Salient Midstream & MLP Fund Announces Unaudited Net Asset Value as of September 30, 2020

Rhea-AI Summary

Salient Midstream & MLP Fund (NYSE: SMM) reported its unaudited Net Asset Value (NAV) as of September 30, 2020. The Fund's total assets were $107.6 million with an NAV per share of $4.95, while shares closed at $3.50, indicating a 29.3% discount to NAV. September returns were -11.6% for NAV and -14.2% for market price, compared to -11.2% for the Alerian Midstream Energy Select Index. The Fund's top holdings include EMG Utica and Enbridge, with respective asset allocations of 15.6% and 8.3%.

Positive

• None.

Negative

• NAV per share of $4.95 indicates a significant discount of 29.3% to the market price of $3.50.
• Total returns for September were negative at -11.6% for NAV and -14.2% for market price.

HOUSTON, Oct. 7, 2020 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) provided today a summary of unaudited statement of assets and liabilities and announced Net Asset Value (NAV) as of September 30, 2020.

On September 30, 2020, the Fund's total assets were $107.6 million and the NAV per share was $4.95. On September 30, 2020, the closing share price of the Fund was $3.50, which was trading at a 29.3% discount to the NAV.¹ The Fund's NAV and market price total returns for the month of September were -11.6% and -14.2%, respectively, compared to -11.2% for the Alerian Midstream Energy Select Index (AMEI).²

The Fund's Top 10 holdings as of September 30, 2020 are shown below:³

No.	Symbol	Name	Country	Asset Type	% of Gross Assets
1	-	EMG Utica | Offshore Co-Investment LP	United States	Midstream Company	15.6%
2	ENB	Enbridge, Inc.	Canada	Midstream Company	8.3%
3	WMB	The Williams Companies, Inc.	United States	Midstream Company	6.9%
4	TRP	TC Energy Corp.	Canada	Midstream Company	5.2%
5	KEY CN	Keyera Corp.	Canada	Midstream Company	4.8%
6	NEP	NextEra Energy Partners LP	United States	Renewable Energy Infrastructure	4.4%
7	ETRN	Equitrans Midstream Corp.	United States	Midstream Company	4.3%
8	PPL CN	Pembina Pipeline Corp.	Canada	Midstream Company	4.1%
9	EPD	Enterprise Products Partners LP	United States	MLP	4.0%
10	KMI	Kinder Morgan, Inc.	United States	Midstream Company	3.7%
					61.3%

For illustrative purposes only. Current and future holdings are subject to change and risk. Figures are based on the Fund's gross assets. Source: Salient Capital Advisors, LLC, September 30, 2020.

The Fund's unaudited balance sheet as of September 30, 2020 is shown below:

Salient Midstream & MLP Fund
Balance Sheet
September 30, 2020
(Unaudited)
Assets	(in millions)
Investments	$103.7
Other Assets	0.1
Cash and Cash Equivalents	3.8
Total Assets	$107.6
Liabilities
Line of Credit Payable	$17.8
Other Liabilities	2.0
Total Liabilities	$19.8
Net Assets	$87.8
The Fund had 17.7 million common shares outstanding as of September 30, 2020.

Past performance is not indicative 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.

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.

¹ Past performance is not indicative of future results. Current performance may be higher or lower than the data shown. The data shown are unaudited. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
² Source: Salient Capital Advisors, LLC and Alerian, September 30, 2020. Past performance is not indicative of 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 unmanaged and not available for direct investment. "Alerian Midstream Energy Select Index" and "AMEI" are trademarks of Alerian and their use is granted under a license from Alerian.
³ Fund shares 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 any other government agency. Data are based on total market value of Fund investments unless otherwise indicated. The data provided are for informational purposes only and are not intended for trading purposes.

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SOURCE Salient Partners, L.P.

FAQ

What is the Net Asset Value of Salient Midstream & MLP Fund as of September 30, 2020?

As of September 30, 2020, the Net Asset Value (NAV) of Salient Midstream & MLP Fund was $4.95 per share.

How did Salient Midstream & MLP Fund perform in September 2020?

The Fund reported total returns of -11.6% for NAV and -14.2% for market price in September 2020.

What discount does Salient Midstream & MLP Fund's market price have compared to its NAV?

The market price of Salient Midstream & MLP Fund of $3.50 represents a 29.3% discount to its NAV of $4.95.

What were the total assets of Salient Midstream & MLP Fund as of September 30, 2020?

The total assets of the Fund were reported at $107.6 million as of September 30, 2020.