HOUSTON, June 28,
2022 /PRNewswire/ -- Salient Midstream & MLP Fund
(the "Fund") (NYSE: SMM) announced today that its Board of Trustees
determined to reorganize SMM into Salient MLP & Energy
Infrastructure Fund ("SMLPX") (the reorganization of SMM into SMLPX
is the "Reorganization"). SMLPX 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.
After careful consideration of a variety of factors and
alternatives, the Board of Trustees determined that it would be in
the best interest of shareholders to merge SMM into SMLPX.
The proposal to merge SMM into SMLPX will require the approval
of SMM shareholders. This press release is not intended to,
and does not constitute an offer to purchase or sell shares of SMM
or SMLPX (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 Proxy Statement/Prospectus has yet to be
filed with the U.S. Securities and Exchange Commission (the "SEC").
After the Proxy Statement/Prospectus is filed with the SEC, it may
be amended or withdrawn. The Proxy Statement/Prospectus will not be
distributed to shareholders of SMM unless and until a Registration
Statement comprising of the Proxy Statement/Prospectus becomes
effective with the SEC.
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 when it is 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 WHEN THEY BECOME AVAILABLE 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 (when they become available)
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 (when they become available) of the 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 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.
SMLPX seeks to maximize total return (capital appreciation and
income). SMLPX seeks to achieve its investment objective by
investing at least 80% of its net assets in securities of MLPs and
energy infrastructure companies. Investing involves risk including
the potential loss of principal. SMLPX may engage in other
investment practices that may involve additional risks and you
should review the prospectus for a complete description.
You should consider the investment objective, risks, charges
and expenses of SMLPX carefully before investing. The prospectus
and summary prospectus contain this and other information about
SMLPX and are available, along with information for SMM, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/salient-midstream--mlp-fund-announces-planned-reorganization-301577139.html
SOURCE Salient Partners, L.P.
