Salient Midstream amp;; MLP Fund Announces its Net Asset Value as of March 28, 2013 and Provides Fund Update

HOUSTON, April 10, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: [ SMM ]) released today its net asset value (NAV) as of March 28, 2013 and provided an update on the Fund's current portfolio.

(Logo: [ http://photos.prnewswire.com/prnh/20120917/NY75507LOGO ] )

As of March 28, 2013, the Fund's net assets were $221.6 million and the net asset value per share was $23.35 The Fund's net assets on February 28, 2013 were $205.4 million and the net asset value per share was $21.66. On March 28, 2013, the closing share price of the Fund was $22.80, which represents a 2.4% discount to the NAV.

As of March 28, 2013, the advisor has invested the Fund in long-term investments as shown in the pie chart below:

(Photo: [ http://photos.prnewswire.com/prnh/20130410/NY92675-INFO ] )

Also as of March 28, 2013, the Fund's 10 largest consolidated holdings were:

Company	Sector	Shares	Amount (in millions)	Percent of Consolidated Gross Assets
Enterprise Products Partners, LP	MLP C-Corp	454,959	$29.2	10.2%
Plains All American Pipeline, LP	MLP C-Corp	411,000	$23.2	8.1%
The Williams Companies, Inc.	Midstream Company	547,900	$20.5	7.2%
Enbridge Energy Management, LLC	MLP Affiliate	650,699	$19.7	6.9%
Kinder Morgan Management, LLC	MLP Affiliate	211,532	$18.6	6.5%
Kinder Morgan, Inc.	Midstream Company	374,348	$14.5	5.1%
Teekay Offshore Partners, LP	Marine Midstream	442,281	$13.4	4.7%
LinnCo, LLC	MLP Affiliate	333,390	$13.0	4.6%
EMG Utica LLC	MLP Affiliate	9,000,000	$9.0	3.1%
Energy Transfer Equity, LP	MLP	150,420	$8.8	3.1%

The Fund's consolidated unaudited balance sheet as of March 28, 2013, is shown below:

	Salient Midstream & MLP Fund
	Consolidated Balance Sheet
	March 28, 2013
	(Unaudited)

	Assets	(in millions)
	Investments¹	$310.0
	Cash and Cash Equivalents	3.1
	Receivable for Investments Sold	0.0
	Hedging and Other Assets	0.1
	Total Assets	313.2
	Liabilities
	Line of Credit Payable²	83.9
	Derivatives – Short positions	0.6
	Other Liabilities	7.2
	Total Liabilities	91.7
	Net Assets	$221.6

The Fund had 9.5 million common shares outstanding as of March 28, 2013.
¹Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $83.9 million.
² The line of credit payable includes the C-Corporation's $20.9M outstanding line as of March 28, 2013.

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.

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 March 28, 2013 and Provides Fund Update