In the news release, Salient MLP & Energy Infrastructure
Fund Announces Net Asset Value as of April
30, 2014 and Announces Second Quarter 2014 Dividend of
$0.468 per Share, issued 06-May-2014 by Salient MLP & Energy
Infrastructure Fund over PR Newswire, we are advised by the company
that for the most recent quarterly distribution, the record date
should be May 21, 2014 and the
ex-date should be May 19, 2014. The
complete, corrected release follows:
Salient MLP & Energy Infrastructure Fund Announces Net Asset
Value as of April 30, 2014 and Announces Second Quarter 2014
Dividend of $0.468 per Share
HOUSTON, May 6, 2014 /PRNewswire/ -- Salient MLP
& Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced
today its net asset value (NAV) as of April
30, 2014. The Fund also announced that it had increased its
dividend by 1.7% year-over-year for the second quarter ended
May 31, 2014, which is the eleventh
consecutive quarter that the Fund has increased its quarterly
dividend.
As of April 30, 2014, the Fund's
net assets were $230.5 million and
the NAV per share was $32.09. On
April 30, 2014, the closing share
price of the Fund was $30.94, which
was trading at a 3.6% discount to the NAV.
The Fund increased its quarterly dividend to $0.468 per share for the quarter ending
May 31, 2014, which represents a 1.7%
year-over-year increase over the $0.46 paid in May
2013. The increased dividend will be payable on May 30, 2014 to common stockholders of record on
May 21, 2014. It is anticipated that
this dividend will be comprised of both return of capital and
ordinary income for tax purposes. The final tax status of the
dividend may differ substantially from this preliminary
information, and the final determination of such amount will be
made in early 2015 when the Fund can determine its earnings and
profits for the 2014 fiscal year.
The Fund's quarterly distributions per share over the past year
as of April 30, 2014 are listed
below:[1]
|
AMOUNT
|
QUARTERLY
GROWTH RATE
(%)
|
PAYABLE
DATE
|
EX-DATE
|
RECORD
DATE
|
|
$0.468
|
0.2%
|
May 30,
2014
|
May 19,
2014
|
May 21,
2014
|
|
$0.467
|
0.2%
|
February 28,
2014
|
February 13,
2014
|
February 17,
2014
|
|
$0.466
|
0.2%
|
November 29,
2013
|
November 15,
2013
|
November 19,
2013
|
|
$0.465
|
1.1%
|
August 29,
2013
|
August 15,
2013
|
August 19,
2013
|
|
$0.46
|
1.1%
|
May 29,
2013
|
May 17,
2013
|
May 21,
2013
|
|
|
Past performance is
no guarantee of future results.
The Fund distributions are comprised of distributable cash flow
generated from its portfolio investments plus any realized capital
gains. The tax characteristics of the historical distributions can
be found on
http://www.salientpartners.com/funds/mlp-infrastructure.html
|
|
|
[1] The
amount of distributions may vary depending on a number of factors.
As portfolio and market conditions change, the rate of
distributions on Fund common shares could change. A portion of the
Fund's returns may be comprised of ordinary income, return of
capital and net realized capital gains. The Fund will determine the
tax characteristics of all fund distributions after the end of the
calendar year and will provide shareholders such information at
that time.
|
The Fund was invested as shown in the pie chart below as of
April 30, 2014.
Also as of April 30, 2014, the
Fund's 10 largest consolidated holdings were:[2]
|
Company
|
Sector
|
Shares
|
Amount
(in
millions)
|
Percent of
Consolidated
Gross
Assets
|
|
Enterprise Products
Partners, LP*
|
MLP
|
394,088
|
$28.8
|
8.3%
|
|
Enbridge Energy
Management, LLC
|
MLP
Affiliate
|
710,160
|
$20.9
|
6.0%
|
|
Kinder Morgan
Management, LLC
|
MLP
Affiliate
|
271,494
|
$19.6
|
5.6%
|
|
Energy Transfer
Equity, LP*
|
MLP
|
375,302
|
$17.5
|
5.0%
|
|
Plains All American
Pipeline, LP*
|
MLP
|
309,020
|
$17.2
|
4.9%
|
|
Targa Resources
Corp.
|
MLP
Affiliate
|
134,364
|
$14.5
|
4.2%
|
|
Magellan Midstream
Partners, LP*
|
MLP
|
193,600
|
$14.4
|
4.1%
|
|
Linn Co,
LLC
|
MLP
Affiliate
|
497,837
|
$13.7
|
3.9%
|
|
NGL Energy Partners,
LP
|
MLP
|
305,000
|
$11.8
|
3.4%
|
|
Targa Resources
Partners, LP
|
MLP
|
187,207
|
$11.1
|
3.2%
|
|
*Held indirectly
through the wholly owned C-Corporation, Salient MLP & Energy
Infrastructure Fund, Inc.
|
|
|
[2] Fund
shares do not represent a deposit or obligation of, and are not
guaranteed or endorsed by, any bank or other insured depository
institution, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board or any other
government agency. Data are based on total market value of Fund
investments unless otherwise indicated. The data provided are for
informational purposes only and are not intended for trading
purposes.
|
The Fund's consolidated unaudited balance sheet as of
April 30, 2014, is shown below:
|
Salient MLP &
Energy Infrastructure Fund
|
|
|
|
Consolidated
Balance Sheet
|
|
|
|
April 30,
2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Assets
|
(in
millions)
|
|
|
|
Investments1
|
$339.7
|
|
|
|
Cash and Cash
Equivalents
|
3.4
|
|
|
|
Receivable for
Investments Sold
|
5.2
|
|
|
|
Hedging and Other
Assets
|
0.9
|
|
|
|
Total
Assets
|
349.2
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Line of Credit
Payable2
|
103.4
|
|
|
|
Other
Liabilities
|
15.3
|
|
|
|
Total
Liabilities
|
118.7
|
|
|
|
Net
Assets
|
$230.5
|
|
|
|
|
|
|
|
|
The Fund had 7.18
million common shares outstanding as of April 30, 2014.
|
|
|
|
|
|
|
|
1Investments include the gross underlying
investments within the Salient MLP & Energy Infrastructure
Fund, Inc.'s (C-Corporation) of $101.3 million.
|
|
2The line
of credit payable includes the C-Corporation's $11.9 million
outstanding line as of April 30, 2014.
|
|
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
Fund's 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 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
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SOURCE Salient MLP & Energy Infrastructure Fund