HOUSTON, Nov. 4, 2015
/PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund")
(NYSE: SMM) today announced it has increased its dividend to
$0.369 for the fourth quarter ending
November 30, 2015.
At the close of business on October 31,
2015, the Fund's total consolidated assets were $443.0 million and the NAV per share was
$16.77. On October 31, 2015, the closing share price of the
Fund was $14.68, which was trading at
a 12.5% discount to the NAV.1 For the month ending
October 31, 2015, the Fund's NAV and
market price total returns were 9.4% and 4.9%, respectively, and
the Fund's yield was 10.0%.2
The Fund's fourth quarter dividend for the quarter ending
November 30, 2015 will be payable on
November 30, 2015 to common
stockholders of record on November 18,
2015. It is anticipated that this dividend will be a
combination of 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 2016 when the
Fund can determine its earnings and profits for the 2015 fiscal
year.
The Fund's quarterly dividends per share over the past year as
of October 31, 2015 are shown
below:3
AMOUNT
|
QUARTERLY
GROWTH RATE (%)
|
PAYABLE
DATE
|
EX-DATE
|
RECORD
DATE
|
$0.369
|
0.3%
|
November 30,
2015
|
November 16,
2015
|
November 18,
2015
|
$0.368
|
0.3%
|
August 28,
2015
|
August 17,
2015
|
August 19,
2015
|
$0.367
|
0.3%
|
May 29,
2015
|
May 19,
2015
|
May 21,
2015
|
$0.366
|
0.3%
|
February 27,
2015
|
February 17,
2015
|
February 19,
2015
|
$0.365
|
2.2%
|
November 28,
2014
|
November 19,
2014
|
November 21,
2014
|
|
Past performance is
not indicative 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-midstream.html
|
The Fund's investment allocation is shown in the pie chart below
as of October 31, 2015.
The Fund's Top 10 consolidated holdings are shown below, as of
October 31, 2015:4
Company
Name
|
Sector
|
Percent of
Consolidated
Gross Assets
|
Energy Transfer
Equity, L.P.*
|
MLP
|
7.6%
|
The Williams
Companies, Inc.
|
General
Partner
|
7.3%
|
Enbridge Energy
Management, LLC
|
MLP
Affiliate
|
6.0%
|
Kinder Morgan,
Inc.
|
Midstream
Company
|
5.7%
|
Macquarie
Infrastructure Company, LLC
|
Other Energy &
Infrastructure Company
|
5.5%
|
Magellan Midstream
Partners, L.P.*
|
MLP
|
4.7%
|
EMG Utica I Offshore
Co-Investment, L.P.
|
MLP
Affiliate
|
4.6%
|
Enterprise Products
Partners, L.P.*
|
MLP
|
3.6%
|
NGL Energy Partners,
L.P.
|
MLP
|
3.1%
|
Capital Products
Partners, L.P.
|
Midstream
Company
|
3.0%
|
Total
|
|
51.1%
|
For illustrative purposes only.
*Held indirectly through the wholly owned C-Corporation, Salient
Midstream & MLP Fund, Inc.
Current and future holdings are subject to change and risk.
Source: Salient Capital Advisors, LLC, October 31, 2015.
The Fund's consolidated unaudited balance sheet as of
October 31, 2015, is shown below:
|
Salient Midstream
& MLP Fund
|
|
|
Consolidated
Balance Sheet
|
|
|
October 31,
2015
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Assets
|
(in
millions)
|
|
|
Investments1
|
$426.5
|
|
|
Receivable for
Investments Sold
|
12.0
|
|
|
Other
Assets
|
4.0
|
|
|
Cash and Cash
Equivalents
|
0.5
|
|
|
Total
Assets
|
443.0
|
|
|
|
|
|
|
Liabilities
|
|
|
|
Line of Credit
Payable
|
131.8
|
|
|
Deferred tax
liability
|
8.7
|
|
|
Payable for
Investments Purchased
|
4.1
|
|
|
Other
Liabilities
|
1.1
|
|
|
Total
Liabilities
|
145.7
|
|
|
Net
Assets
|
$297.3
|
|
|
|
|
|
The Fund had 17.7
million common shares outstanding as of October 31,
2015.
|
|
|
|
|
1 Investments include the gross
underlying investments within the Salient Midstream & MLP Fund,
Inc.'s (C-Corporation) of $87.2
million.
Past performance is not indicative 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.
About Salient
Salient Partners, L.P. ("Salient") is
an innovative asset management firm headquartered in Houston, Texas, that provides alternative
investment strategies to institutional investors and financial
advisors. The firm offers a broad selection of equity, fixed
income, risk-balancing, asset-allocation, energy and commodity,
real estate, hedge fund and private equity strategies in the form
of mutual funds, separately managed accounts and closed-end funds.
Salient's strategies aim to eliminate unrewarded risk, reduce
investing costs and focus on fundamental drivers of returns. A core
element of Salient's platform is its thought leadership and ongoing
education of financial advisors and investors, which the firm
provides via weekly market observations, monthly webcasts and its
nationally-recognized Epsilon Theory newsletter. For more
information about Salient, visit www.salientpartners.com. Follow
Salient on LinkedIn or Twitter.
FOR SHAREHOLDER INQUIRIES:
Salient Capital Advisors, LLC
info@salientpartners.com
800-994-0755
FOR MEDIA INQUIRIES:
Catherine P. Jones
Polisi Jones Communications
cjones@polisijones.com
917-330-8934
1 Past performance is not indicative of future
results. Current performance may be higher or lower than the data
shown. The data shown are unaudited. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund
distributions or upon the sale of Fund shares.
2 Source: Salient Capital Advisors, LLC. The rate
is annualized based on the latest dividend paid by the Fund divided
by the October 31, 2015 stock price.
Past performance is not indicative of future results.
3 The amount of dividends 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 dividends after the end of the
calendar year and will provide shareholders such information at
that time.
4 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.
Photo -
http://photos.prnewswire.com/prnh/20151104/283990-INFO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/salient-midstream--mlp-fund-announces-fourth-quarter-2015-dividend-of-0369-per-share-and-net-asset-value-as-of-october-31-2015-300172766.html
SOURCE Salient Midstream & MLP Fund