Salient Midstream & MLP Fund Announces its Net Asset Value as of February 28, 2013 and Provides Fund Update

News provided by

Mar 11, 2013, 02:12 ET

HOUSTON, March 11, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released today its net asset value (NAV) as of February 28, 2013 and provided an update on the Fund's current portfolio.

(Logo: http://photos.prnewswire.com/prnh/20120917/NY75507LOGO )

As of February 28, 2013, the Fund's net assets were $205.4 million and the net asset value per share was $21.66. The Fund's net assets on January 31, 2013 were $205.9 million and the net asset value per share was $21.72. The NAV on February 28, 2013 was $21.66 after paying $0.335 in dividends during the month. On February 28, 2013, the closing share price of the Fund was $22.00, which represents a 1.6% premium to the NAV.

As of February 28, 2013, the advisor has invested the Fund in long-term investments as shown in the pie chart below:

(Photo: http://photos.prnewswire.com/prnh/20130311/NY74699 )

Also as of February 28, 2013, the Fund's 10 largest consolidated holdings were:

Company	Sector	Shares	Amount (in millions)	Percent of Consolidated Gross Assets
Enterprise Products Partners, LP*	MLP	402,459	$24.5	9.2%
Plains All American Pipeline, LP	MLP	370,000	$20.3	7.6%
Williams Companies, Inc.	Midstream Company	547,900	$19.0	7.1%
Kinder Morgan Management, LLC	MLP Affiliate	211,532	$17.5	6.6%
Kinder Morgan, Inc.	Midstream Company	374,348	$13.9	5.2%
LinnCo, LLC	MLP Affiliate	333,390	$13.0	4.9%
Enbridge Energy Management, LLC	MLP Affiliate	457,775	$12.5	4.7%
Teekay Offshore Partners, LP	Marine Midstream	442,281	$12.4	4.6%
Crosstex Energy, Inc.	Midstream Company	733,805	$12.2	4.6%
EMG Utica LLC	MLP Affiliate	8,466,841	$8.5	3.2%
*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc.

The Fund's consolidated unaudited balance sheet as of February 28, 2013, is shown below:

Salient Midstream & MLP Fund
Consolidated Balance Sheet
February 28, 2013
(Unaudited)

Assets	(in millions)
Investments¹	$275.4
Cash and Cash Equivalents	12.8
Receivable for Investments Sold	2.1
Hedging and Other Assets	-0.2
Total Assets	290.1
Liabilities
Line of Credit Payable²	75.9
Derivatives – Short positions	0.3
Other Liabilities	6.2
Total Liabilities	84.8
Net Assets	$205.4

The Fund had 9.5 million common shares outstanding as of February 28, 2013.
¹Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $78.2 million.
² The line of credit payable includes the C-Corporation's $17.9M outstanding line as of February 28, 2013.

Past performance is no guarantee 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.

CONTACT:

Chris Moon
JCPR
[email protected]
973-850-7304

Salient Capital Advisors, LLC
Investor Relations
[email protected]
800-809-0525

SOURCE Salient Midstream & MLP Fund