2014

Salient MLP & Energy Infrastructure Fund Announces Net Asset Value as of October 31, 2012 and Announces Fourth Quarter 2012 Dividend of $0.4475 per Share Up 9.1% Year-over-Year

HOUSTON, Nov. 7, 2012 /PRNewswire/ -- Salient MLP & Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today its net asset value (NAV) as of October 31, 2012. The Fund also announced that it had increased its dividend by 9.1% year-over-year for the fourth quarter ended November 30, 2012.

As of October 31, 2012, the Fund's net assets were $152.6 million and the NAV per share was $24.86, compared with September 30, 2012, when the net assets were $152.5 million and the NAV per share was $24.84.  

On October 31, 2012, the closing share price of the Fund was $25.85, which was trading at a 4.0% premium to the NAV.

The Fund increased its quarterly dividend to $0.4475 per share for the quarter ending November 30, 2012, which represents a 9.1% year-over-year increase over the $0.41 paid in November 2011. The increased dividend will be payable on December 3, 2012 to common stockholders of record on November 19, 2012. It is anticipated that the majority portion of this dividend will be treated as a return of capital for tax purposes. The final tax status of the dividend may differ substantially from this preliminary information, and the final determination of such amount will be made in early 2013 when the Fund can determine its earnings and profits for the 2012 fiscal year.

The Fund's quarterly distributions per share as of October 31, 2012 are listed below:1


AMOUNT


QUARTERLY
GROWTH RATE
(%)


PAYABLE DATE


EX-DATE


RECORD DATE

$0.40

-

August 25, 2011

August 17, 2011

August 19, 2011

$0.41

2.5%

November 22, 2011

November 15, 2011

November 17, 2011

$0.42

2.4%

February 22, 2012

February 15, 2012

February 17, 2012

$0.43

2.4%

May 22, 2012

May 15, 2012

May 17, 2012

$0.44

2.3%

August 22, 2012

August 15, 2012

August 17, 2012

$0.4475

1.7%

December 3, 2012

November 15, 2012

November 19, 2012

Past performance is no guarantee of future results.

1 The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund's returns may be comprised of ordinary income, return of capital and net realized capital gains. The Fund will determine the tax characteristics of all fund distributions after the end of the calendar year and will provide shareholders such information at that time.

 

The Fund was invested as shown in the pie chart below as of October 31, 2012.

(Photo: http://photos.prnewswire.com/prnh/20121107/NY07562 )

 

Also as of October 31, 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

336,298

$17.7

7.9%

Kinder Morgan Management, LLC

MLP Affiliate

232,930

$17.4

7.8%

Enbridge Energy Management, LLC

MLP Affiliate

408,180

$12.8

5.7%

Plains All American Pipeline, LP*

MLP

269,980

$12.3

5.5%

Linn Co, LLC

MLP Affiliate

299,300

$11.6

5.2%

Energy Transfer Equity, LP*

MLP

257,031

$11.3

5.0%

Kinder Morgan, Inc.

MLP Affiliate

279,750

$9.7

4.3%

Whiting USA Trust II

Energy Company

474,010

$8.9

4.0%

Williams Companies, Inc.

MLP Affiliate

252,000

$8.8

3.9%

Navios Maritime Partners, LP

Marine Midstream

514,678

$8.0

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 October 31, 2012, is shown below:

Salient MLP & Energy Infrastructure Fund

Consolidated Balance Sheet

October 31, 2012

(Unaudited)



Assets

(in millions)



Investments1

$220.8



Cash and Cash Equivalents

1.1



Hedging and Other Assets

2.3


Total Assets

224.2


Liabilities



Line of Credit Payable2

67.0


Derivatives – Short positions

0.0


Other Liabilities

4.6


Total Liabilities

71.6


Net Assets

$152.6



The Fund had 6.1 million common shares outstanding as of October 31, 2012.  


1 Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure Fund, Inc.'s (C-Corporation) of $48.2 million.


2 The line of credit payable includes the C-Corporation's $14M outstanding line as of October 31, 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




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