Salient Midstream & MLP Fund (the Fund) is a non-diversified, closed-end management investment company. The Fund’s 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 its investment objective by investing at least 80% of its total assets in securities of midstream companies and master limited partnerships (MLPs). The fund may invest up to but not more than 25% of its total assets in equity or debt securities of MLPs. The Fund may invest up to 30% of its total assets in unregistered or otherwise restricted securities of which up to 10% may be in securities of privately held companies. The Fund may invest in derivatives in order to meet its investment objectives. The Fund's investment advisor is Salient Capital Advisors, LLC.