Schedule of Investments MLP Income Fund Inc. (Unaudited) February 28, 2018
|
|||||
NUMBER OF SHARES
|
VALUE
|
†
|
|||
Master Limited Partnerships and Related Companies 127.7%
|
|||||
Coal & Consumable Fuels 9.2%
|
|||||
1,859,436
|
Alliance Holdings GP, L.P.
|
$ 47,359,835
|
(a)
|
||
Leisure Facilities 8.4%
|
|||||
646,000
|
Cedar Fair L.P.
|
43,159,260
|
(a)
|
||
Oil & Gas Storage & Transportation 101.0%
|
|||||
536,000
|
American Midstream Partners LP
|
6,164,000
|
(a)
|
||
818,038
|
Antero Midstream Partners LP
|
21,358,972
|
(a)
|
||
336,000
|
Antero Resources Corp.
|
6,320,160
|
*(a)
|
||
200,000
|
DCP Midstream Partners, LP
|
7,168,000
|
(a)
|
||
640,000
|
Dominion Midstream Partners, LP
|
16,128,000
|
(a)
|
||
44,000
|
Dominion Energy, Inc.
|
3,259,080
|
(a)
|
||
4,500,000
|
Energy Transfer Equity, L.P.
|
67,873,682
|
*(b)(d)(e)
|
||
2,860,000
|
Energy Transfer Partners, L.P.
|
52,080,600
|
(a)
|
||
1,960,000
|
Enterprise Products Partners L.P.
|
49,823,200
|
(a)
|
||
536,016
|
EQT GP Holdings LP
|
12,633,897
|
(a)
|
||
646,000
|
EQT Midstream Partners, LP
|
39,741,920
|
(a)
|
||
136,000
|
NRG Yield, Inc. - Class C
|
2,128,400
|
|||
336,000
|
MPLX LP
|
11,602,080
|
(a)
|
||
200,000
|
NuStar Energy L.P.
|
4,388,000
|
(a)
|
||
1,343,571
|
NuStar GP Holdings, LLC
|
15,652,602
|
(a)
|
||
876,409
|
ONEOK, Inc.
|
49,368,119
|
(a)
|
||
16,000
|
Rice Midstream Partners LP
|
304,160
|
(a)
|
||
76,000
|
Sempra Energy
|
8,282,480
|
(a)
|
||
120,000
|
Spectra Energy Partners, LP
|
4,714,800
|
(a)
|
||
576,000
|
Targa Resources Corp.
|
25,718,400
|
(a)
|
||
336,300
|
Teekay LNG Partners L.P.
|
6,221,550
|
(a)
|
||
1,913,722
|
Western Gas Equity Partners, LP
|
69,659,481
|
(a)
|
||
586,000
|
Western Gas Partners, LP
|
27,278,300
|
(a)
|
||
336,000
|
Williams Cos., Inc.
|
9,327,360
|
(a)
|
||
517,197,243
|
|||||
Propane 0.3%
|
|||||
40,000
|
AmeriGas Partners, L.P.
|
1,677,600
|
(a)
|
||
Utilities 8.8%
|
|||||
1,146,000
|
NextEra Energy Partners LP
|
44,969,040
|
(a)
|
||
Total Master Limited Partnerships and Related Companies (Cost $639,003,428)
|
654,362,978
|
||||
Convertible Preferred Stocks 3.3%
|
|||||
Oil & Gas Storage & Transportation 3.3%
|
|||||
4,500,000
|
Energy Transfer Equity, L.P., Preferred (Cost $6,300,000)
|
16,788,803
|
(b)(d)(e)
|
||
Short-Term Investments 0.3%
|
|||||
Investment Companies 0.3%
|
|||||
1,357,288
|
Invesco STIT Treasury Portfolio Money Market Fund Institutional Class, 1.29%(c)(Cost $1,357,288)
|
1,357,288
|
|||
Total Investments 131.3% (Cost $646,660,716)
|
672,509,069
|
||||
Liabilities Less Other Assets (31.3%)
|
(160,311,414)
|
||||
Net Assets Applicable to Common Stockholders 100.0%
|
$ 512,197,655
|
* 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) Security fair valued as of February 28, 2018 in accordance with procedures approved by the Fund's Board of Directors (the "Board"). Total value of all such securities at February 28, 2018 amounted to $84,662,485 which represents 16.5% of net assets applicable to common stockholders of the Fund.
|
||||
(c) Represents 7-day effective yield as of February 28, 2018.
|
||||
(d) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.
At February 28, 2018, these securities amounted to $84,662,485, which represents 16.5% of net assets applicable to common stockholders of the Fund.
|
Restricted Security
|
Acquisition Date
|
Acquisition Cost
|
Acquisition Cost
Percentage of Net
Assets Applicable to Common
Stockholders
|
Value as of
2/28/2018
|
Fair Value Percentage of
Net Assets Applicable to
Common Stockholders as
of 2/28/2018
|
||||||||||||
Energy Transfer Equity, L.P.
|
3/16/2016
|
$
|
57,957,425
|
15.0
|
%
|
$
|
67,873,682
|
13.2
|
%
|
||||||||
Energy Transfer Equity, L.P., Preferred
|
3/16/2016
|
6,300,000
|
1.6
|
16,788,803
|
3.3
|
||||||||||||
$
|
64,257,425
|
$
|
84,662,485
|
16.5
|
%
|
||||||||||||
(e) Value determined using significant unobservable inputs.
|
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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 February 28, 2018:
|
Asset Valuation Inputs
|
Level 3(a)
|
|||||||||||||||
Investments:
|
Level 1
|
Level 2
|
Total
|
|||||||||||||
Master Limited Partnerships and Related Companies
|
||||||||||||||||
Coal & Consumable Fuels
|
$
|
47,359,835
|
$
|
-
|
$
|
-
|
$
|
47,359,835
|
||||||||
Leisure Facilities
|
43,159,260
|
-
|
-
|
43,159,260
|
||||||||||||
Oil & Gas Storage & Transportation
|
449,323,561
|
-
|
67,873,682
|
517,197,243
|
||||||||||||
Propane
|
1,677,600
|
-
|
-
|
1,677,600
|
||||||||||||
Utilities
|
44,969,040
|
-
|
-
|
44,969,040
|
||||||||||||
Total Master Limited Partnerships and Related Companies
|
586,489,296
|
-
|
67,873,682
|
654,362,978
|
||||||||||||
Convertible Preferred Stocks
|
||||||||||||||||
Oil & Gas Storage & Transportation
|
-
|
-
|
16,788,803
|
16,788,803
|
||||||||||||
Short-Term Investments
|
-
|
1,357,288
|
-
|
1,357,288
|
||||||||||||
Total Investments
|
$
|
586,489,296
|
$
|
1,357,288
|
$
|
84,662,485
|
$
|
672,509,069
|
(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
12/1/2017
|
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
2/28/2018
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments still
held as of
2/28/2018
|
||||||||||||||||||||||||||||||
Master Limited Partnerships and Related Companies
|
||||||||||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
$
|
68,930,719
|
$
|
-
|
$
|
-
|
$
|
(1,057,037
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
67,873,682
|
$
|
(1,057,037
|
)
|
||||||||||||||||||
Convertible Preferred Stocks
|
||||||||||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation
|
17,527,056
|
-
|
-
|
(738,253
|
)
|
-
|
-
|
-
|
-
|
16,788,803
|
(738,253
|
)
|
||||||||||||||||||||||||||||
Total
|
$
|
86,457,775
|
$
|
-
|
$
|
-
|
$
|
(1,795,290
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
84,662,485
|
$
|
(1,795,290
|
)
|
||||||||||||||||||
The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of February 28, 2018:
|
Asset class
|
Fair value
at 2/28/2018
|
Valuation
approach
|
Unobservable
inputs
|
Amount or range
per unit
|
Input value
per unit
|
Impact to
valuation
from an
increase
in input(b)
|
||||||||||
Quarterly Cash
Distribution
|
$0.285
|
$0.285
|
Increase
|
|||||||||||||
Master Limited Partnerships and
Related Companies
|
$67,873,682
|
Income
Approach
|
Discount for Lack of
Marketability
|
0.9
|
%
|
0.9
|
%
|
Decrease
|
||||||||
Quarterly Cash
Distribution
|
$0.285
|
$0.285
|
Increase
|
|||||||||||||
Convertible Preferred Stocks
|
$16,788,803
|
Income
Approach
|
Discount for Lack of
Marketability
|
0.9
|
%
|
0.9
|
%
|
Decrease
|
||||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable inut would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
|
||||||||||||||||
As of the period ended February 28, 2018, no securities were transferred from one level (as of November 30, 2017) to another.
|
†
|
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.
|
||
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 – 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 (including master limited partnerships) and convertible preferred stocks, for which market quotations are readily 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.
|
|||
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).
|
|||
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 readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts (“ADRs”) and whether the issuer of the security being fair valued has other securities outstanding.
|
|||
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 next trades.
|
|||
(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.
|
By:
|
/s/ Robert Conti | |
Robert Conti
|
||
Chief Executive Officer and President
|
By:
|
/s/ Robert Conti
|
|
Robert Conti
|
||
Chief Executive Officer and President
|
By:
|
/s/ John M. McGovern
|
|
John M. McGovern
|
||
Treasurer and Principal Financial
|
||
and Accounting Officer
|