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Schedule of Investments MLP Income Fund Inc. (Unaudited) 2/29/16
NUMBER OF SHARES			VALUE	†
Master Limited Partnerships and Related Companies (113.0%)
Coal & Consumable Fuels (8.8%)
1,940,300		Alliance Holdings GP, L.P.	$        26,911,961	µ
586,000		CNX Coal Resources LP	4,043,400	§µ
			30,955,361
Leisure Facilities (14.1%)
838,207		Cedar Fair L.P.	49,403,920	µ
Oil & Gas Storage & Transportation (87.4%)
1,160,000		American Midstream Partners LP	5,892,800	µ
126,658		Columbia Pipeline Group	2,298,843	µ
360,000		Crestwood Equity Partners LP	3,265,200	µ
5,600,000		Energy Transfer Equity, L.P.	39,200,000	µ
1,400,000		Energy Transfer Partners, L.P.	37,338,000	µ
1,500,000		Enterprise Products Partners L.P.	35,055,000	µ
337,395		EQT Midstream Partners, LP	24,167,604	µ
90,000		NRG Yield, Inc. - Class C	1,176,300	µ
180,000		NuStar Energy L.P.	6,305,400	µ
1,343,571		NuStar GP Holdings, LLC	23,364,700	µ
1,650,000		ONEOK, Inc.	39,600,000	µ
1,340,632		Southcross Energy Partners, L.P.	764,160	µ
35,575		Sempra Energy	3,433,343	µ
300,000		Spectra Energy Corp	8,760,000	µ
80,000		Spectra Energy Partners, LP	3,704,800	µ
100,000		Sunoco Logistics Partners L.P.	2,464,000	µ
2,180,000		Teekay LNG Partners L.P.	22,301,400	µ
600,000		Teekay Offshore Partners L.P.	1,776,000	µ
770,898		Western Gas Equity Partners, LP	22,741,491	µ
600,000		Western Gas Partners, LP	23,526,000	µ
			307,135,041
Propane (2.7%)
146,000		AmeriGas Partners, L.P.	5,952,420	µ
136,000		Suburban Propane Partners, L.P.	3,650,240	µ
			9,602,660
Total Master Limited Partnerships and Related Companies (Cost $655,051,176)			397,096,982
Short-Term Investments (14.1%)
49,448,952		Invesco STIT Treasury Portfolio Money Market Fund Institutional Class, 0.23% (Cost $49,448,952)	49,448,952	∆
Total Investments (127.1%) (Cost $704,500,128)			446,545,934	##
Liabilities, less cash, receivables and other assets [(27.1%)]			(95,152,888)
Total Net Assets Applicable to Common Stockholders (100.0%)			$        351,393,046
See Notes to Schedule of Investments

February 29, 2016 (Unaudited)

Notes to Schedule of Investments

†

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), 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 Fund’s Board of Directors (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, trading in financial 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.

 

 

The following is a summary, categorized by Level, of inputs used to value the Fund’s investments as of February 29, 2016:

 

As of the period ended February 29, 2016, no securities were transferred from one level (as of November 30, 2015) to another.

##

At February 29, 2016, the cost of investments for U.S. federal income tax purposes was $623,078,941.  Gross unrealized appreciation of investments was $291,656,834 and gross unrealized depreciation of investments was $468,189,841 resulting in net unrealized depreciation of $176,533,007 based on cost for U.S. federal income tax purposes.

§	Affiliated issuer.

Investments in Affiliates⁽¹⁾:

(1)	Affiliated issuer, as defined in the Investment Company Act of 1940, as amended.

µ        All or a portion of this security is pledged in connection with the Fund’s loans payable outstanding.

∆ The rate shown is the annualized seven day yield as of February 29, 2016.

 

For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.

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