Salient Midstream & MLP Fund Announces its Net Asset Value as of July 31, 2012 and Provides Fund Update
HOUSTON, Aug. 7, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released today its net asset value (NAV) as of July 31, 2012 and provided an update on the Fund's current portfolio. The NAV of the Fund appreciated 6.0% for the month.
As of July 31, 2012, the Fund's net assets were $192.8 million and the net asset value per share was $20.38. The Fund's net assets on June 30, 2012 were $173.1 million and the net asset value per share was $19.22.
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 July 31, 2012, the advisor has invested the Fund in long-term investments as shown in the pie chart below:
(Photo: http://photos.prnewswire.com/prnh/20120807/NY53469 )
Also as of July 31, 2012, the Fund's 10 largest consolidated holdings were:
|
Company |
Sector |
Shares |
Amount (in millions) |
Percent of |
| Enterprise Products Partners LP** |
MLP |
420,822 |
$22.3 |
8.3% |
| Kinder Morgan Management, LLC |
MLP Affiliate |
252,009 |
$19.3 |
7.2% |
| Plains All American Pipeline, LP* |
MLP |
185,000 |
$16.3 |
6.1% |
| Kinder Morgan, Inc. |
Midstream Company |
438,078 |
$15.7 |
5.8% |
| Williams Companies, Inc. |
Midstream Company |
409,000 |
$13.0 |
4.8% |
| Enbridge Energy Management, LLC |
MLP Affiliate |
379,299 |
$12.1 |
4.5% |
| Teekay Offshore Partners, LP |
Marine Midstream |
435,000 |
$12.0 |
4.5% |
| Energy Transfer Partners, LP* |
MLP |
252,000 |
$11.5 |
4.3% |
| Energy Transfer Equity, LP* |
MLP |
247,000 |
$10.6 |
4.0% |
| Crosstex Energy, Inc. |
Midstream Company |
699,437 |
$9.4 |
3.5% |
| *Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc. |
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| ** A portion of the shares are held indirectly through the C-Corporation. |
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The Fund's consolidated unaudited balance sheet as of July 31, 2012, is shown below:
| Salient Midstream & MLP Fund |
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| Consolidated Balance Sheet |
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| July 31, 2012 |
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| (Unaudited) |
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| Assets |
(in millions) |
||
| Investments1 |
$259.1 |
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| Cash and Cash Equivalents |
3.7 |
||
| Receivable for Investments Sold |
2.4 |
||
| Hedging and Other Assets |
3.2 |
||
| Total Assets |
268.4 |
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| Liabilities |
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| Line of Credit Payable2 |
73.0 |
||
| Derivatives – Short positions |
0.3 |
||
| Other Liabilities |
2.3 |
||
| Total Liabilities |
75.6 |
||
| Net Assets |
$192.8 |
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| The Fund had 9.5 million common shares outstanding as of July 31, 2012. |
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| 1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $71.7 million. |
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| 2 The line of credit payable includes the C-Corporation's $24M outstanding line as of July 31, 2012. |
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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 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
[email protected]
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
[email protected]
800-809-0525
SOURCE Salient Midstream & MLP Fund
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