HOUSTON, Aug. 7, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: [ SMM ]) released today its net asset value (NAV) as of July 31, 2012 and provided an update on the Fund's current portfolio. The NAV of the Fund appreciated 6.0% for the month.

As of July 31, 2012, the Fund's net assets were $192.8 million and the net asset value per share was $20.38. The Fund's net assets on June 30, 2012 were $173.1 million and the net asset value per share was $19.22.

In July, the Fund announced its initial cash distribution of $0.325 per share with a payment date on August 22, 2012. This equates to a 6.5% yield on the IPO price of $20.00.

As of July 31, 2012, the advisor has invested the Fund in long-term investments as shown in the pie chart below:

(Photo: [ http://photos.prnewswire.com/prnh/20120807/NY53469 ] )

Also as of July 31, 2012, the Fund's 10 largest consolidated holdings were:

Company	Sector	Shares	Amount (in millions)	Percent of Consolidated Gross Assets
Enterprise Products Partners LP**	MLP	420,822	$22.3	8.3%
Kinder Morgan Management, LLC	MLP Affiliate	252,009	$19.3	7.2%
Plains All American Pipeline, LP*	MLP	185,000	$16.3	6.1%
Kinder Morgan, Inc.	Midstream Company	438,078	$15.7	5.8%
Williams Companies, Inc.	Midstream Company	409,000	$13.0	4.8%
Enbridge Energy Management, LLC	MLP Affiliate	379,299	$12.1	4.5%
Teekay Offshore Partners, LP	Marine Midstream	435,000	$12.0	4.5%
Energy Transfer Partners, LP*	MLP	252,000	$11.5	4.3%
Energy Transfer Equity, LP*	MLP	247,000	$10.6	4.0%
Crosstex Energy, Inc.	Midstream Company	699,437	$9.4	3.5%

*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 July 31, 2012, is shown below:

	Salient Midstream & MLP Fund
	Consolidated Balance Sheet
	July 31, 2012
	(Unaudited)

	Assets	(in millions)
	Investments¹	$259.1
	Cash and Cash Equivalents	3.7
	Receivable for Investments Sold	2.4
	Hedging and Other Assets	3.2
	Total Assets	268.4
	Liabilities
	Line of Credit Payable²	73.0
	Derivatives – Short positions	0.3
	Other Liabilities	2.3
	Total Liabilities	75.6
	Net Assets	$192.8

The Fund had 9.5 million common shares outstanding as of July 31, 2012.
¹Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $71.7 million.
² The line of credit payable includes the C-Corporation's $24M outstanding line as of July 31, 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 shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and energy infrastructure 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.

CONTACT:
Chris Moon
JCPR
[ cmoon@jcprinc.com ]
973-850-7304

Salient Capital Advisors, LLC
Investor Relations
[ mlpinfo@salientpartners.com ]
800-809-0525

SOURCE Salient Midstream & MLP Fund

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Salient Midstream amp;; MLP Fund Announces its Net Asset Value as of July 31, 2012 and Provides Fund Update

Salient Midstream & MLP Fund Announces its Net Asset Value as of July 31, 2012 and Provides Fund Update