HOUSTON, Sept. 8, 2021 /PRNewswire/ -- Salient
Midstream & MLP Fund (the "Fund") (NYSE: SMM) provided today a
summary of unaudited statement of assets and liabilities and
announced Net Asset Value (NAV) as of August
31, 2021.
On August 31, 2021, the Fund's
total assets were $181.0 million and
the NAV per share was $7.30. On
August 31, 2021, the closing share
price of the Fund was $5.57, which
was trading at a 23.7% discount to the NAV.1 The Fund's
NAV and market price total returns for the month of August were
-2.0% and -1.6%, respectively, compared to -1.5% for the
Alerian Midstream Energy Select Index (AMEI).2
The Fund's Top 10 holdings as of August
31, 2021 are shown below:3
No.
|
Symbol
|
Name
|
Country
|
Asset
Type
|
% of Gross
Assets
|
1
|
-
|
EMG Utica | Offshore
Co-Investment LP
|
United
States
|
C-Corp
|
9.3%
|
2
|
WMB
|
The Williams
Companies Inc.
|
United
States
|
C-Corp
|
7.0%
|
3
|
MPLX
|
MPLX, L.P.
|
United
States
|
MLP
|
5.7%
|
4
|
ET
|
Energy Transfer,
L.P.
|
United
States
|
MLP
|
5.6%
|
5
|
OKE
|
ONEOK Inc.
|
United
States
|
C-Corp
|
5.2%
|
6
|
LNG
|
Cheniere Energy
Inc.
|
United
States
|
C-Corp
|
5.0%
|
7
|
PAGP
|
Plains GP Holdings,
L.P.
|
United
States
|
C-Corp
|
4.8%
|
8
|
ENB
|
Enbridge
Inc.
|
Canada
|
C-Corp
|
4.8%
|
9
|
PPL CN
|
Pembina Pipeline
Corp.
|
Canada
|
C-Corp
|
4.7%
|
10
|
TRP
|
TC Energy
Corp.
|
Canada
|
C-Corp
|
4.1%
|
|
|
|
|
|
56.2%
|
For illustrative purposes only. Current and future holdings are
subject to change and risk. Figures are based on the Fund's gross
assets ex-cash. Source: Salient Capital Advisors, LLC, August 31, 2021.
The Fund's unaudited balance sheet as of August 31, 2021 is shown below:
Salient Midstream
& MLP Fund
|
Balance
Sheet
|
August 31,
2021
|
(Unaudited)
|
|
|
Assets
|
(in
millions)
|
Investments
|
$179.9
|
Other
Assets
|
0.4
|
Cash and Cash
Equivalents
|
0.7
|
Total
Assets
|
$181.0
|
|
|
Liabilities
|
|
Line of Credit
Payable
|
$50.3
|
Other
Liabilities
|
1.3
|
Total
Liabilities
|
$51.6
|
Net
Assets
|
$129.4
|
|
|
The Fund had 17.7
million common shares outstanding as of August 31, 2021.
|
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, August 31, 2021. 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 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/salient-midstream--mlp-fund-announces-unaudited-net-asset-value-as-of-august-31-2021-301371612.html
SOURCE Salient Partners, L.P.