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Salient Midstream & MLP Fund Announces its Net Asset Value as of November 30, 2012 and Provides Fund Update

HOUSTON, Dec. 7, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released today its net asset value (NAV) as of November 30, 2012 and provided an update on the Fund's current portfolio. 

As of November 30, 2012, the Fund's net assets were $183.4 million and the net asset value per share was $19.40. The Fund's net assets on October 31, 2012 were $191.3 million and the net asset value per share was $20.21. On November 30, 2012, the closing share price of the Fund was $19.54, which represents a 0.7% premium to the NAV. 

Since the IPO in May 2012, the Fund has paid out cash distributions totaling approximately $0.655 per share including $0.33 in December and $0.325 in in August. 

In November, the Fund announced its second cash distribution of $0.33 per share with a payment date on December 3, 2012. As of November 30, 2012, the advisor has invested the Fund in long-term investments as shown in the pie chart below:

(Photo: http://photos.prnewswire.com/prnh/20121207/NY25815)

Also as of November 30, 2012, the Fund's 10 largest consolidated holdings were:






(in millions)

Percent of

Consolidated Gross Assets

Enterprise Products Partners, LP**





Kinder Morgan Management, LLC

MLP Affiliate




Plains All American Pipeline, LP*





Kinder Morgan, Inc.

Midstream Company




Williams Companies, Inc.

Midstream Company




Teekay Offshore Partners, LP

Marine Midstream




Enbridge Energy Management, LLC

MLP Affiliate




Energy Transfer Equity, LP*





Crosstex Energy, Inc.

Midstream Company




Targa Resources Corp.

Midstream Company




*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc.

**A portion of the shares are held indirectly through the C-Corporation.

The Fund's consolidated unaudited balance sheet as of November 30, 2012, is shown below:

Salient Midstream & MLP Fund

Consolidated Balance Sheet

November 30, 2012



(in millions)



Cash and Cash Equivalents


Receivable for Investments Sold


Hedging and Other Assets


Total Assets



Line of Credit Payable2


Derivatives – Short positions


Other Liabilities


Total Liabilities


Net Assets


The Fund had 9.5 million common shares outstanding as of November 30, 2012.

1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $68.9 million.

2 The line of credit payable includes the C-Corporation's $18.7M outstanding line as of November 30, 2012.

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.


Chris Moon
[email protected]  

Salient Capital Advisors, LLC
Investor Relations  
[email protected]  

SOURCE Salient Midstream & MLP Fund

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