Business & Finance
Fri, January 6, 2012 
HOUSTON--([ BUSINESS WIRE ])--Salient MLP & Energy Infrastructure Fund (the aFunda) (NYSE: SMF) announced today its net asset value as of December 30, 2011 and provided an update on the fundas current portfolio.
As of December 30, 2011 the Fundas net assets were $156.2 million and the net asset value per share was $25.46 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 $2.45 per share or 10.3% since the Fundas IPO on May 27, 2011. On December 30, 2011 the closing share price was $23.30 which was trading at an 8.5% discount to net asset value of $25.46 per share.
As of December 30, 2011 the Fund was invested as shown in the pie chart in Exhibit 1 and the Fundas ten largest holdings are found below:
| Company | Sector | Shares | Amount (in millions) | Percent of
| ||||||||
| Kinder Morgan Management, LLC | MLP Affiliate | 240,203 | $18.9 | 8.9% | ||||||||
| Enbridge Energy Management, LLC | MLP Affiliate | 490,697 | $17.1 | 8.1% | ||||||||
| Enterprise Products Partners* | MLP | 285,330 | $13.2 | 6.3% | ||||||||
Energy Transfer Equity, L.P.* | MLP | 241,360 | $9.8 | 4.6% | ||||||||
| Kinder Morgan, Inc. | MLP Affiliate | 263,750 | $8.5 | 4.0% | ||||||||
EL Paso Pipeline Partners, L.P.* | MLP | 242,600 | $8.4 | 4.0% | ||||||||
| VOC Energy Trust | Energy Company | 329,902 | $7.3 | 3.5% | ||||||||
Eagle Rock Energy Partners, L.P. | MLP | 624,823 | $7.3 | 3.4% | ||||||||
Teekay Offshore Partners, L.P. | Marine Midstream | 268,010 | $7.1 | 3.4% | ||||||||
Navios Maritime Partners, L.P. | Marine Midstream | 473,640 | $7.0 | 3.3% | ||||||||
| *Held indirectly through the wholly owned C-Corporation, Salient MLP & Energy Infrastructure, Inc. | ||||||||||||
The Fundas consolidated unaudited balance sheet as of December 30, 2011 is shown below:
Salient MLP & Energy Infrastructure Fund | |
Consolidated Balance Sheet | |
December 30, 2011 | |
(Unaudited) | |
| Assets | (in millions) |
| Investments1 | $206.3 |
| Cash and Cash Equivalents | 1.3 |
| Hedging and Other Assets | 3.7 |
| Total Assets | 211.3 |
| Liabilities | |
| Line of Credit Payable2 | 53.2 |
| Other Liabilities | 1.9 |
| Total Liabilities | 55.1 |
| Net Assets | $156.2 |
| The Fund had 6.1 million common shares outstanding as of December 30, 2011 |
| 1Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure Fund, Inc.'s (C-Corporation) of $52.4 million. |
| 2The line of credit payable includes the C-Corporation's $13.9M outstanding line as of December 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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