HOUSTON, Oct. 8, 2012 /PRNewswire/ -- 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:
Kinder Morgan Management, LLC
Enterprise Products Partners, LP*
Enbridge Energy Management, LLC
Plains All American Pipeline, LP*
Energy Transfer Equity, LP*
Williams Companies, Inc.
Kinder Morgan, Inc.
Whiting USA Trust II
Navios Maritime Partners, LP
Magellan Midstream Partners LP*
*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
Cash and Cash Equivalents
Receivable for Investments Sold
Hedging and Other Assets
Line of Credit Payable2
Derivatives – Short positions
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.
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.
Salient Capital Advisors, LLC
SOURCE Salient MLP & Energy Infrastructure Fund