HOUSTON, Oct. 8, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released 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 $191.6 million and the net asset value per share was $20.24. The Fund's net assets on August 31, 2012 were $187.5 million and the net asset value per share was $19.80.
In July, the Fund announced its initial cash distribution of $0.325 per share with a payment date on August 22, 2012. This equates to a 6.5% yield on the IPO price of $20.00.
As of September 30, 2012, the advisor has invested the Fund in long-term investments as shown in the pie chart below:
(Photo: http://photos.prnewswire.com/prnh/20121008/NY88077 )
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
Enterprise Products Partners LP*
MLP
407,079
$22.0
11.3%
Kinder Morgan Management, LLC
MLP Affiliate
252,019
$19.5
8.2%
Plains All American Pipeline, LP*
MLP
185,000
$16.6
7.0%
Kinder Morgan, Inc.
Midstream Company
438,078
$15.5
6.6%
Williams Companies, Inc.
Midstream Company
409,000
$14.6
6.1%
Teekay Offshore Partners LP
Marine Midstream
435,002
$12.1
5.1%
El Paso Pipeline Partners LP*
MLP
308,767
$11.5
4.8%
Enbridge Energy Management LLC
MLP Affiliate
355,859
$11.4
4.8%
Energy Transfer Equity LP*
MLP
247,000
$11.3
4.8%
Crosstex Energy, Inc.
Midstream Company
699,437
$9.9
4.2%
*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc.
The Fund's consolidated unaudited balance sheet as of September 30, 2012, is shown below:
Salient Midstream & MLP Fund
Consolidated Balance Sheet
September 30, 2012
(Unaudited)
Assets
(in millions)
Investments1
$256.2
Cash and Cash Equivalents
1.3
Receivable for Investments Sold
0.0
Hedging and Other Assets
0.1
Total Assets
257.6
Liabilities
Line of Credit Payable2
63.5
Derivatives – Short positions
0.0
Other Liabilities
2.6
Total Liabilities
66.1
Net Assets
$191.6
The Fund had 9.5 million common shares outstanding as of September 30, 2012.
1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $72 million.
2 The line of credit payable includes the C-Corporation's $23.5M outstanding line as of September 30, 2012.
Past performance is no guarantee of future results.
Salient Midstream & MLP 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 its common shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and midstream 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.
CONTACT:
Chris Moon
JCPR
cmoon@jcprinc.com
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
mlpinfo@salientpartners.com
800-809-0525
SOURCE Salient Midstream & MLP Fund