NPORT-EX 2 nb2_nport.htm SOI AND NOTES
Schedule of Investments MLP and Energy Income Fund Inc.^ (Unaudited) August 31, 2022
   
                
                
NUMBER OF SHARES
 
VALUE
   
                
Common Stocks 80.9%
        
                
Capital Markets 1.5%
        
 
36,000
 
CME Group Inc.
 
$
7,041,960
 
 (a)
                    
Electric Utilities 2.5%
          
 
144,000
 
NextEra Energy Inc.
   
12,248,640
 
 (a)
                    
Independent Power and Renewable Electricity Producers 12.7%
          
 
400,000
 
Clearway Energy Inc.
   
14,840,000
 
 (a)
 
492,000
 
NextEra Energy Partners LP
   
40,388,280
 
 (a)
 
200,986
 
Northland Power Inc.
   
6,880,368
   
           
62,108,648
   
                    
Multi-Utilities 7.9%
          
 
450,000
 
CenterPoint Energy Inc.
   
14,188,500
 
 (a)
 
33,000
 
Dominion Energy Inc.
   
2,699,400
 
 (a)
 
132,000
 
Sempra Energy
   
21,776,040
 
 (a)
           
38,663,940
   
                    
Oil, Gas & Consumable Fuels 56.3%
          
 
475,000
 
Antero Midstream Corp.
   
4,783,250
 
 (a)
 
800,000
 
Antero Resources Corp.
   
32,064,000
 
 (a)*
 
150,000
 
Cheniere Energy Inc.
   
24,027,000
 
 (a)
 
164,000
 
Civitas Resources Inc.
   
11,019,160
 
 (a)
 
150,000
 
ConocoPhillips
   
16,417,500
 
 (a)
 
190,000
 
Coterra Energy Inc.
   
5,872,900
 
 (a)
 
144,000
 
Denbury Inc.
   
12,805,920
 
 (a)*
 
499,096
 
Kinetik Holdings Inc.
   
18,401,670
 
 (a)
 
425,000
 
ONEOK Inc.
   
26,022,750
 
 (a)
 
1,032,000
 
Targa Resources Corp.
   
70,413,360
 
 (a)
 
100,000
 
TC Energy Corp.
   
4,820,000
   
 
1,400,000
 
Williams Cos Inc.
   
47,642,000
 
 (a)
           
274,289,510
   
                    
Total Common Stocks (Cost $207,621,834)
   
394,352,698
   
                    
NUMBER OF UNITS
          
                    
Master Limited Partnerships and Limited Partnerships 37.6%
          
                    
Hotels, Restaurants & Leisure 1.7%
          
 
200,000
 
Cedar Fair LP
   
8,378,000
   
                    
Oil & Gas Storage & Transportation 35.2%
          
 
4,160,000
 
Energy Transfer LP
   
48,713,600
 
 (a)
 
2,416,000
 
Enterprise Products Partners LP
   
63,589,120
 
 (a)
 
132,000
 
MPLX LP
   
4,305,840
 
 (a)
 
336,000
 
NuStar Energy LP
   
5,362,560
 
 (a)
 
1,760,000
 
Western Midstream Partners LP
   
49,473,600
 
 (a)*
           
171,444,720
   
                    
Renewable Electricity 0.7%
          
 
90,000
 
Brookfield Renewable Partners LP
   
3,348,900
 
 (a)
                    
Total Master Limited Partnerships and Limited Partnerships (Cost $162,369,109)
   
183,171,620
   
                    
NUMBER OF SHARES
          
                    
Short-Term Investments 0.7%
          
                    
Investment Companies 0.7%
          
 
3,499,601
 
Invesco STIT Treasury Portfolio Money Market Fund Institutional Class, 2.17%(b) (Cost $3,499,601)
 
$
3,499,601
   
                    
Total Investments 119.2% (Cost $373,490,544)
   
581,023,919
   
Liabilities less other Assets (19.2)%
   
(93,524,727
)
 
Net Assets Applicable to Common Stockholders 100.0%
 
$
487,499,192
   

* 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) Represents 7-day effective yield as of August 31, 2022.

See Notes to Schedule of Investments.

Schedule of Investments MLP and Energy 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, 2022:
 

Asset Valuation Inputs
                       
Investments:
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks(a)
 
$
394,352,698
   
$
-
   
$
-
   
$
394,352,698
 
Master Limited Partnerships and Limited Partnerships(a)
   
183,171,620
     
-
     
-
     
183,171,620
 
Short-Term Investments
   
-
     
3,499,601
     
-
     
3,499,601
 
Total Investments
 
$
577,524,318
   
$
3,499,601
   
$
-
   
$
581,023,919
 

          (a)   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.
   

August 31, 2022

Notes to Schedule of Investments MLP and Energy Income Fund Inc.
(Unaudited)

In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman MLP and Energy 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 – 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 and master limited partnerships and 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.

The value of the Fund’s investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange is open for business. The Fund’s Board of Directors (the “Board”) has approved the use of ICE Data Services (“ICE”) to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that the Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time as of which the Fund’s share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices the Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

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 with readily determinable fair value 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. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the 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 of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or 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 next trades.

In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The compliance date for Rule 2a-5 was September 8, 2022 (the "Compliance Date").  Effective as of the Compliance Date, the Board approved changes to the Fund’s valuation policy to comply with the requirements of Rule 2a-5, including the designation of Management as the Fund’s valuation designee (as defined in the rule). The valuation designee will be responsible for the valuation of the Fund's investments, subject to oversight by the Board.

Other matters:

Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund.

Russia’s Invasion of Ukraine: Russia’s invasion of the Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

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