Salient MLP & Energy Infrastructure Fund Announces Net Asset
Value as of November 30, 2012 and Provides Fund Update
HOUSTON, Dec. 7, 2012 /PRNewswire/ -- Salient MLP
& Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced
today its net asset value (NAV) as of November 30, 2012 and provided an update on the
Fund's current portfolio.
As of November 30, 2012, the
Fund's net assets were $145.03
million and the NAV per share was $23.62, compared with October 31, 2012, when the net assets were
$152.6 million and the NAV per share
was $24.86. On November 30, 2012, the closing share price of the
Fund was $24.03, which represents a
1.7% premium to the NAV.
In 2012, the Fund has paid out cash distributions totaling
approximately $1.74 per share
including $0.4475 in December,
$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 $2.55 per share 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 November 30, 2012.
(Photo: http://photos.prnewswire.com/prnh/20121207/NY25816)
Also as of November 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
|
232,930
|
$17.7
|
8.2%
|
|
Enterprise
Products Partners, LP*
|
MLP
|
336,298
|
$17.4
|
8.1%
|
|
Plains All
American Pipeline, LP*
|
MLP
|
269,980
|
$12.6
|
5.9%
|
|
Enbridge
Energy Management, LLC
|
MLP
Affiliate
|
415,191
|
$12.2
|
5.7%
|
|
Energy
Transfer Equity, LP*
|
MLP
|
257,031
|
$11.7
|
5.4%
|
|
Linn Co,
LLC
|
MLP
Affiliate
|
299,300
|
$11.6
|
5.4%
|
|
El Paso
Pipeline Partners, LP
|
MLP
|
292,169
|
$10.9
|
5.1%
|
|
Kinder
Morgan, Inc.
|
MLP
Affiliate
|
279,750
|
$9.5
|
4.4%
|
|
Williams
Companies, Inc.
|
MLP
Affiliate
|
252,000
|
$8.3
|
3.9%
|
|
Whiting
USA Trust II
|
Energy
Company
|
474,010
|
$7.7
|
3.6%
|
|
|
|
|
|
|
*Held
indirectly through the wholly owned C-Corporation, Salient MLP
& Energy Infrastructure Fund, Inc.
|
The Fund's consolidated unaudited balance sheet as of
November 30, 2012, is shown
below:
|
Salient
MLP & Energy Infrastructure Fund
|
|
|
Consolidated Balance Sheet
|
|
|
November 30, 2012
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Assets
|
(in
millions)
|
|
|
Investments1
|
$209.3
|
|
|
Cash and
Cash Equivalents
|
3.4
|
|
|
Receivable
for Investments Sold
|
0.7
|
|
|
Hedging
and Other Assets
|
1.0
|
|
|
Total
Assets
|
214.5
|
|
|
Liabilities
|
|
|
|
Line of
Credit Payable2
|
61.7
|
|
|
Derivatives – Short positions
|
0.0
|
|
|
Other
Liabilities
|
7.8
|
|
|
Total
Liabilities
|
69.4
|
|
|
Net
Assets
|
$145.03
|
|
|
|
|
|
|
The Fund
had 6.1 million common shares outstanding as of November 30,
2012.
|
|
|
|
|
|
1Investments include the gross underlying
investments within the Salient MLP & Energy Infrastructure
Fund, Inc. (C-Corporation) of $63.2 million.
|
|
2The line of credit payable includes the
C-Corporation's $16.5M outstanding line as of November 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