Salient MLP & Energy Infrastructure Fund Announces Net Asset Value as of September 30, 2012 and Provides Fund Update
Houston, TX - October 8, 2012 - Salient MLP & Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today its net asset value (NAV) as of September 30, 2012 and provided an update on the Fund's current portfolio.
As of September 30, 2012, the Fund's net assets were $152.5 million and the NAV per share was $24.84, compared with August 31, 2012, when the net assets were $150.5 million and the NAV per share was
$24.52. On September 28, 2012, the closing share price of the Fund was $25.14, which represents a
1.2% premium to the NAV.
In 2012, the Fund has paid out cash distributions totaling $1.29 per share including $0.44 in August,
$0.43 in May and $0.42 in February. Since the Fund's IPO in May 2011, the Fund has paid a total of
$2.10 in distributions to investors.
The Fund is a non-diversified, closed-end fund that seeks to provide a high level of total return with an emphasis on making quarterly cash distributions to shareholders. The Fund was invested as shown in the pie chart below as of September 30, 2012.
Also as of September 30, 2012, the Fund's 10 largest consolidated holdings were:
Company | Sector | Shares | Amount (in millions) | Percent of Consolidated Gross Assets |
Kinder Morgan Management, LLC | MLP Affiliate | 243,202 | $18.1 | 8.6% |
Enterprise Products Partners, LP* | MLP | 336,298 | $18.0 | 8.6% |
Enbridge Energy Management, LLC | MLP Affiliate | 413,886 | $13.1 | 6.2% |
Plains All American Pipeline, LP* | MLP | 134,990 | $12.0 | 5.7% |
Energy Transfer Equity, LP* | MLP | 257,031 | $11.7 | 5.5% |
Williams Companies, Inc. | MLP Affiliate | 290,000 | $10.1 | 4.8% |
Kinder Morgan, Inc. | MLP Affiliate | 263,750 | $9.4 | 4.5% |
Whiting USA Trust II | Energy Company | 474,010 | $9.1 | 4.3% |
Navios Maritime Partners, LP | Marine Midstream | 485,678 | $7.3 | 3.5% |
Magellan Midstream Partners LP* | MLP | 79,600 | $6.9 | 3.3% |
*Held indirectly through the wholly owned C-Corporation, Salient MLP & Energy Infrastructure Fund, Inc.
The Fund's consolidated unaudited balance sheet as of September 30, 2012, is shown below:
Salient MLP & Energy Infrastructure Fund Consolidated Balance Sheet September 30, 2012 (Unaudited)Assets Investments1 | (in millions) $205.9 |
Cash and Cash Equivalents | 3.9 |
Receivable for Investments Sold | 0.0 |
Hedging and Other Assets | 1.2 |
Total Assets | 210.9 |
Liabilities Line of Credit Payable2 | 53.8 |
Derivatives - Short positions | 0.0 |
Other Liabilities | 4.6 |
Total Liabilities | 58.4 |
Net Assets | $152.5 |
The Fund had 6.1 million common shares outstanding as of September 30, 2012.
1Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure
Fund, Inc. (C-Corporation) of $62.3 million.
2The line of credit payable includes the C-Corporation's $19M outstanding line as of September 30,
2012.
Past performance is no guarantee of future results.
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Salient MLP & Energy Infrastructure Fund is a Delaware
statutory trust registered as a non-diversified, closed-end
management investment company under the Investment Company
Act of 1940, as amended. The Fund's investment objective is
to provide a high level of total return with an emphasis on
making quarterly cash distributions to shareholders. The Fund
seeks to achieve that objective by investing at least 80% of
its total assets in securities of MLPs and energy
infrastructure companies. There can be no assurance that the
Fund will achieve its investment objective.
This press release contains "forward-looking
statements" as defined under the U.S. federal securities
laws. Generally, the words "believe,"
"expect," "intend," "estimate,"
"anticipate," "project,"
"will," and similar expressions identify
forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject
to certain risks and uncertainties that could cause actual
future results to differ significantly from the Fund's
present expectations or projections indicated in any forward-
looking statements. These risks include, but are not limited
to, changes in economic and political conditions; regulatory
and legal changes; leverage risk; valuation risk; interest
rate risk; tax risk; the volume of sales and purchase of
shares; the continuation of investment advisory,
administration and other service arrangements; and other
risks discussed in the Fund's filings with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements, which speak only as of the date
they are made. The Fund undertakes no obligation to publicly
update or revise any forward-looking statements made herein.
There is no assurance that the Fund's investment objective
will be attained.
Chris Moon JCPR cmoon@jcprinc.com
973-850-7304
Salient Capital Advisors, LLC Investor Relations mlpinfo@salientpartners.com
800-809-0525
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