Salient Midstream & MLP Fund Announces Net Asset Value as of April 30, 2013 and Announces Second Quarter 2013 Dividend of $0.34 per Share Up 1.5% Sequentially

HOUSTON, May 10, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) announced today its net asset value (NAV) as of April 30, 2013. The Fund also announced that it had increased its dividend for the third consecutive quarter by 1.5% sequentially for the second quarter ended May 31, 2013.

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At the close of business on April 30, 2013, the Fund's net assets were $226.5 million and the NAV per share was $23.87, compared with March 31, 2013, when the net assets were $221.6 million and the NAV per share was $23.35. 

On April 30, 2013, the closing share price of the Fund was $24.29, which was trading at a 1.8% premium to the NAV.

The Fund increased its quarterly dividend to $0.34 per share for the quarter ending May 31, 2013, which represents a 1.5% sequential increase over the $0.335 paid in the previous quarter. The increased dividend will be payable on May 29, 2013 to common stockholders of record on May 21, 2013. It is anticipated that the majority portion of this dividend will be treated as a return of capital for tax purposes. The final tax status of the dividend may differ substantially from this preliminary information, and the final determination of such amount will be made in early 2014 when the Fund can determine its earnings and profits for the 2013 fiscal year.

The Fund's quarterly distributions per share as of April 30, 2013 are listed below:[1]

Past performance is no guarantee of future results.
The tax characteristics of the distributions are as follows: 100% return of capital for Q1 2013 and 100% return of capital for 2012.

[1] The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund's returns may be comprised of ordinary income, return of capital and net realized capital gains. The Fund will determine the tax characteristics of all fund distributions after the end of the calendar year and will provide shareholders such information at that time.

The Fund was invested in long-term investments as shown in the pie chart below as of April 30, 2013.

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Also as of April 30, 2013, the Fund's 10 largest consolidated holdings were:

The Fund's consolidated unaudited balance sheet as of April 30, 2013, is shown below:

The Fund had 9.5 million common shares outstanding as of April 30, 2013.

¹Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc.'s (C-Corporation) of $98.8 million.

²The line of credit payable includes the C-Corporation's $22.1M outstanding line as of April 30, 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