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Salient Midstream & MLP Fund  as of 01/25/2022

NYSE / SMM Asset Class:  Energy MLP Funds 1 YR Lipper Avg:  38.02%

Growth of $10K

Avg Annual Total Return %
  10 YR 5 YR 1 YR YTD
Market Return -- -7.12% 46.32% -0.59%
Lipper Pct. Rank -- 38 48 95
NAV Return -- -7.13% 29.05% 5.48%
Lipper Pct. Rank -- 42 62 39
Premium/Discount History

10 YR Avg 5 YR Avg YTD Avg
-- -15.726% -20.100%

NAV $7.89 Market Price $6.70
Net Change $0.08 Market Change -$0.03
Premium/Discount -15.08%
1 YR NAV Return 29.054%
1 YR NAV Rank 62
12-Mo Yield as of 12/31/2021 Yield Def
Income Only Yield 1.87%
Distribution Yield (Market) 3.86%
Most Recent Income Dividend $0.070
Ex-Div Date 11/15/2021
Most Recent Cap Gain Dividend $0.141
Ex-Div Date 11/15/2019
Dividend Frequency Quarterly
YTD Dividends $0.260
YTD Capital Gains --
Inception Date 5/24/2012
Fund Advisor Salient Capital Advisors LLC
Manager & Tenure Gardner since 2012
Reid since 2012
Phone 800-809-0525
Total Net Assets (mil) as of 12/31/2021 $132.6
% Leveraged Assets as of 11/30/2020 29.42%
Portfolio Turnover 156.00%
Mgmt Fees 1.833%
Expense Ratio 2.970%
Fund Objective
The Fund seeks providing high level of total return with an emphasis on making quarterly cash distributions to its Common Shareholders. It seeks to achieve its objective by investing at least 80% of its total assets in securities of Midstream Companies and MLPs. It may invest in equity or debt securities of MLPs.
Top Holdings (as of 11/30/2021)
Energy Transfer LP 10.69%
Targa Resources Corp ORD 9.02%
Cheniere Energy Inc ORD 8.72%
ONEOK Inc ORD 8.48%
MPLX LP 8.46%
Enbridge Inc ORD 7.90%
Williams Companies Inc ORD 6.86%
Plains GP Holdings LP ORD 6.38%
Pembina Pipeline Corp ORD 6.16%
Equitrans Midstream Corp ORD 5.99%
Top Sectors (as of 11/30/2021)
Oil & Gas 83.33%
Financials 4.81%
Utilities 1.34%
Non Classified Equity 0.57%



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