Business & Finance
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Published in Business and Finance on Wednesday, April 10th 2013 at 14:00 GMT by Market Wire
Salient Midstream & MLP Fund Announces its Net Asset Value as of March... -- HOUSTON, April 10, 2013 /PRNewswire/ --
HOUSTON, April 10, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: [ SMM ]) released today its net asset value (NAV) as of March 28, 2013 and provided an update on the Fund's current portfolio.
(Logo: [ http://photos.prnewswire.com/prnh/20120917/NY75507LOGO ] )
As of March 28, 2013, the Fund's net assets were $221.6 million and the net asset value per share was $23.35 The Fund's net assets on February 28, 2013 were $205.4 million and the net asset value per share was $21.66. On March 28, 2013, the closing share price of the Fund was $22.80, which represents a 2.4% discount to the NAV.
As of March 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/20130410/NY92675-INFO ] )
Also as of March 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 C-Corp | 454,959 | $29.2 | 10.2% |
Plains All American Pipeline, LP | MLP C-Corp | 411,000 | $23.2 | 8.1% |
The Williams Companies, Inc. | Midstream Company | 547,900 | $20.5 | 7.2% |
Enbridge Energy Management, LLC | MLP Affiliate | 650,699 | $19.7 | 6.9% |
Kinder Morgan Management, LLC | MLP Affiliate | 211,532 | $18.6 | 6.5% |
Kinder Morgan, Inc. | Midstream Company | 374,348 | $14.5 | 5.1% |
Teekay Offshore Partners, LP | Marine Midstream | 442,281 | $13.4 | 4.7% |
LinnCo, LLC | MLP Affiliate | 333,390 | $13.0 | 4.6% |
EMG Utica LLC | MLP Affiliate | 9,000,000 | $9.0 | 3.1% |
Energy Transfer Equity, LP | MLP | 150,420 | $8.8 | 3.1% |
The Fund's consolidated unaudited balance sheet as of March 28, 2013, is shown below:
Salient Midstream & MLP Fund | |||
Consolidated Balance Sheet | |||
March 28, 2013 | |||
(Unaudited) | |||
Assets | (in millions) | ||
Investments1 | $310.0 | ||
Cash and Cash Equivalents | 3.1 | ||
Receivable for Investments Sold | 0.0 | ||
Hedging and Other Assets | 0.1 | ||
Total Assets | 313.2 | ||
Liabilities | |||
Line of Credit Payable2 | 83.9 | ||
Derivatives – Short positions | 0.6 | ||
Other Liabilities | 7.2 | ||
Total Liabilities | 91.7 | ||
Net Assets | $221.6 | ||
The Fund had 9.5 million common shares outstanding as of March 28, 2013. | |||
1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $83.9 million. | |||
2 The line of credit payable includes the C-Corporation's $20.9M outstanding line as of March 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
