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.
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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:
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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. |
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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. |
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1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $78.2 million. |
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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
[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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