HOUSTON, Sept. 1,
2022 /PRNewswire/ -- Salient Midstream & MLP
Fund (the "Fund") (NYSE: SMM) announced today that at a special
meeting of shareholders of the Fund, shareholders approved the
reorganization of the Fund with and into Salient MLP & Energy
Infrastructure Fund ("SMAPX") (the "Reorganization").
As previously announced, it is currently expected that the
Reorganization will be completed after the market close of the New
York Stock Exchange ("NYSE") on September
13, 2022, subject to the satisfaction of customary closing
conditions and the unwinding of the Fund's leverage. To
facilitate the anticipated Reorganization, Automated Customer
Account Transfer Service ("ACATS") will be restricted as of market
close on September 2, 2022, and all
shares of the Fund will cease trading on the NYSE as of market
close on Thursday, September 8,
2022. On Wednesday, September 14, 2022,
shareholders of the Fund who become shareholders of SMAPX pursuant
to the Reorganization will hold shares of SMAPX and not the Fund.
Shareholders of the Fund who become shareholders of SMAPX will
receive newly issued Class A Shares of SMAPX in the
Reorganization. The aggregate net asset value of SMAPX shares
received by Fund shareholders will be equal to the aggregate net
asset value of the shares of the Fund held by Fund shareholders, in
each case as of the close of business on the date of
Reorganization. Shares of SMAPX may be purchased or redeemed on any
business day. SMAPX is an open-end fund that is a series of Salient
MF Trust with approximately $964
million in net assets and is also managed by Salient Capital
Advisors, LLC, the investment adviser of SMM, using a similar
investment strategy.
This press release is not intended to, and does not constitute,
an offer to purchase or sell shares of the Fund 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 the 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 CONTAIN
IMPORTANT INFORMATION ABOUT THE REORGANIZATION. INVESTORS SHOULD
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF
THE FUNDS CAREFULLY. THE PROXY STATEMENT/PROSPECTUS CONTAINS
INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES, RISKS,
CHARGES AND EXPENSES OF THE FUNDS.
The Proxy Statement/Prospectus does 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 (the "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 Funds carefully before investing. The
prospectus and summary prospectus for SMAPX contain this and other
information about SMAPX and are available 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.
