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Salient Midstream & MLP Fund Announces Fourth Quarter 2020 Dividend Of $0.060 Per Share And Net Asset Value As Of October 31, 2020

·6 min read

HOUSTON, Nov. 6, 2020 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) today announced a dividend of $0.06 per share for the fourth quarter ending November 30, 2020.

At the close of business on October 31, 2020, the Fund's total assets were $104.8 million and the Net Asset Value (NAV) per share was $4.97. On October 31, 2020, the closing share price of the Fund was $3.45, which was trading at a 30.6% discount to the NAV.1 For the month ending October 31, 2020 the Fund's NAV and market price total returns were 0.4% and -1.4%, respectively, compared to 0.1% for the Alerian Midstream Energy Select Index (AMEI).2

The Fund's fourth quarter dividend will be payable on November 27, 2020 to common stockholders of record on November 17, 2020. 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 2021 when the Fund can determine its earnings and profits for the 2020 fiscal year.

The Fund's quarterly dividends per share over the past year are shown below:3

Amount

Payable Date

Ex-Date

Record Date

$0.060

November 27, 2020

November 16, 2020

November 17, 2020

$0.060

August 28, 2020

August 17, 2020

August 18, 2020

$0.060

May 28, 2020

May 15, 2020

May 18, 2020

$0.171

February 27, 2020

February 18, 2020

February 19, 2020

$0.171

November 27, 2019

November 15, 2019

November 18, 2019

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 investment allocation as of October 31, 2020 is shown in the pie chart. For illustrative purposes only. Figures are based on the Fund’s gross assets.  Source: Salient Capital Advisors, LLC, October 31, 2020.
The Fund’s investment allocation as of October 31, 2020 is shown in the pie chart. For illustrative purposes only. Figures are based on the Fund’s gross assets. Source: Salient Capital Advisors, LLC, October 31, 2020.

The Fund's top ten holdings as of October 31, 2020 are shown below:4

No.

Symbol

Name

Country

Asset Type

% of Gross
Assets

1

-

EMG Utica | Offshore Co-Investment LP

United States

Midstream Company

16.1%

2

ENB

Enbridge, Inc.

Canada

Midstream Company

5.5%

3

EPD

Enterprise Products Partners LP

United States

MLP

5.1%

4

WMB

The Williams Companies, Inc.

United States

Midstream Company

5.1%

5

NEP

NextEra Energy Partners LP

United States

Renewable Energy
Infrastructure

4.8%

6

TRP

TC Energy Corp.

Canada

Midstream Company

4.3%

7

PPL CN

Pembina Pipeline Corp.

Canada

Midstream Company

4.1%

8

OKE

ONEOK, Inc.

United States

Midstream Company

3.9%

9

ETRN

Equitrans Midstream Corp.

United States

Midstream Company

3.8%

10

KEY CN

Keyera Corp.

Canada

Midstream Company

3.7%






56.4%

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, October 31, 2020.

The Fund's unaudited balance sheet as of October 31, 2020 is shown below:

Salient Midstream & MLP Fund

Balance Sheet

October 31, 2020

(Unaudited)



Assets

(in millions)

Investments

$100.6

Other Assets

3.1

Cash and Cash Equivalents

1.1

Total Assets

$104.8



Liabilities


Line of Credit Payable

$16.3

Other Liabilities

0.4

Total Liabilities

$16.7

Net Assets

$88.1



The Fund had 17.7 million common shares outstanding as of October 31, 2020.

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 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.

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 and Alerian, October 31, 2020. 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 Midstream Energy Select Index" and "AMEI" are trademarks of Alerian and their use is granted under a license from Alerian.
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.

(PRNewsfoto/Salient Partners, L.P.)
(PRNewsfoto/Salient Partners, L.P.)
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SOURCE Salient Partners, L.P.