HOUSTON, Nov. 14, 2014 /PRNewswire/ — Salient Midstream & MLP Fund (NYSE: SMM) announced the successful approval of the proposed reorganization (the “Reorganization”) involving SMM and Salient MLP & Energy Infrastructure Fund (NYSE: SMF). On November 13, 2014, shareholders of SMM approved the issuance of additional common shares of SMM in connection with the Reorganization to acquire substantially all of the assets and liabilities of SMF. Shareholders of SMF approved the Reorganization of SMF into SMM. Concurrent with this decision SMM and SMF declared dividends per share of $0.365 for SMM holders and $0.475 per share for SMF holders. The Reorganization is expected to occur at the close of business on November 14, 2014.

The fourth quarter dividend of $0.365 per share for SMM and $0.475 per share for SMF, for the quarter ending November 30, 2014, will be payable on November 28, 2014 to common stockholders of record of each SMM and SMF on November 13, 2014. It is anticipated that these dividends will be comprised of a combination of return of capital, capital gains and ordinary income for tax purposes. The final tax status of the dividends may differ substantially from this preliminary information, and the final determination of such amounts will be made in early 2015 when the Fund can determine its earnings and profits for the 2014 fiscal year.

The quarterly distributions per share for both SMM and SMF over the past year as of November 30, 2014 are shown below:¹

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
mlpinvestorrelations@salientpartners.com
713-548-2636

¹ The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund’s returns may be comprised of ordinary income, return of capital and net realized capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time.

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SOURCE Salient Midstream & MLP Fund