HOUSTON, May 5, 2016 /PRNewswire/ -- Salient
Midstream & MLP Fund (the "Fund") (NYSE: SMM) today announced a
dividend of $0.325 for the second
quarter ending May 31, 2016.
At the close of business on April 29,
2016, the Fund's total consolidated assets were $269.7 million and the Net Asset Value (NAV) per
share was $11.02. On April 29, 2016, the closing share price of the
Fund was $9.98, which was trading at
a 9.44% discount to the NAV.1 For the month ending
April 29, 2016, the Fund's NAV and
market price total returns were 25.2% and 24.8%, respectively, and
the Fund's yield was 13.0%.2
The Fund's second quarter dividend will be payable on
May 31, 2016 to common stockholders
of record on May 20, 2016. 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 2017 when the Fund can determine its earnings and
profits for the 2016 fiscal year.
The Fund's quarterly dividends per share over the past year are
shown below:3
Amount
|
Payable
Date
|
Ex-Date
|
Record
Date
|
$0.325
|
May 31,
2016
|
May 18,
2016
|
May 20,
2016
|
$0.325
|
February 29,
2016
|
February 17,
2016
|
February 19,
2016
|
$0.369
|
November 30,
2015
|
November 16,
2015
|
November 18,
2015
|
$0.368
|
August 28,
2015
|
August 17,
2015
|
August 19,
2015
|
$0.367
|
May 29,
2015
|
May 19,
2015
|
May 21,
2015
|
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/strategies/salient-midstream-mlp-fund/
|
The Fund's investment allocation as of April 29, 2016 is shown in the pie chart
below:
The Fund's Top 10 consolidated holdings as of April 29, 2016 are shown below:4
Company
Name
|
Sector
|
Percent
of
Consolidated
Gross
Assets
|
ONEOK,
Inc.
|
General
Partner
|
9.5%
|
Enbridge Energy
Management, L.L.C.
|
MLP
Affiliate
|
8.3%
|
EMG Utica I Offshore
Co-Investment, LP
|
MLP
Affiliate
|
8.2%
|
The Williams
Companies, Inc.
|
General
Partner
|
8.1%
|
Plains GP Holdings,
L.P.
|
General
Partner
|
7.6%
|
Targa Resources
Corp.
|
Midstream
Company
|
5.3%
|
EnLink Midstream
LLC
|
General
Partner
|
4.6%
|
NGL Energy Partners
LP
|
MLP
|
4.3%
|
Macquarie
Infrastructure Company LLC
|
Other Energy &
Infrastructure
|
3.9%
|
Energy Transfer
Partners, L.P.
|
MLP
|
3.8%
|
Total
|
63.6%
|
For illustrative
purposes only.
Current and future holdings are subject to change and risk.
Source: Salient Capital Advisors, LLC, April 29, 2016.
|
The Fund's consolidated unaudited balance sheet as of
April 29, 2016 is shown below:
|
Salient Midstream
& MLP Fund
|
|
|
Consolidated
Balance Sheet
|
|
|
April 29,
2016
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Assets
|
(in
millions)
|
|
|
Investments
|
$245.2
|
|
|
Receivable for
Investments Sold
|
21.6
|
|
|
Other
Assets
|
2.5
|
|
|
Cash and Cash
Equivalents
|
0.4
|
|
|
Total
Assets
|
269.7
|
|
|
|
|
|
|
Liabilities
|
|
|
|
Line of Credit
Payable
|
66.0
|
|
|
Payable for
Investments Purchased
|
5.1
|
|
|
Deferred Tax
Liability
|
2.3
|
|
|
Other
Liabilities
|
1.0
|
|
|
Total
Liabilities
|
74.4
|
|
|
Net
Assets
|
$195.3
|
|
|
|
|
|
The Fund had 17.7
million common shares outstanding as of April 29, 2016.
|
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 a diversified asset management firm and leading
provider of alternative and real asset investment strategies for
institutional investors and investment advisors. The firm offers a
comprehensive suite of single-asset and multi-asset solutions
designed to serve as powerful building blocks for smarter, more
efficient portfolios. Strategies are offered in the form of open-
and closed-end funds and separately managed accounts. Salient
provides unconventional market insights in its highly acclaimed
Epsilon Theory newsletter and FWD Thinking blog.
Learn more about Salient at www.salientpartners.com and follow us
on LinkedIn and Twitter. Salient was founded in 2002 and has
offices in Houston, San Francisco, New
York and Newport Beach.
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 April 29, 2016 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.
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SOURCE Salient Partners, L.P.