HOUSTON, May 17, 2017 /PRNewswire/ -- Salient
Midstream & MLP Fund (the "Fund") (NYSE: SMM) today announced
the completion of its 2016 federal tax provision, resulting in a
tax refund receivable related to the Salient Midstream & MLP
Fund, Inc. (the "C-Corp Subsidiary") liquidation. The Fund also
announced that one of its top five holdings, EMG Utica I Offshore
Co-Investment, L.P. ("EMG Utica Co-Investment"), intends to begin
paying quarterly distributions.
The 2016 C-Corp Subsidiary federal tax provision, related to the
C-Corp Subsidiary liquidation in 2016, was recently completed by
the Fund's tax preparers. As a result, the Fund will record a tax
refund receivable from the Internal Revenue Service in the amount
of $980,619 for the Fund's federal
tax payment made earlier in 2017. This tax-related receivable will
increase the Net Asset Value of the Fund.
In addition, EMG Utica Co-Investment recently announced its
intentions to begin paying quarterly distributions, starting in
August, for the second quarter of 2017.1 The EMG Utica
Co-Investment quarterly cash distribution supports the Fund's
continuing investment.
We continue to believe that maintaining the Fund's status as a
Regulated Investment Company ("RIC") provides the most effective
long-term strategy to our investors. The completion of the C-Corp
Subsidiary liquidation allowed the Fund to maintain RIC status
following certain tax law changes. As previously disclosed in the
Fund's 2016 Annual Report, all investments held by the former
C-Corp Subsidiary were sold on January 21,
2016. The C-Corp Subsidiary subsequently ceased operations
and simultaneously transferred its other assets and liabilities to
the Fund. The liquidation of the C-Corp Subsidiary was completed on
September 30, 2016.
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 Source:
Energy and Minerals Group, April 2017.
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SOURCE Salient Partners, L.P.