Salient Midstream & MLP Fund:SMM

    Manage Alerts


    As of 10/18/2021

    52 Wk Avg$5.22$6.89-24.40%
    52 Wk High$7.17$8.68-17.46%
    52 Wk Low$3.41$4.94-31.08%
    Regular Distribution TypeIncome Only
    Distribution Rate3.94%
    Distribution Amount$0.0700
    Distribution FrequencyQuarterly
    Past performance is no guarantee of future results.

    Basic Information

    Investment Objective

    The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Midstream Companies and MLPs. Midstream companies own or operate midstream assets used in transporting, storing, gathering, processing, distributing, marketing and/or delivering natural gas, natural gas liquids, crude oil or refined products or coal and MLPs are publicly traded limited partnerships or limited liability companies that are treated as partnerships for U.S. federal income tax purposes. The Fund intends to utilize an option strategy in an effort to enhance returns. The options strategy is intended to generate returns from options. The Fund currently expects to write covered call options on portfolio positions, in an amount up to 30% of the value of total assets in its portfolio (which represents 45% of net assets) in an effort to enhance returns.

    Capital Structure

    As of 10/18/2021

    Total Investment Exposure:$196.381M
    Total Common Assets:$153.831M
    Common Shares Outstanding:17,722,448

    As of 10/18/2021

    Preferred Share Assets:
    Total Debt (USD): $42.550M
    Regulatory Leverage (USD): $42.550M
    Effective Leverage (USD): $42.550M
    Effective Leverage (%): 21.67%
    Annual Expense Ratios

    As of 11/30/2020

      Per Common Share
    Management Fees1.70%
    Other Expenses:0.72%
    Baseline Expense: N/A
    Interest Expense:0.55%
    Total: 2.97%
    Fund Management

    Fund Sponsor
    Salient Capital Advisors, LLC

    Portfolio Managers
    Gregory A. Reid, Frank (Ted) T. Gardner

    Category: Equity-MLP
    Ticker: SMM
    NAV Ticker: XSMMX
    Average Daily Volume (shares): 87,622
    Average Daily Volume (USD): $0.446M
    Inception Date: 5/25/2012
    Inception Share Price: $20.00
    Inception NAV: $19.06
    Tender Offer: No
    Term: No
    Fiscal Year End: November 30
    Third Party Links & Reports


    As of 10/18/2021

    Past performance is no guarantee of future results.
    Distribution History

    Enter declared start and end dates to display distribution history below. Income, Long Gain, Short Gain and ROC breakdowns will only be shown for the past year.

    Declared Date Payable Date Ex Date Distrib Amount Income Long Gain Short Gain ROC

    *Indicates a Special Distribution: A distribution disbursed in addition to the normal distributions paid out by the company.

    Key Information Regarding Distributions
    Avg. Earnings Per Share:
    As of 5/31/2021
    Annualized Distribution Rate on NAV:
    As of 10/18/2021
    Total Return on NAV (12 months):
    As of 10/18/2021
    Total % Portfolio Effectively Leveraged:
    As of 10/18/2021

    Pricing Information

    Premium/Discount Information
    Past performance is no guarantee of future results.
    Premium/Discount Information

    As of 10/19/2021

    PeriodAvg Discount
    6 Month-23.34%
    1 Year-24.40%
    3 Year-20.35%
    5 Year-15.88%

    As of 10/18/2021

    3 Month1.39
    6 Month2.12
    1 Year2.41
    Pricing History
    Date NAV Premium / Discount


    Calendar Year Total Returns

    As of 9/30/2021
    Category: Morningstar US CEF MLP

    Past 20 Years

    Return YearPriceNAVCategory - PriceCategory - NAV
    Past performance is no guarantee of future results.
    Annualized Total Returns

    Returns for periods less than one year are cumulative rather than annualized

    As of 9/30/2021
    Category: Morningstar US CEF MLP

    Past performance is no guarantee of future results.

    Portfolio Characteristics

    Portfolio Characteristics
    Number of Holdings:
    As of 8/31/2021
    Annual Portfolio Turnover:
    As of 11/30/2020
    Asset Allocation

    As of 8/31/2021 reported by Fund Sponsor

    Top Sectors

    As of 8/31/2021 reported by Fund Sponsor

    Sensitive (Super Sector)119.23%
    Defensive (Super Sector)3.95%
    Cyclical (Super Sector)2.91%
    Financial Services1.24%
    Basic Materials0.88%
    Consumer Cyclical0.79%
    Top Holdings

    As of 8/31/2021 reported by Fund Sponsor

    HoldingValue% Portfolio
    Emg Utica Offshore Co-Investment Lp$16.77M12.96%
    Williams Companies Inc$12.59M9.73%
    MPLX LP Partnership Units$10.19M7.87%
    Energy Transfer LP$10.05M7.77%
    ONEOK Inc$9.44M7.30%
    Cheniere Energy Inc$9.06M7.00%
    Plains GP Holdings LP Class A$8.68M6.71%
    Enbridge Inc$8.68M6.71%
    Pembina Pipeline Corp$8.40M6.50%
    TC Energy Corp$7.35M5.68%
    Country Allocation

    As of 8/31/2021 reported by Fund Sponsor

    Country% Portfolio
    United States - Equity98.96%
    Canada - Equity25.83%
    United Kingdom - Equity1.09%
    Hong Kong - Equity0.15%

    Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital. For more detailed information on the distributions of a specific fund, please visit the sponsor's website.


    Distribution type sourced from Morningstar. For specific information about a fund's distribution sources, visit the fund sponsor's website.

    The following information applies to closed-end funds in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.