Persons' five director nominees at the 2007 Annual
Meeting scheduled for May 2, 2007.
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 16 of 29 Pages
---------------------- ----------------------
On April 18, 2007, WILLC delivered a supplement to its nomination
letter dated November 30, 2006, nominating Scott Franzblau as its fifth director
nominee to be elected at the Annual Meeting. WILLC had previously submitted a
letter nominating four nominees for election as director. However, in the
Issuer's preliminary proxy statement filed with the SEC on April 12, 2007, the
Issuer disclosed that its board had expanded its size from thirteen to fifteen
and that the board had appointed two directors to fill the vacancies created by
the expansion, one of whom was a Class II director whose term will expire at the
Annual Meeting. The Issuer's proxy statement further states that five
individuals have been nominated by the Issuer for election as director, instead
of four as had been anticipated based on the Issuer's public disclosure.
Accordingly, WILLC nominated Mr. Franzblau to serve as its fifth nominee. A copy
of WILLC's supplement to its nomination letter is attached hereto as Exhibit 3
and is incorporated herein by reference.
On April 23, 2007, the Reporting Persons filed a Definitive Proxy
Statement with the SEC to solicit proxies from shareholders of the Issuer in
support of the Reporting Persons' five director nominees at the Annual Meeting.
On April 24, 2007, Ms. Nakajima delivered a letter to the Issuer
requesting, pursuant to Section 1315 of the New York Business Corporation Law,
among other things, a complete record or list in appropriate formats of the
holders of the Shares and the holders of the Issuer's cumulative preferred
stock, $0.0001 par value per share, showing the name and address of all
shareholders, as of February 21, 2007.
Item 5(a) is hereby amended and restated as follows:
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 33,316,439 Shares outstanding as of February 21,
2007, as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A.
As of the close of business on April 23, 2007, WIHP, WIAP, BPIP and
BPP beneficially owned 976,945, 993,394, 800,410 and 532,000 Shares,
respectively, constituting 2.9%, 3.0%, 2.4% and 1.6%, respectively, of the
Shares outstanding. Each of WILLC and Mr. Lipson beneficially owned 1,971,239
Shares, constituting approximately 5.9% of the Shares outstanding. Each of BPM,
Mr. Franzblau and Mr. Ferguson beneficially owned 1,332,410 Shares, constituting
approximately 4.0% of the Shares outstanding. Ms. Nakajima owned 100 Shares,
constituting less than 1% of the Shares outstanding.
As the general partner and managing member of WIHP and WIAP,
respectively, WILLC may be deemed to beneficially own the 1,970,339 Shares
beneficially owned in the aggregate by WIHP and WIAP, in addition to 1,000
Shares it owns directly. As the managing member of WILLC, Mr. Lipson may be
deemed to beneficially own the 1,971,239 Shares beneficially owned by WILLC. As
the managing member of BPIP and BPP, BPM may be deemed to beneficially own the
1,332,410 Shares beneficially owned in the aggregate by BPIP and BPP. As the
managing members of BPM, Messrs. Franzblau and Ferguson may be deemed to
beneficially own the 1,332,410 Shares beneficially owned by BPM. Ms. Nakajima
owns 100 Shares.
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 17 of 29 Pages
---------------------- ----------------------
Currently, Mr. Wood, Mr. Daras and Mr. Crouse do not beneficially
own any securities of the Issuer.
Item 5(b) is hereby amended to add the following:
(b) Ms. Nakajima has sole voting and dispositive power over the
Shares reported as owned by her.
Item 5(c) is hereby amended to add the following:
(c) Schedule A attached hereto reports all other transactions in the
Shares by the Reporting Persons effected since the last transaction reported in
Amendment 1 to the Schedule 13D. Except where otherwise noted, all of such
transactions were effected in the open market.
Item 6 is hereby amended to add the following:
On April 20, 2007, Elyse Nakajima executed a Joinder Agreement to
the Joint Filing Agreement whereby Ms. Nakajima agreed to be bound by the terms
of the Joint Filing Agreement. Ms. Nakajima has also agreed in such Joinder
Agreement to take all reasonable steps to request, all at WILLC's sole cost and
expense, a complete list of record and beneficial holders of the Issuer's
securities, and related materials. The Joinder Agreement is attached as Exhibit
3 and is incorporated herein by reference.
Item 7 is hereby amended to add the following Exhibits:
Exhibit 2 Supplement to the Director Nomination Letter from WILLC
to Neuberger Berman Real Estate Securities Income Fund,
Inc., dated April 18, 2007.
Exhibit 3 Joinder Agreement, dated April 20, 2007, by Elyse
Nakajima to Joint Filing and Solicitation Agreement,
dated February 20, 2007, by and among Western Investment
LLC, Arthur D. Lipson, Western Investment Hedged
Partners L.P., Western Investment Activism Partners LLC,
Benchmark Plus Institutional Partners, L.L.C., Benchmark
Plus Management, L.L.C., Benchmark Plus Partners,
L.L.C., Robert Ferguson, Scott Franzblau, Robert A.
Wood, D. James Daras and Matthew Crouse.
Exhibit 4 Power of Attorney.
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CUSIP No. 64190A103 13D Page 18 of 29 Pages
---------------------- ----------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 24, 2007 WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
----------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT HEDGED PARTNERS L.P.
By: Western Investment LLC,
Its General Partner
By: /s/ Arthur D. Lipson
----------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
WESTERN INVESTMENT ACTIVISM PARTNERS LLC
By: Western Investment LLC,
Its Managing Member
By:
----------------------------------------------
Name: Arthur D. Lipson
Title: Managing Member
BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
----------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
----------------------------------------------
Name: Robert Ferguson
Title: Managing Member
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CUSIP No. 64190A103 13D Page 19 of 29 Pages
---------------------- ----------------------
BENCHMARK PLUS PARTNERS, L.L.C.
By: Benchmark Plus Management, L.L.C.,
Its Managing Member
By: /s/ Scott Franzblau
----------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
----------------------------------------------
Name: Robert Ferguson
Title: Managing Member
BENCHMARK PLUS MANAGEMENT, L.L.C.
By: /s/ Scott Franzblau
----------------------------------------------
Name: Scott Franzblau
Title: Managing Member
By: /s/ Robert Ferguson
----------------------------------------------
Name: Robert Ferguson
Title: Managing Member
/s/ Robert Ferguson
--------------------------------------------------
ROBERT FERGUSON
/s/ Scott Franzblau
--------------------------------------------------
SCOTT FRANZBLAU
/s/ Robert A. Wood
--------------------------------------------------
ROBERT A. WOOD
/s/ D. James Daras
--------------------------------------------------
D. JAMES DARAS
/s/ Matthew Crouse
--------------------------------------------------
MATTHEW CROUSE
/s/ Arthur D. Lipson
--------------------------------------------------
ARTHUR D. LIPSON
By: /s/ Arthur D. Lipson
----------------------------------------------
ARTHUR D. LIPSON
as Attorney in Fact for Elyse Nakajima,
Individually
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CUSIP No. 64190A103 13D Page 20 of 29 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Page
------- ----
2. Supplement to the Director Nomination Letter from WILLC to 22
Neuberger Berman Real Estate Securities Income Fund, Inc.,
dated April 18, 2007.
3. Joinder Agreement, dated April 20, 2007, by Elyse Nakajima 27
to Joint Filing and Solicitation Agreement, dated February
20, 2007, by and among Western Investment LLC, Arthur D.
Lipson, Western Investment Hedged Partners L.P., Western
Investment Activism Partners LLC, Benchmark Plus
Institutional Partners, L.L.C., Benchmark Plus Management,
L.L.C., Benchmark Plus Partners, L.L.C., Robert Ferguson,
Scott Franzblau, Robert A. Wood, D. James Daras and Matthew
Crouse.
4. Power of Attorney 28
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CUSIP No. 64190A103 13D Page 21 of 29 Pages
---------------------- ----------------------
SCHEDULE A
TRANSACTIONS IN THE COMMON STOCK OF NEUBERGER BERMAN REAL ESTATE
SECURITIES INCOME FUND, INC. SINCE THE LAST TRANSACTION
REPORTED IN AMENDMENT 1 TO THE
SCHEDULE 13D
Transaction Quantity Date Price ($)
----------- -------- ---- ---------
BPP
Buy 400 03/07/07 17.7700
Buy 100,000 03/07/07 17.7801
Buy 200 03/14/07 17.3850
BPIP
Buy 50,000 03/07/07 17.7802
WIHP None
WILLC None
BPM None
Mr. Lipson None
Mr. Franzblau None
Mr. Ferguson None
Mr. Wood None
Mr. Daras None
Mr. Crouse None
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 22 of 29 Pages
---------------------- ----------------------
EXHIBIT 2
WESTERN INVESTMENT LLC
7050 SOUTH UNION PARK CENTER
SUITE 590
MIDVALE, UTAH 84047
April 18, 2007
BY HAND
Neuberger Berman Real Estate Securities Income Fund, Inc.
605 Third Avenue, 2nd Floor
New York, New York 10158
Attn: Corporate Secretary
Re: NOTICE OF INTENTION TO NOMINATE FIFTH INDIVIDUAL FOR ELECTION
AS DIRECTOR AT ANNUAL MEETING OF STOCKHOLDERS OF NEUBERGER
BERMAN REAL ESTATE SECURITIES INCOME FUND, INC.
Dear Sir:
Reference is made to the letter from Western Investment LLC ("Western"
or the "Nominating Stockholder") to Neuberger Berman Real Estate Securities
Income Fund, Inc. ("NRO") dated November 30, 2006 (the "Initial Nomination
Letter") constituting Western's notice of its nomination of four (4) nominees
for election to the Board of Directors of NRO (the "Board") at the 2007 annual
meeting of stockholders of NRO, or any other meeting of stockholders held in
lieu thereof, and any adjournments, postponements, reschedulings or
continuations thereof (the "Annual Meeting"). In its Preliminary Proxy Statement
filed with the Securities and Exchange Commission (the "SEC") on April 12, 2007,
NRO disclosed that the Board, at a meeting held in February 2007, expanded its
size from thirteen to fifteen and appointed two directors to fill the vacancies
created by the expansion, one of whom was a Class II director whose term will
expire at the Annual Meeting. NRO's proxy statement further states that five
individuals have been nominated by NRO for election as director, instead of four
as had been anticipated based on NRO's public disclosure. Accordingly, this
letter shall serve as the nomination by Western of a fifth nominee for election
to the Board at the Annual Meeting.
This letter and all Exhibits attached hereto are collectively referred
to as the "Notice." Western is the beneficial owner of 1,971,339 shares of
common stock, $.0001 par value per share (the "Common Stock"), of NRO, 1,000
shares of which are held of record by Western. In addition to Arthur D. Lipson,
Robert A. Wood, D. James Daras and Matthew Crouse who were nominated by Western
pursuant to the Initial Nomination Letter, through this Notice, Western hereby
nominates and notifies you of its intent to nominate Scott Franzblau as its
fifth nominee to be elected to the Board at the Annual Meeting. Western believes
that, of the five Class II Directors whose terms expire at the annual meeting,
four (4) are eligible for election by holders of shares of Common Stock and
preferred stock ("Preferred Stock") of NRO, voting together as a class. Scott
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 23 of 29 Pages
---------------------- ----------------------
Franzblau is being nominated hereby to be Western's fourth nominee in this
category, who together with Arthur D. Lipson, Robert A. Wood and D. James Daras
shall be Western's "Common/Preferred Shares Nominees." The Common/Preferred
Shares Nominees are being nominated for election as the four (4) Class II
Directors that are eligible to be elected by holders of shares of Common Stock
and Preferred Stock, voting together as a class. Matthew Crouse shall remain the
Preferred Shares Nominee as provided in the Initial Nomination Letter. If in
fact there are more than five (5) directors eligible for election or the above
beliefs are not accurate, Western reserves the right to nominate such number of
additional directors eligible for election at the Annual Meeting or to
redesignate the Nominees named herein between the Preferred Shares Nominee and
the Common/Preferred Shares Nominees. The additional nomination being made
herein is without prejudice to the position of Western that any attempt by NRO
to increase the size of the NRO board or to reconstitute or reconfigure the
classes on which the current directors serve may constitute an unlawful
manipulation of NRO's corporate machinery. Additionally, if this Notice shall be
deemed for any reason to be ineffective with respect to the nomination of Scott
Franzblau at the Annual Meeting, or if Scott Franzblau shall be unable to serve
for any reason, this Notice shall continue to be effective with respect to any
replacement Nominee selected by Western.
The information concerning Western and Scott Franzblau required by
Article II, Section 9 of NRO's Bylaws is set forth below:
(i) NAME AND ADDRESS OF THE NOMINATING STOCKHOLDER:
Name Address
---- -------
Western Investment LLC 7050 South Union Park Center
Suite 590
Midvale, Utah 84047
(ii) NAME AND ADDRESS OF THE NOMINEE:
Name Address
---- -------
Scott Franzblau c/o Benchmark Plus Management, L.L.C.
820 A Street
Suite 700
Tacoma, Washington 98402
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CUSIP No. 64190A103 13D Page 24 of 29 Pages
---------------------- ----------------------
(iii) REPRESENTATION THAT THE NOMINATING STOCKHOLDER IS A HOLDER OF RECORD
OR BENEFICIAL OWNER OF COMMON STOCK OF NRO ENTITLED TO VOTE AT SUCH
MEETING (TOGETHER WITH PROOF PURSUANT TO RULE 14A-8 OF THE SECURITIES
EXCHANGE ACT OF 1934):
As of the date hereof, Western hereby represents that it is the
beneficial owner of 1,971,339 shares of Common Stock of NRO and intends to
continue to hold no less than the required number of shares through the date of
the Annual Meeting. Western further represents that 1,000 of such shares are
held of record by Western with the remaining such shares held in Western's prime
brokerage accounts. Western believes that Cede & Co., as the nominee of The
Depository Trust Company, is the holder of record of the shares beneficially
owned by Western. As of the date hereof, Western has continuously beneficially
held at least $2,000 in market value of shares of Common Stock, for at least one
year, as evidenced by copies of Western Investment Hedged Partners L.P.'s
("WIHP") most recent Prime Broker Statements, attached as EXHIBIT A to the
Initial Nomination Letter and incorporated herein by reference and copies of the
Schedule 13D filed on February 20, 2007, and all subsequent amendments, attached
hereto as EXHIBIT A.
(iv) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF NRO THAT ARE HELD OF
RECORD, BENEFICIALLY OWNED AND REPRESENTED BY PROXY BY THE NOMINATING
STOCKHOLDER AS OF THE DATE OF THIS NOTICE:
Name Class/Series Type of Ownership
---- ------------ -----------------
Western Investment LLC Common Stock, As the general partner and
$.0001 par value managing member of WIHP and
Western Investment Activism
Partners LLC ("WIAP"),
respectively, Western may be
deemed to beneficially own the
1,970,339 shares of Common Stock
beneficially owned in the
aggregate by WIHP and WIAP, as
well as the 1,000 shares held of
record by Western.
Western Investment LLC Common Stock, Western is the holder of record
$.0001 par value of 1,000 shares of Common Stock
of NRO.
(v) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF NRO THAT ARE HELD OF
RECORD, BENEFICIALLY OWNED AND REPRESENTED BY PROXY BY THE NOMINATING
STOCKHOLDER AS OF FEBRUARY 21, 2007 (THE "RECORD DATE") FOR THE ANNUAL
MEETING:
Name Class/Series Type of Ownership
---- ------------ -----------------
Western Investment LLC Common Stock, As the general partner and
$.0001 par value managing member of WIHP and WIAP,
respectively, Western may be
deemed to beneficially own the
1,564,589 shares of Common Stock
beneficially owned in the
aggregate by WIHP and WIAP, as
well as the 1,000 shares held of
record by Western.
Western Investment LLC Common Stock, Western was the holder of record
$.0001 par value of 1,000 shares of Common Stock
of NRO.
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 25 of 29 Pages
---------------------- ----------------------
Other than as set forth above Western does not own of record or
beneficially, or represent by proxy, any shares of Common Stock.
(vi) REPRESENTATION THAT THE NOMINATING STOCKHOLDER INTENDS TO APPEAR IN
PERSON OR BY PROXY AT THE MEETING TO NOMINATE ITS NOMINEES:
A representative of Western intends to appear in person or by proxy at
the Annual Meeting to nominate its Nominees for election.
(vii) OTHER INFORMATION RELATING TO SCOTT FRANZBLAU:
SCOTT FRANZBLAU has served as a principal of Benchmark Plus
Management, L.L.C. ("BPM"), the managing member of Benchmark Plus Partners,
L.L.C. ("BPP"), since 2003. BPP is in the business of acquiring, holding and
disposing of investments in various companies. Prior to joining BPM, Mr.
Franzblau founded Parkway Capital Corporation, a NASD registered broker/dealer
that provided structured financing to institutional investors.
The information contained in the Schedule 13D, as amended, filed or to
be filed by Western with respect to NRO is deemed incorporated by reference
herein and accordingly all information contained in this notice is deemed to be
supplemented by the information in the Schedule 13D, as amended.
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 26 of 29 Pages
---------------------- ----------------------
Please address any correspondence to Western Investment LLC,
Attention: Arthur D. Lipson, telephone (801) 568-1400, facsimile (801) 568-1417
(with a copy to Western's counsel, Olshan Grundman Frome Rosenzweig & Wolosky
LLP, Park Avenue Tower, 65 East 55th Street, New York, New York 10022,
Attention: Steven Wolosky, Esq., telephone (212) 451-2333, facsimile (212)
451-2222). The giving of this Notice is not an admission that any procedures for
notice concerning the nomination of directors to the NRO Board are legal, valid
or binding, and Western reserves the right to challenge their validity.
Very truly yours,
WESTERN INVESTMENT LLC
By /s/ Arthur D. Lipson
------------------------------------
Name: Arthur D. Lipson
Title: Sole Member
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 27 of 29 Pages
---------------------- ----------------------
EXHIBIT 3
JOINT FILING AND SOLICITATION AGREEMENT
JOINDER AGREEMENT
WHEREAS, Western Investment LLC, Western Investment Hedged Partners,
L.P., Western Investment Activism Partners LLC, Arthur D. Lipson, Benchmark Plus
Institutional Partners, L.L.C., Benchmark Plus Management, L.L.C., Benchmark
Plus Partners, L.L.C., Robert Ferguson, Scott Franzblau, Robert A. Wood, D.
James Daras and Matthew Crouse entered into a Joint Filing and Solicitation
Agreement on February 20, 2007 (the "Agreement") the purpose of seeking
representation on the Board of Directors of Neuberger Berman Real Estate
Securities Income Fund, Inc., a Maryland corporation ("NRO");
WHEREAS, Elyse Nakajima (the "New Member) wishes to join the Group (as
defined in the Agreement).
NOW, IT IS AGREED, this 20th day of April 2007 by the parties hereto:
1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the New Member agrees to the joint filing on
behalf of her of statements on Schedule 13D with respect to the securities of
NRO to the extent required under applicable securities laws. The New Member
agrees to be bound by the other terms of the Agreement (a copy of which is
attached hereto), the terms of which are incorporated herein and made a part
hereof.
2. The New Member agrees to take all reasonable steps to request, all
at Western Investment's sole cost and expense, a complete list of record and
beneficial holders of NRO's securities, and related materials.
3. This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which, taken together, shall constitute but one
and the same instrument, which may be sufficiently evidenced by one counterpart.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the day and year first above written.
WESTERN INVESTMENT LLC
By: /s/ Arthur D. Lipson
----------------------------------
Name: Arthur D. Lipson
Title: Managing Member
By: /s/ Arthur D. Lipson
----------------------------------
ARTHUR D. LIPSON
as Attorney in Fact for Elyse Nakajima,
Individually
---------------------- ----------------------
CUSIP No. 64190A103 13D Page 28 of 29 Pages
---------------------- ----------------------
EXHIBIT 4
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby constitutes
and appoints ARTHUR D. LIPSON signing singly, the undersigned's true and lawful
attorney-in-fact to take any and all action in connection with the investment by
Western Investment LLC, or its affiliates ("Western"), in the voting securities
of Neuberger Berman Realty Income Fund, Inc. ("NRI") and Neuberger Berman Real
Estate Securities Income Fund, Inc. ("NRO" together with NRI the "Neuberger
Funds"), including without limitation, relating to the formation of a Group (as
defined below) between the undersigned and Western, all filings on Schedule 13D
(as defined below), all filings on Forms 3, 4 and 5 (as defined below), any
solicitation of proxies in support of the election of directors of the Neuberger
Funds or other proposal, and all other matters related, directly or indirectly,
to the Neuberger Funds (together, the "Neuberger Funds Investment"). Such action
shall include, but not be limited to:
1. executing for and on behalf of the undersigned all Schedules 13D
("Schedule 13D") required to be filed under Section 13(d) of the Securities
Exchange Act of 1934 (the "Exchange Act") and the rules thereunder in connection
with the Neuberger Funds Investment;
2. executing for and on behalf of the undersigned all Forms 3, 4 and 5
("Forms 3, 4 and 5") required to be filed under Section 16(a) of the Securities
Exchange Act of 1934 and the rules thereunder in connection with the Neuberger
Funds Investment;
3. executing for and on behalf of the undersigned all Joint Filing and
Solicitation Agreements or similar documents pursuant to which the undersigned
shall agree to be a member of a group, as contemplated by Rule 13d-1(k)
promulgated under the Exchange Act (a "Group"), in connection with the Neuberger
Funds Investment;
4. performing any and all acts for and on behalf of the undersigned
that may be necessary or desirable to complete and execute any such document,
complete and execute any amendment or amendments thereto, and timely file such
form with the United States Securities and Exchange Commission and any stock
exchange or similar authority; and
5. taking any other action of any type whatsoever in connection with
the Neuberger Funds Investment which in the opinion of such attorney-in-fact,
may be of benefit to, in the best interest of, or legally required by, the
undersigned, it being understood that the documents executed by such
attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms and conditions as such
attorney-in-fact may approve in such attorney-in-fact's discretion.
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CUSIP No. 64190A103 13D Page 29 of 29 Pages
---------------------- ----------------------
The undersigned hereby grants to such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this Power of Attorney and the rights and powers herein
granted. The undersigned acknowledges that the foregoing attorney-in-fact, in
serving in such capacity at the request of the undersigned, is not assuming any
of the undersigned's responsibilities to comply with Section 13(d), Section 16
or Section 14 of the Exchange Act.
This Power of Attorney shall remain in full force and effect until
April 16 2008 unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 16th day of April, 2007.
/s/ Elyse Nakajima
-----------------------------
Elyse Nakajima