Salient Midstream & MLP Fund Announces Unaudited Net Asset Value As Of November 30, 2020

Rhea-AI Summary

Salient Midstream & MLP Fund (SMM) reported its unaudited Net Asset Value (NAV) for November 30, 2020, with total assets of $121.4 million and a NAV per share of $5.64. The closing price on that date was $4.22, reflecting a 25.2% discount to NAV. Total returns for the month were 15.1% for NAV and 24.1% for market price, outperforming the Alerian Midstream Energy Select Index's 19.5%. The fund had 17.7 million common shares outstanding, with major holdings in midstream companies.

Positive

• Total assets increased to $121.4 million.
• NAV per share is $5.64, showing strong asset value.
• Monthly NAV return was 15.1%, outperforming the benchmark index.

Negative

• Share price at $4.22 indicates a 25.2% discount to NAV.

HOUSTON, Dec. 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 November 30, 2020.

On November 30, 2020, the Fund's total assets were $121.4 million and the NAV per share was $5.64. On November 30, 2020, the closing share price of the Fund was $4.22, which was trading at a 25.2% discount to the NAV.¹ The Fund's NAV and market price total returns for the month of November were 15.1% and 24.1%, respectively, compared to 19.5% for the Alerian Midstream Energy Select Index (AMEI).² 

The Fund's Top 10 holdings as of November 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	12.7%
2	ENB	Enbridge, Inc.	Canada	Midstream Company	5.4%
3	WMB	The Williams Companies, Inc.	United States	Midstream Company	5.3%
4	EPD	Enterprise Products Partners LP	United States	MLP	4.7%
5	KEY CN	Keyera Corp.	Canada	Midstream Company	4.4%
6	PAGP	Plains GP Holdings LP	United States	MLP Affiliate	4.2%
7	NEP	NextEra Energy Partners LP	United States	Renewable Energy Infrastructure	4.2%
8	TRP	TC Energy Corp.	Canada	Midstream Company	4.1%
9	ETRN	Equitrans Midstream Corp.	United States	Midstream Company	3.9%
10	MPLX	MPLX LP	United States	MLP	3.9%
					52.8%

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, November 30, 2020.

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

Salient Midstream & MLP Fund
Balance Sheet
November 30, 2020
(Unaudited)
Assets	(in millions)
Investments	$120.8
Other Assets	0.3
Cash and Cash Equivalents	0.3
Total Assets	$121.4
Liabilities
Line of Credit Payable	$21.0
Other Liabilities	0.4
Total Liabilities	$21.4
Net Assets	$100.0
The Fund had 17.7 million common shares outstanding as of November 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, November 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 (SMM) as of November 30, 2020?

The Net Asset Value (NAV) of Salient Midstream & MLP Fund (SMM) as of November 30, 2020, was $5.64 per share.

How did Salient Midstream & MLP Fund (SMM) perform in November 2020?

In November 2020, the Fund's NAV returned 15.1% and its market price returned 24.1%, compared to 19.5% for the Alerian Midstream Energy Select Index.

What are the total assets of Salient Midstream & MLP Fund (SMM)?

As of November 30, 2020, Salient Midstream & MLP Fund (SMM) reported total assets of $121.4 million.

What was the closing share price of Salient Midstream & MLP Fund (SMM) on November 30, 2020?

The closing share price of Salient Midstream & MLP Fund (SMM) on November 30, 2020, was $4.22.

How many common shares were outstanding for Salient Midstream & MLP Fund (SMM) as of November 30, 2020?

As of November 30, 2020, there were 17.7 million common shares outstanding for Salient Midstream & MLP Fund (SMM).