HOUSTON, Aug. 5, 2014 /PRNewswire/ -- Salient MLP &
Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today
its net asset value (NAV) as of July 31,
2014. The Fund also announced that it had increased its
dividend by 1.1% year-over-year for the third quarter ended
August 31, 2014, which is the twelfth
consecutive quarter that the Fund has increased its quarterly
dividend.
As of July 31, 2014, the Fund's
net assets were $251.8 million and
the NAV per share was $35.06. On
July 31, 2014, the closing share
price of the Fund was $33.20, which
was trading at a 5.3% discount to the NAV.
The Fund increased its quarterly dividend to $0.47 per share for the quarter ending
August 31, 2014. The increased
dividend will be payable on August 29,
2014 to common stockholders of record on August 19, 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 July 31, 2014 are listed
below:[1]
|
AMOUNT
|
QUARTERLY
GROWTH RATE (%)
|
PAYABLE
DATE
|
EX-DATE
|
RECORD
DATE
|
|
$0.47
|
0.4%
|
August 29,
2014
|
August 15,
2014
|
August 19,
2014
|
|
$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
|
|
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
July 31, 2014.
Photo - http://photos.prnewswire.com/prnh/20140805/133616
For illustrative purposes only.
Source: Salient Capital Advisors, LLC, July 31, 2014.
Also, as of July 31, 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
|
$29.4
|
7.8%
|
|
The Williams
Companies, Inc.
|
Midstream
Company
|
478,996
|
$27.1
|
7.1%
|
|
Kinder Morgan
Management, LLC
|
MLP
Affiliate
|
294,614
|
$22.7
|
6.0%
|
|
Energy Transfer
Equity, LP*
|
MLP
|
375,302
|
$20.4
|
5.4%
|
|
Plains All American
Pipeline, LP*
|
MLP
|
309,020
|
$17.7
|
4.7%
|
|
Enbridge Energy
Management, LLC
|
MLP
Affiliate
|
514,064
|
$17.4
|
4.6%
|
|
Magellan Midstream
Partners, LP*
|
MLP
|
193,600
|
$15.5
|
4.1%
|
|
NGL Energy Partners,
LP**
|
MLP
|
347,082
|
$14.8
|
3.9%
|
|
Targa Resources
Partners, LP
|
MLP
|
187,207
|
$12.5
|
3.3%
|
|
Targa Resources
Corp.
|
Midstream
Company
|
89,330
|
$11.4
|
3.0%
|
|
|
*Held indirectly
through the wholly owned C-Corporation, Salient MLP & Energy
Infrastructure Fund, Inc.
**Held in both the
Registered Investment Company (RIC) and the C-Corporation and
includes both restricted and unrestricted shares.
|
|
Current and future
holdings are subject to change and risk.
|
|
Source: Salient
Capital Advisors, LLC, July 2014.
|
|
For illustrative
purposes only.
|
[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
July 31, 2014, is shown below:
|
Salient MLP &
Energy Infrastructure Fund
|
|
|
|
Consolidated
Balance Sheet
|
|
|
|
July 31,
2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Assets
|
(in
millions)
|
|
|
|
Investments1
|
$365.3
|
|
|
|
Cash and Cash
Equivalents
|
6.6
|
|
|
|
Receivable for
Investments Sold
|
2.3
|
|
|
|
Hedging and Other
Assets
|
3.1
|
|
|
|
Total
Assets
|
377.3
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Line of Credit
Payable2
|
110.6
|
|
|
|
Other
Liabilities
|
14.9
|
|
|
|
Total
Liabilities
|
125.5
|
|
|
|
Net
Assets
|
$251.8
|
|
|
|
|
|
|
|
|
The Fund had 7.2
million common shares outstanding as of July 31, 2014.
|
|
|
|
|
|
|
|
1Investments include the gross underlying
investments within the Salient MLP & Energy Infrastructure
Fund, Inc.'s (C-Corporation) of $110.6 million.
|
|
2The line
of credit payable includes the C-Corporation's $22.1 million
outstanding line as of July 31, 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
its common 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