| By PR Newswire |
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| March 11, 2013 02:12 PM EDT |
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HOUSTON, March 11, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released today its net asset value (NAV) as of February 28, 2013 and provided an update on the Fund's current portfolio.
(Logo: http://photos.prnewswire.com/prnh/20120917/NY75507LOGO )
As of February 28, 2013, the Fund's net assets were $205.4 million and the net asset value per share was $21.66. The Fund's net assets on January 31, 2013 were $205.9 million and the net asset value per share was $21.72. The NAV on February 28, 2013 was $21.66 after paying $0.335 in dividends during the month. On February 28, 2013, the closing share price of the Fund was $22.00, which represents a 1.6% premium to the NAV.
As of February 28, 2013, the advisor has invested the Fund in long-term investments as shown in the pie chart below:
(Photo: http://photos.prnewswire.com/prnh/20130311/NY74699 )
Also as of February 28, 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
|
402,459
|
$24.5
|
9.2%
|
|
Plains All American Pipeline, LP
|
MLP
|
370,000
|
$20.3
|
7.6%
|
|
Williams Companies, Inc.
|
Midstream Company
|
547,900
|
$19.0
|
7.1%
|
|
Kinder Morgan Management, LLC
|
MLP Affiliate
|
211,532
|
$17.5
|
6.6%
|
|
Kinder Morgan, Inc.
|
Midstream Company
|
374,348
|
$13.9
|
5.2%
|
|
LinnCo, LLC
|
MLP Affiliate
|
333,390
|
$13.0
|
4.9%
|
|
Enbridge Energy Management, LLC
|
MLP Affiliate
|
457,775
|
$12.5
|
4.7%
|
|
Teekay Offshore Partners, LP
|
Marine Midstream
|
442,281
|
$12.4
|
4.6%
|
|
Crosstex Energy, Inc.
|
Midstream Company
|
733,805
|
$12.2
|
4.6%
|
|
EMG Utica LLC
|
MLP Affiliate
|
8,466,841
|
$8.5
|
3.2%
|
|
*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc.
|
|
The Fund's consolidated unaudited balance sheet as of February 28, 2013, is shown below:
|
Salient Midstream & MLP Fund
|
|
Consolidated Balance Sheet
|
|
February 28, 2013
|
|
(Unaudited)
|
|
|
|
Assets
|
(in millions)
|
|
Investments1
|
$275.4
|
|
Cash and Cash Equivalents
|
12.8
|
|
Receivable for Investments Sold
|
2.1
|
|
Hedging and Other Assets
|
-0.2
|
|
Total Assets
|
290.1
|
|
Liabilities
|
|
|
Line of Credit Payable2
|
75.9
|
|
Derivatives – Short positions
|
0.3
|
|
Other Liabilities
|
6.2
|
|
Total Liabilities
|
84.8
|
|
Net Assets
|
$205.4
|
|
|
|
The Fund had 9.5 million common shares outstanding as of February 28, 2013.
|
|
1Investments include the gross underlying investments within the Salient
Midstream & MLP Fund, Inc. (C-Corporation) of $78.2 million.
|
|
2 The line of credit payable includes the C-Corporation's $17.9M outstanding line
as of February 28, 2013.
|
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.
CONTACT:
Chris Moon
JCPR
cmoon@jcprinc.com
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
mlpinfo@salientpartners.com
800-809-0525
SOURCE Salient Midstream & MLP Fund
