Schedule of Investments MLP Income Fund Inc. (Unaudited) 8/31/16
|
|||||
NUMBER OF SHARES
|
VALUE
|
†
|
|||
Master Limited Partnerships and Related Companies (121.4%)
|
|||||
Coal & Consumable Fuels (8.8%)
|
|||||
1,923,061
|
Alliance Holdings GP, L.P.
|
$ 48,191,909
|
(a)
|
||
Leisure Facilities (9.1%)
|
|||||
860,000
|
Cedar Fair L.P.
|
50,052,000
|
(a)
|
||
Oil & Gas Storage & Transportation (98.6%)
|
|||||
900,000
|
American Midstream Partners LP
|
11,961,000
|
(a)
|
||
640,000
|
Antero Midstream Partners LP
|
17,638,400
|
(a)
|
||
270,000
|
DCP Midstream Partners, LP
|
8,847,900
|
(a)
|
||
26,322
|
Dominion Midstream Partners, LP
|
670,158
|
(a)
|
||
760,000
|
Energy Transfer Equity, L.P.
|
13,604,000
|
(a)
|
||
4,500,000
|
Energy Transfer Equity, L.P.
|
66,080,958
|
*(b)(d)
|
||
1,400,000
|
Energy Transfer Partners, L.P.
|
55,916,000
|
(a)
|
||
1,800,000
|
Enterprise Products Partners L.P.
|
47,520,000
|
(a)
|
||
460,000
|
EQT GP Holdings LP
|
11,541,400
|
(a)
|
||
396,000
|
EQT Midstream Partners, LP
|
31,129,560
|
(a)
|
||
440,000
|
MPLX LP
|
14,577,200
|
(a)
|
||
250,000
|
NuStar Energy L.P.
|
12,000,000
|
(a)
|
||
1,343,571
|
NuStar GP Holdings, LLC
|
32,635,340
|
(a)
|
||
1,060,000
|
ONEOK, Inc.
|
49,703,400
|
(a)
|
||
200,000
|
ONEOK Partners, L.P.
|
7,750,000
|
(a)
|
||
40,000
|
Shell Midstream Partners LP
|
1,218,800
|
(a)
|
||
500,000
|
Spectra Energy Corp
|
17,810,000
|
(a)
|
||
180,000
|
Spectra Energy Partners, LP
|
8,213,400
|
(a)
|
||
250,000
|
Sunoco Logistics Partners L.P.
|
7,400,000
|
(a)
|
||
240,000
|
Targa Resources Corp.
|
10,459,200
|
(a)
|
||
1,960,000
|
Teekay LNG Partners L.P.
|
25,342,800
|
(a)
|
||
1,546,000
|
Western Gas Equity Partners, LP
|
57,001,020
|
(a)
|
||
640,000
|
Western Gas Partners, LP
|
32,204,800
|
(a)
|
||
541,225,336
|
|||||
Propane (1.6%)
|
|||||
116,000
|
AmeriGas Partners, L.P.
|
5,316,280
|
(a)
|
||
113,016
|
Suburban Propane Partners, L.P.
|
3,746,480
|
(a)
|
||
9,062,760
|
|||||
Utilities (3.3%)
|
|||||
613,846
|
NextEra Energy Partners LP
|
17,881,334
|
(a)
|
||
Total Master Limited Partnerships and Related Companies (Cost $665,581,803)
|
666,413,339
|
||||
Convertible Preferred Stock (3.8%)
|
|||||
Oil & Gas Storage & Transportation (3.8%)
|
|||||
4,500,000
|
Energy Transfer Equity, L.P., Preferred (Cost $1,575,000)
|
21,007,484
|
(b)(d)
|
||
Short-Term Investment (0.4%)
|
|||||
2,124,579
|
Invesco STIT Treasury Portfolio Money Market Fund Institutional Class, 0.22% (Cost $2,124,579)
|
2,124,579
|
(c)
|
||
Total Investments (125.6%) (Cost $669,281,382)
|
689,545,402
|
##
|
|||
Other Assets Less Liabilities [(25.6%)]
|
(140,423,328)
|
||||
Net Assets Applicable to Common Stockholders (100.0%)
|
$ 549,122,074
|
* Non-income producing security.
|
|||||||||
(a) All or a portion of this security is pledged with the custodian for loans payable.
|
|||||||||
(b)Security fair valued as of 8/31/2016 in accordance with procedures approved by the Fund's Board of Directors. Total value of all such securities at 8/31/2016 amounted to $87,088,442, which represents 15.9% of net assets applicable to common stockholders of the Fund.
|
|||||||||
(c) Represents 7-day effective yield as of 8/31/2016.
|
|||||||||
(d) These securities have been deemed by the investment manager to be illiquid, and are restricted securities subject to restrictions on resale. At 8/31/2016, these securities amounted to approximately $87,088,442, which represents 15.9% of net assets applicable to common stockholders.
|
|||||||||
Restricted Security
|
Acquisition Date
|
Acquisition Cost
|
Acquisition Cost
Percentage of Net
Assets as of
Acquisition Date
|
Value as of
August 31, 2016
|
Fair Value
Percentage of
Net Assets as
of August 31,
2016
|
||||
Energy Transfer Equity, L.P.
|
3/16/2016
|
$ 57,957,425
|
15.0
|
% |
$ 66,080,958
|
12.1
|
% | ||
Energy Transfer Equity, L.P., Preferred
|
3/16/2016
|
1,575,000
|
0.2
|
21,007,484
|
3.8
|
||||
$ 59,532,425
|
$ 87,088,442
|
15.9
|
% | ||||||
See Notes to Schedule of Investments
|
Schedule of Investments MLP Income Fund Inc. (Unaudited) (cont'd)
|
|||||||||||||||||||||||||||||
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of August 31, 2016:
|
|||||||||||||||||||||||||||||
Asset Valuation Inputs
|
|||||||||||||||||||||||||||||
Investments:
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|||||||||||||||||||||||||
Master Limited Partnerships and Related Companies
|
|||||||||||||||||||||||||||||
Coal & Consumable Fuels
|
$
|
48,191,909
|
$
|
-
|
$
|
-
|
$
|
48,191,909
|
|||||||||||||||||||||
Leisure Facilities
|
50,052,000
|
-
|
-
|
50,052,000
|
|||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
475,144,378
|
-
|
66,080,958
|
541,225,336
|
|||||||||||||||||||||||||
Propane
|
9,062,760
|
-
|
-
|
9,062,760
|
|||||||||||||||||||||||||
Utilities
|
17,881,334
|
-
|
-
|
17,881,334
|
|||||||||||||||||||||||||
Total Master Limited Partnerships and Related Companies
|
600,332,381
|
-
|
66,080,958
|
666,413,339
|
|||||||||||||||||||||||||
Convertible Preferred Stock
|
|||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
-
|
-
|
21,007,484
|
21,007,484
|
|||||||||||||||||||||||||
Short-Term Investment
|
-
|
2,124,579
|
-
|
2,124,579
|
|||||||||||||||||||||||||
Total Investments
|
$
|
600,332,381
|
$
|
2,124,579
|
$
|
87,088,442
|
$
|
689,545,402
|
(a) |
The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
|
Investments in Securities:
|
Beginning
balance as of
12/1/2015
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change in
unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers in to
Level 3
|
Transfers out of
Level 3
|
Balance
as of
8/31/2016
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments still
held as of
8/31/2016
|
||||||||||||||||||||||||||||||
Master Limited Partnerships and
Related Companies
|
||||||||||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,123,533
|
$
|
-
|
$
|
-
|
$
|
57,957,425
|
$
|
-
|
$
|
66,080,958
|
$
|
8,123,533
|
||||||||||||||||||||
Convertible Preferred Stock
|
||||||||||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
-
|
-
|
-
|
19,432,484
|
-
|
-
|
1,575,000
|
-
|
21,007,484
|
19,432,484
|
||||||||||||||||||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
27,556,017
|
$
|
-
|
$
|
-
|
$
|
59,532,425
|
$
|
-
|
$
|
87,088,442
|
$
|
27,556,017
|
||||||||||||||||||||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of August 31, 2016:
|
Asset
class
|
Fair value
at 8/31/2016
|
Valuation
techniques
|
Unobservable
inputs
|
Range
|
Input
Value
|
Impact to
valuation
from an
increase
in input
|
||||||||||||||
Energy Transfer Equity, L.P.
|
Master Limited Partnership and
Related Companies
|
|
$0
|
Income Approach
|
Quarterly Cash Distribution
Discount for Lack
of Marketability
|
|
$0.285 -$0.285
7.8% - 7.8
|
%
|
|
$0.285
7.8
|
%
|
Increase
Decrease
|
||||||||
Energy Transfer Equity, L.P., Preferred
|
Convertible Preferred Stock
|
|
$0
|
Income Approach
|
Quarterly Cash Distribution
Discount for Lack
of Marketability
|
|
$0.285 - $0.285
7.8% - 7.8
|
%
|
|
$0.285
7.8
|
%
|
Increase
Decrease
|
As of the period ended August 31, 2016, certain securities were transferred from one level (as of November 30, 2015) to another. Based on beginning of period market values as of December 1, 2015, approximately $85,230,000 was transferred from Level 1 to Level 3 due to the Fund's election to participate in a private placement offer in which the Fund agreed to restrict certain common shares in exchange for additional shares of restricted convertible preferred units.
|
|||||||||||||||||||
Investments in Affiliates(a):
|
|||||||||||||||||||
Balance
of Shares
Held
November
30, 2015
|
Gross
Purchases
and
Additions
|
Gross
Sales and
Reductions
|
Balance
of
Shares
Held
August
31, 2016
|
Value
August 31,
2016
|
Distributions
from
Investments
in Affiliated
Issuers
|
Net Realized
Gain (Loss)
from
Investments
in Affiliated
Issuers
|
|||||||||||||
American Midstream Partners LP(b)
|
1,762,311
|
-
|
862,311
|
900,000
|
$
|
11,961,000
|
$
|
1,392,000
|
(7,264,852)
|
||||||||||
CNX Coal Resources LP(b)
|
1,000,000
|
-
|
1,000,000
|
-
|
-
|
307,500
|
(7,497,379)
|
||||||||||||
Southcross Energy Partners, L.P.(b)
|
1,800,000
|
-
|
1,800,000
|
-
|
-
|
-
|
(24,496,497)
|
||||||||||||
Total
|
$
|
11,961,000
|
$
|
1,699,500
|
(39,258,728)
|
||||||||||||||
(a) Affiliated issuers, as defined in the Investment Company Act of 1940, as amended.
|
|||||||||||||||||||
(b) At August 31, 2016, the issuers of these securities were no longer affiliated with the Fund.
|
† |
In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman MLP Income Fund Inc. (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers LLC (“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. Significant Management judgment may be necessary to value investments in accordance with ASC 820.
|
• |
Level 1 – 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)
|
## |
At August 31, 2016, the cost of investments for U.S. federal income tax purposes was $595,398,417. Gross unrealized appreciation of investments was $335,973,166 and gross unrealized depreciation of investments was $241,826,181 resulting in net unrealized depreciation of $94,146,985 based on cost for U.S. federal income tax purposes.
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|