HOUSTON, May 4, 2017 /PRNewswire/ -- Salient Midstream
& MLP Fund (the "Fund") (NYSE: SMM) today announced a dividend
of $0.244 for the second quarter
ending May 31, 2017.
At the close of business on April 28,
2017, the Fund's total assets were $350.3 million and the Net Asset Value (NAV) per
share was $14.29. On April 28, 2017, the closing share price of the
Fund was $13.32, which was trading at
a 6.8% discount to the NAV.1 For the month ending
April 28, 2017, the Fund's yield was
7.3%2 while the Fund's NAV and market price total
returns were -3.6% and -0.5%,2 respectively, compared to
-1.3% for the Alerian MLP Index.3
The Fund's second quarter dividend will be payable on
May 31, 2017 to common stockholders
of record on May 19, 2017. 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 2018 when the Fund can determine its earnings and
profits for the 2017 fiscal year.
The Fund's quarterly dividends per share over the past year are
shown below:4
Amount
|
Payable
Date
|
Ex-Date
|
Record
Date
|
$0.244
|
May 31,
2017
|
May 17,
2017
|
May 19,
2017
|
$0.244
|
February 28,
2017
|
February 15,
2017
|
February 17,
2017
|
$0.244
|
November 30,
2016
|
November 16,
2016
|
November 18,
2016
|
$0.244
|
August 31,
2016
|
August 17,
2016
|
August 19,
2016
|
$0.325
|
May 31,
2016
|
May 18,
2016
|
May 20,
2016
|
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
www.salientpartners.com/strategies/salient-midstream-mlp-fund/
|
The Fund's Top 10 holdings as of April
28, 2017 are shown below:5
Company
Name
|
Sector
|
Percent of Gross
Assets
|
ONEOK,
Inc.
|
MLP General
Partner
|
8.5%
|
Plains GP Holdings
L.P., Class A
|
MLP
Affiliate
|
7.4%
|
Targa Resources
Corp.
|
Midstream
Company
|
7.3%
|
EMG Utica I Offshore
Co-Investment, L.P.
|
MLP
Affiliate
|
6.5%
|
Enbridge Energy
Management LLC
|
MLP
Affiliate
|
6.2%
|
Macquarie
Infrastructure Corp.
|
Other Energy &
Infrastructure
|
6.0%
|
The Williams
Companies, Inc.
|
MLP
Affiliate
|
5.3%
|
Energy Transfer
Equity L.P.
|
MLP
|
4.7%
|
EnLink Midstream
LLC
|
MLP General
Partner
|
4.7%
|
KMI 9.75% 26 OCT 2018
A - PFD
|
Midstream
Company
|
4.6%
|
Total
|
|
61.2%
|
|
For illustrative
purposes only. Current and future holdings are subject to change
and risk. Figures are based on the Fund's gross assets. Source:
Salient Capital Advisors, LLC, April 28, 2017.
|
The Fund's unaudited balance sheet as of April 28, 2017 is shown below:
Salient Midstream
& MLP Fund
|
Balance
Sheet
|
April 28,
2017
|
(Unaudited)
|
|
|
Assets
|
(in
millions)
|
Investments
|
$347.6
|
Other
Assets
|
2.0
|
Cash and Cash
Equivalents
|
0.7
|
Total
Assets
|
350.3
|
|
|
Liabilities
|
|
Line of Credit
Payable
|
96.0
|
Deferred Tax
Liability
|
0.2
|
Other
Liabilities
|
0.8
|
Total
Liabilities
|
97.0
|
Net
Assets
|
$253.3
|
|
|
|
The Fund had 17.7
million common shares outstanding as of April 28, 2017.
|
|
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 real
asset and alternative 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 Salient 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 and New York.
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 28, 2017
stock price. Past performance is not indicative of future
results.
|
3
|
Source: Salient
Capital Advisors, LLC and Alerian, April 28, 2017. Past performance
is not indicative of future results. No investment strategy can
guarantee performance results. The index reflects the reinvestment
of dividends and income and does not reflect deductions for fees,
expenses or taxes. The index is unmanaged and not available for
direct investment. "Alerian MLP Index", "Alerian MLP Total
Return Index", "AMZ" and "AMZX" are trademarks of Alerian and their
use is granted under a license from Alerian.
|
4
|
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.
|
5
|
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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visit:http://www.prnewswire.com/news-releases/salient-midstream--mlp-fund-announces-second-quarter-2017-dividend-of-0244-per-share-and-net-asset-value-as-of-april-28-2017-300451910.html
SOURCE Salient Partners, L.P.