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:
Also as of September 30, 2012, the Fund's 10 largest consolidated holdings were:
Enterprise Products Partners LP*
Kinder Morgan Management, LLC
Plains All American Pipeline, LP*
Kinder Morgan, Inc.
Williams Companies, Inc.
Teekay Offshore Partners LP
El Paso Pipeline Partners LP*
Enbridge Energy Management LLC
Energy Transfer Equity LP*
Crosstex Energy, Inc.
*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
Cash and Cash Equivalents
Receivable for Investments Sold
Hedging and Other Assets
Line of Credit Payable2
Derivatives – Short positions
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.
Salient Capital Advisors, LLC
SOURCE Salient Midstream & MLP Fund