Salient Midstream & MLP Fund Announces Fourth Quarter 2021 Dividend Of $0.070 Per Share And Net Asset Value As Of October 31, 2021

HOUSTON, Nov. 4, 2021 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) today announced a dividend of $0.07 per share for the fourth quarter ending November 30, 2021. This distribution is payable to common stockholders on November 29, 2021.

At the close of business on October 31, 2021, the Fund's total assets were $204.7 million and the Net Asset Value (NAV) per share was $8.37. On October 31, 2021, the closing share price of the Fund was $6.75, which was trading at a 19.4% discount to the NAV.¹ For the month ending October 31, 2021 the Fund's NAV and market price total returns were 7.7% and 6.3%, respectively, compared to 5.6% for the Alerian Midstream Energy Select Index (AMEI).² 

The Fund's fourth quarter dividend will be payable on November 29, 2021 to common stockholders of record on November 16, 2021. It is anticipated that this dividend will be a combination of return of capital and ordinary income 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 2022 when the Fund can determine its earnings and profits for the 2021 fiscal year.

The Fund's quarterly dividends per share over the past year are shown below:³

The Fund's top ten holdings as of October 31, 2021 are shown below:⁴

For illustrative purposes only. Current and future holdings are subject to change and risk and are not recommendations to buy or sell any security. Figures are based on the Fund's gross assets ex-cash. Source: Salient Capital Advisors, LLC, October 31, 2021.

The Fund's unaudited balance sheet as of October 31, 2021 is shown below:

Past performance is not indicative of future results.

Amended and Restated By-Laws
The Fund's board of trustees (the "board"), after a deliberative discussion, amended and restated the Fund's By-Laws (as amended, the "by-laws") at its most recent meeting. The amendments reflected in the by-laws provide that certain litigation relating to the internal governance of the Fund (excluding claims arising under federal securities laws) must be brought in federal or state courts in Delaware and increased the quorum for a shareholder vote on the election of trustees from a third to a majority of shares outstanding and entitled to vote. This high-level summary of amendments is qualified in its entirety by reference to the full by-laws, which will be posted on the Fund's website and filed with the SEC in due course. Shareholders should refer to the by-laws for more information.

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.

About Salient
Salient Partners, L.P. ("Salient") is a real asset and alternative investment firm that offers a suite of strategies focused on energy and infrastructure, real estate and tactical alternative investments. Institutions and investment advisors turn to Salient to build smarter, more efficient portfolios. Strategies are offered in the form of open- and closed-end 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.

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SOURCE Salient Partners, L.P.