Salient Midstream & MLP Fund Announces Net Asset Value as of October 31, 2013 and Fourth Quarter 2013 Dividend of $0.347 per Share
HOUSTON, Nov. 7, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) announced today its net asset value (NAV) as of October 31, 2013.
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At the close of business on October 31, 2013, the Fund's net assets were $228.3 million and the NAV per share was $24.04, compared with July 31, 2013, when the net assets were $225.9 million and the NAV per share was $23.78.
On October 31, 2013, the closing share price of the Fund was $23.05, which was trading at a 4.1% discount to the NAV.
The Fund increased its quarterly dividend to $0.347 per share for the quarter ending November 30, 2013, which represents a 5.2% year-over-year increase over the $0.33 paid in December 2012. The dividend will be payable on November 29, 2013 to common stockholders of record on November 19, 2013. It is anticipated that this dividend will be comprised of both return of capital and ordinary income 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 2014 when the Fund can determine its earnings and profits for the 2013 fiscal year.
The Fund's quarterly distributions per share for the past year as of October 31, 2013 are listed below:[1]
| AMOUNT |
QUARTERLY GROWTH RATE (%) |
PAYABLE DATE |
EX-DATE |
RECORD DATE |
| $0.347 |
0.6% |
November 29, 2013 |
November 15, 2013 |
November 19, 2013 |
| $0.345 |
1.5% |
August 29, 2013 |
August 15, 2013 |
August 19, 2013 |
| $0.34 |
1.5% |
May 29, 2013 |
May 17, 2013 |
May 21, 2013 |
| $0.335 |
1.5% |
February 28, 2013 |
February 15, 2013 |
February 19, 2013 |
| $0.33 |
1.5% |
December 3, 2012 |
November 15, 2012 |
November 19, 2012 |
| Past performance is no guarantee of future results. The Fund distributions are comprised of distributable cash flow generated from its portfolio investments plus any realized capital gains. The tax characteristics of the historical distributions can be found on http://www.salientpartners.com/funds/mlp-midstream.html |
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The Fund was invested as shown in the pie chart below as of October 31, 2013.
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Also as of October 31, 2013, the Fund's 10 largest consolidated holdings were:
|
Company |
Sector |
Shares |
Amount (in millions) |
Percent of Consolidated Gross Assets |
| Enterprise Products Partners, LP* |
MLP |
470,359 |
$29.8 |
8.6% |
| Kinder Morgan Management, LLC |
MLP Affiliate |
302,291 |
$22.8 |
6.6% |
| Plains All American Pipeline, LP* |
MLP |
388,700 |
$19.9 |
5.7% |
| Enbridge Energy Management, LLC |
MLP Affiliate |
655,521 |
$18.7 |
5.4% |
| Williams Companies, Inc. |
Midstream Company |
410,389 |
$14.7 |
4.2% |
| Energy Transfer Equity, LP* |
MLP |
201,559 |
$13.6 |
3.9% |
| Linn Co, LLC |
MLP Affiliate |
438,245 |
$12.9 |
3.7% |
| Kinder Morgan, Inc. |
Midstream Company |
341,188 |
$12.0 |
3.5% |
| Crosstex Energy, Inc. |
Midstream Company |
366,805 |
$11.3 |
3.3% |
| Oneok, Inc. |
Midstream Company |
184,664 |
$10.4 |
3.0% |
| *Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc. |
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The Fund's consolidated unaudited balance sheet as of October 31, 2013, is shown below:
| Salient Midstream & MLP Fund |
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| Consolidated Balance Sheet |
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| October 31, 2013 |
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| (Unaudited) |
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| Assets |
(in millions) |
||
| Investments1 |
$337.7 |
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| Cash and Cash Equivalents |
1.7 |
||
| Receivable for Investments Sold |
5.0 |
||
| Hedging and Other Assets |
2.2 |
||
| Total Assets |
346.6 |
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| Liabilities |
|||
| Line of Credit Payable2 |
108.5 |
||
| Payable for Investments Purchased |
1.0 |
||
| Other Liabilities |
8.9 |
||
| Total Liabilities |
118.3 |
||
| Net Assets |
$228.3 |
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| The Fund had 9.5 million common shares outstanding as of October 31, 2013. |
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| 1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc.'s (C-Corporation) of $97.5 million. |
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| 2The line of credit payable includes the C-Corporation's $17.3M outstanding line as of October 31, 2013. |
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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 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.
[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.
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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