Business & Finance
Wed, December 7, 2011 
HOUSTON--([ BUSINESS WIRE ])--Salient MLP & Energy Infrastructure Fund (the aFunda) (NYSE: SMF) announced today its net asset value as of November 30, 2011 and provided an update on the fundas current portfolio.
As of November 30, 2011 the Fundas net assets were $144.9 million and the net asset value per share was $23.61 compared to May 31, 2011 when the net assets were $133.5 million and the net asset value per share was $23.82. Since the IPO in May 2011, the Fund has paid two quarterly distributions of $0.40 in August and $0.41 in November for a total of $0.81 paid in cash distributions to investors since the IPO.
Including cash distributions of $0.81 paid to investors, the total return on a net asset value basis was $0.60 per share or 2.52% since the Fundas IPO on May 27, 2011. On November 30, 2011 the closing share price was $23.42 which was trading at a 0.80% discount to net asset value of $23.61 per share.
As of November 30, 2011 the Fund was invested as shown in the pie chart in Figure 1 and the Fundas ten largest holdings were:
| Company | Sector | Shares | Amount | Percent of | ||||||||
| Kinder Morgan Management, LLC | MLP Affiliate | 255,203 | $18.1 | 9.2% | ||||||||
| Enbridge Energy Management, LLC | MLP Affiliate | 490,697 | $15.6 | 8.0% | ||||||||
| Enterprise Products Partners* | MLP | 243,330 | $11.1 | 5.6% | ||||||||
| Energy Transfer Equity, L.P.* | MLP | 241,360 | $8.5 | 4.3% | ||||||||
El Paso Pipeline Partners, L.P.* | MLP | 242,600 | $8.0 | 4.1% | ||||||||
| Kinder Morgan, Inc. | MLP Affiliate | 263,750 | $7.8 | 4.0% | ||||||||
Teekay Offshore Partners, L.P. | Marine Midstream | 268,010 | $7.5 | 3.8% | ||||||||
| VOC Energy Trust | Energy Company | 329,902 | $6.8 | 3.5% | ||||||||
Eagle Rock Energy Partners, L.P. | MLP | 624,823 | $6.6 | 3.3% | ||||||||
Navios Maritime Partners, L.P. | Marine Midstream | 447,640 | $6.1 | 3.1% | ||||||||
| *Held indirectly through the wholly owned C-Corporation, Salient MLP & Energy Infrastructure, Inc. | ||||||||||||
The Fundas consolidated unaudited balance sheet as of November 30, 2011 is shown below:
| Salient MLP & Energy Infrastructure Fund | ||||||
| Consolidated Balance Sheet | ||||||
| November 30, 2011 | ||||||
| (Unaudited) | ||||||
| Assets | (in millions) | |||||
| Investments1 | $186.0 | |||||
| Cash and Cash Equivalents | 2.2 | |||||
| Receivable for Investments Sold | 4.8 | |||||
| Hedging and Other Assets | 3.3 | |||||
| Total Assets | 196.3 | |||||
| Liabilities | ||||||
| Line of Credit Payable2 | 49.2 | |||||
| Payable for Investments Purchased | 1.0 | |||||
| Other Liabilities | 1.2 | |||||
| Total Liabilities | 51.4 | |||||
| Net Assets | $144.9 | |||||
The Fund had 6.1 million common shares outstanding as of November 30, 2011 | ||
| 1 | Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure Fund, Inc's (C-Corporation) of $46.8 million. | |
| 2 | The line of credit payable includes the C-Corporation's $11.9M outstanding line as of November 30, 2011. |
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 Fundas 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 Fundas 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 Fundas 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 Fundas investment objective will be attained.
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