HOUSTON, July 5, 2012 /PRNewswire/ -- Salient MLP & Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today its net asset value (NAV) as of June 30, 2012 and provided an update on the Fund's current portfolio.
As of June 30, 2012, the Fund's net assets were $142.7 million and the NAV per share was $23.25, compared with May 31, 2012, when the net assets were $142.2 million and the NAV per share was $23.17. On June 30, 2012, the closing share price of the Fund was $24.90, which represents a 7.1% premium to the NAV.
In 2012, the Fund paid out cash distributions totaling $0.85 per share including $0.43 in May and $0.42 in February. Since the Fund's IPO in May 2011, the Fund has paid a total of $1.66 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 June 30, 2012.
(Photo: http://photos.prnewswire.com/prnh/20120705/NY35684)
Also as of June 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
|
247,684
|
$18.2
|
8.8%
|
|
Enterprise Products Partners, LP*
|
MLP
|
285,330
|
$14.6
|
7.1%
|
|
Enbridge Energy Management, LLC
|
MLP Affiliate
|
406,850
|
$13.0
|
6.3%
|
|
Plains All American Pipeline, LP*
|
MLP
|
134,990
|
$10.9
|
5.3%
|
|
Energy Transfer Equity, LP*
|
MLP
|
257,031
|
$10.5
|
5.1%
|
|
Whiting USA Trust II
|
Energy Company
|
474,010
|
$9.1
|
4.4%
|
|
Teekay Offshore Partners, LP
|
Marine Midstream
|
305,813
|
$8.5
|
4.2%
|
|
Kinder Morgan, Inc.
|
MLP Affiliate
|
263,750
|
$8.5
|
4.1%
|
|
Williams Companies, Inc.
|
MLP Affiliate
|
290,000
|
$8.4
|
4.1%
|
|
EL Paso Pipeline Partners, LP*
|
MLP
|
228,500
|
$7.7
|
3.8%
|
|
|
|
|
|
|
*Held indirectly through the wholly owned C-Corporation, Salient MLP & Energy Infrastructure Fund, Inc.
|
The Fund's consolidated unaudited balance sheet as of June 30, 2012, is shown below:
|
Salient MLP & Energy Infrastructure Fund
|
|
|
Consolidated Balance Sheet
|
|
|
June 30, 2012
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Assets
|
(in millions)
|
|
|
Investments(1)
|
$197.2
|
|
|
Cash and Cash Equivalents
|
7.8
|
|
|
Hedging and Other Assets
|
0.9
|
|
|
Total Assets
|
205.9
|
|
|
Liabilities
|
|
|
|
Line of Credit Payable(2)
|
58.3
|
|
|
Payable for Investments Purchased
|
1.8
|
|
|
Derivatives – Short positions
|
0.1
|
|
|
Other Liabilities
|
3.0
|
|
|
Total Liabilities
|
63.2
|
|
|
Net Assets
|
$142.7
|
|
|
|
|
|
|
The Fund had 6.1 million common shares outstanding as of June 30, 2012.
|
|
|
|
|
|
(1) Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure Fund, Inc. (C-Corporation) of $56.0 million.
|
|
|
(2) The line of credit payable includes the C-Corporation's $14.5M outstanding line as of June 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.
CONTACT:
Chris Moon
JCPR
cmoon@jcprinc.com
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
mlpinfo@salientpartners.com
800-809-0525
SOURCE Salient MLP & Energy Infrastructure Fund