HOUSTON, Aug. 17,
2022 /PRNewswire/ -- Salient Midstream & MLP Fund
(the "Fund") (NYSE: SMM) announced today that it will hold a
Special Shareholder Meeting on September 1,
2022 at which shareholders will vote on the reorganization
of SMM with and into Salient MLP & Energy Infrastructure Fund
("SMAPX") (the "Reorganization"). SMAPX is an open-end fund
that is a series of Salient MF Trust with approximately
$849 million in net assets and is
also managed by Salient Capital Advisors, LLC, the investment
adviser of SMM, using a similar investment strategy. As
previously announced, the record date for shareholders entitled to
vote on the Reorganization is August
10, 2022. If shareholders approve the Reorganization,
the Fund intends to complete the Reorganization as soon as possible
after the shareholder vote. Therefore, the Fund is also
announcing that it intends to pay cash and not reinvest
distributions through the Fund's Dividend Reinvestment Plan for any
future distributions, including the third quarter distribution and
special distribution recently announced.
This press release is not intended to, and does not constitute
an offer to purchase or sell shares of SMM or SMAPX (together, the
"Funds") nor is this press release intended to solicit a proxy from
any shareholder of the Funds. The solicitation of the purchase or
sale of securities or of proxy to effect the Reorganization will
only be made by a definitive Proxy Statement/Prospectus.
The Funds and their respective trustees and officers, and
Salient, and its partners, officers and employees and other persons
may be deemed to be participants in the solicitation of proxies
with respect to the Reorganization. Investors and shareholders may
obtain more detailed information regarding the direct and indirect
interests of the Funds' respective trustees and officers, and
Salient and its partners, officers and employees and other persons
by reading the Proxy Statement/Prospectus filed with the SEC.
INVESTORS AND SHAREHOLDERS OF THE FUNDS ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THESE DOCUMENTS WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATION. INVESTORS
SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES OF THE FUNDS CAREFULLY. THE PROXY STATEMENT/PROSPECTUS
WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES,
RISKS, CHARGES AND EXPENSES OF THE FUNDS.
The Proxy Statement/Prospectus will not constitute an offer to
buy or sell securities, in any state where such offer or sale is
not permitted.
Shareholders may obtain free copies of the Proxy
Statement/Prospectus and other documents filed with the SEC at the
SEC's web site at www.sec.gov. In addition, free copies of
the final Proxy Statement/Prospectus and other documents filed with
the SEC may also be obtained by directing a request to Salient
Investor Relations at (713) 548-2636.
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 Funds' 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
Funds undertake no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Funds' investment objective will be attained.
About Salient
Salient Partners, L.P. ("Salient") is a real asset and
alternative investment firm that offers a suite of strategies
focused on energy and infrastructure, real estate and tactical
alternative investments. Institutions and investment advisors turn
to Salient to build smarter, more efficient portfolios. Strategies
are offered in the form of open- and closed-end funds and
separately managed accounts. Salient was founded in 2002 and has
offices in Houston and
San Francisco. Learn more about
Salient at www.salientpartners.com.
The Salient MLP & Energy Infrastructure Fund ("SMAPX") seeks
to maximize total return (capital appreciation and income).
SMAPX seeks to achieve its investment objective by investing in at
least 80% of its net assets in securities of MLPs and energy
infrastructure companies. Investing involves risk including the
potential loss of principal. SMAPX may engage in other
investment practices that may involve additional risks and you
should review the Fund prospectus for a complete description.
You should consider the investment objectives, risks, charges
and expenses of the Fund carefully before investing. The prospectus
and summary prospectus contain this and other information about the
Fund and are available, along with information for the Salient MLP
& Energy Infrastructure Fund, by calling 866-667-9228. They
should be read carefully before investing.
Advisory services offered by Salient Capital Advisors, LLC (the
"advisor"). A wholly owned subsidiary of Salient Partners,
L.P. Salient is the trade name for Salient Partners, L.P.,
which together with its subsidiaries provides asset management and
advisory services. Salient MLP & Energy Infrastructure Fund is
distributed by Foreside Fund Services, LLC.
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SOURCE Salient Partners, L.P.