Salient Midstream & MLP Fund Announces Unaudited Net Asset Value as of May 31, 2021

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HOUSTON, June 7, 2021 / PRNewswire / – Salient Midstream & MLP Fund (the “Fund” (NYSE: SMM) today provided a summary of the statement of unaudited assets and liabilities and announced the net asset value ( NAV) to May 31, 2021.

(PRNewsfoto / Salient Partners, LP)

At May 31, 2021, the total assets of the Fund were $ 178.1 million and the net asset value per share was $ 7.53. On May 31, 2021, the closing share price of the Fund was $ 5.68, which traded at a discount of 24.6% to the NAV.1 The total net asset value and market price returns for the Fund for the month of May were 6.7% and 7.1%, respectively, compared to 6.6% for the Alerian Midstream Energy Select (AMEI) Index. .2

The top 10 holdings of the Fund in May 31, 2021 are shown below:3

No.

symbol

Last name

Country

Asset type

% of gross assets

1

EMG Utique | Offshore co-investment LP

United States

C-Corp

9.2%

2

WMB

Williams, Inc.

United States

C-Corp

7.6%

3

PPL CN

Pembina Pipeline Corp.

United States

C-Corp

6.7%

4

MPLX

MPLX, LP

United States

MLP

5.9%

5

HEY

Energy transfer, LP

United States

MLP

5.9%

6

PAGP

Plains GP Holdings, LP

United States

C-Corp

5.5%

seven

TRP

TC Energy Corp.

Canada

C-Corp

4.8%

8

CN KEY

Keyera Corp.

Canada

C-Corp

4.8%

9

Okay

ONEOK, Inc.

United States

C-Corp

4.8%

ten

LNG

Cheniere Energy, Inc.

United States

C-Corp

4.7%

59.9%

For information only. Current and future holdings are subject to change and at risk. Figures are based on the gross assets of the Non-Cash Fund. Source: Salient Capital Advisors, LLC, May 31, 2021.

The unaudited balance sheet of the Fund as of May 31, 2021 is shown below:

Salient Midstream & MLP Fund

Balance sheet

May 31, 2021

(Unaudited)

Assets

(in millions)

Investments

$ 176.2

other assets

1.5

Cash and cash equivalents

0.4

Total assets

$ 178.1

Liabilities

Payable line of credit

$ 42.6

Other liabilities

2.1

Total responsibilities

$ 44.7

Net assets

$ 133.4

The Fund had 17.7 million common shares outstanding as of May 31, 2021.

Past performance does not represent future results.

Salient Midstream & MLP Fund is a Delaware statutory trust registered as an undiversified closed-end investment company under the Investment Companies Act 1940, as amended. The Fund’s investment objective is to provide a high total return with an emphasis on quarterly cash distributions to its common shareholders. The Fund seeks to achieve this objective by investing at least 80% of its total assets in securities of MLPs and intermediary companies. There can be no assurance that the Fund will achieve its investment objective.

This press release contains “forward-looking statements” as defined by US federal securities laws. As a general rule, the words “believe”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “” and similar expressions identify forward-looking statements, which are not generally not historical in nature. Forward-looking statements are subject to certain risks and uncertainties which could cause actual future results to differ materially from the Fund’s current expectations or projections indicated in the forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal developments; risk of leverage; valuation risk; interest rate risk; fiscal risk; the volume of sales and purchases of shares; continuation of investment advisory, administrative and other service agreements; and other risks discussed in documents filed by the Fund with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. The Fund assumes no obligation to publicly update or revise any forward-looking statements contained herein. There can be no assurance that the Fund’s investment objective will be achieved.

About salient
Salient Partners, LP (“Salient”) is a real and alternative asset investment firm offering a suite of strategies focused on energy and infrastructure, real estate and tactical alternative investments. Institutions and investment advisers look to Salient to build smarter, more efficient portfolios. The strategies are offered as open and closed 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.

1 Past performance does not represent future results. Actual performance may be higher or lower than the displayed data. The data displayed is not audited. Returns do not reflect the deduction of taxes shareholders may have to pay on distributions from the Fund or on the sale of shares in the Fund.
2 Source: Salient Capital Advisors, LLC and Alerian, May 31, 2021. Past performance does not represent future results. No investment strategy can guarantee performance results. The index reflects the reinvestment of dividends and income and does not reflect deductions for fees, expenses or taxes. The index is not managed and is not available for direct investment. “Alerian Midstream Energy Select Index” and “AMEI” are registered trademarks of Alerian and use under license from Alerian.
3 Shares of the Fund do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or other government agency. Data is based on the total market value of the Fund’s investments, unless otherwise stated. The data provided is for informational purposes only and is not intended for commercial purposes.

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SOURCE Salient Partners, LP


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