Report 
 
      
Registrant:   Salient MLP & Energy Infrastructure Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  11/30/13

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1513970
SEC File #:   811-22530

Telephone #:  713-993-4675
 
 2.
Address:      4265 San Felipe, Suite 800
              Houston, TX  77027
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Salient Capital Advisors, LLC
Role:         Adviser
SEC File #:   801-71482
Location:     Houston, TX
 
Administrator 
 
10.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
Principal Underwriter 
 
11.1
Name:         Stifel, Nicolaus & Co., Inc.
SEC File #:   008-01447
Location:     New York, NY
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         U.S. Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
Independent Public Accountant 
 
13.1
Name:         KPMG, LLP
Location:     Columbus, OH
 
Custodian 
 
15.1
Name:         U.S. Bank, N.A.
Role:         Custodian
Location:     Milwaukee, WI

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  2

The Identification Code of the family for Form N-SAR Filings:  SALCAPITAL
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Morgan Stanely
Commissions paid ($000s):  103
 
20.2
Broker:       Btig LLC
Commissions paid ($000s):  55
 
20.3
Broker:       Knight Equity Markets, LLP
Commissions paid ($000s):  39
 
20.4
Broker:       UBS Securities Inc.
Commissions paid ($000s):  39
 
20.5
Broker:       Usca Securities LLC
Commissions paid ($000s):  33
 
20.6
Broker:       Wachovia Bank, N.A.
Commissions paid ($000s):  19
 
20.7
Broker:       Barclays
Commissions paid ($000s):  13
 
20.8
Broker:       Merrill Lynch
Commissions paid ($000s):  13
 
20.9
Broker:       Tudor, Pickering, Holt & Co. Securities, Inc.
Commissions paid ($000s):  10
 
20.10
Broker:       Oppenheim & Co. Inc.
Commissions paid ($000s):  4
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  363
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Barclays
Registrant’s purchases ($000s):  25,980
 
22.2
Entity:       Pipeline Trading System LLC
Registrant’s purchases ($000s):  16,994
 
22.3
Entity:       Wachovia Bank N.A.
Registrant’s purchases ($000s):  7,973
 
22.4
Entity:       Emg Utica I Offshore Co-Investment, L.P.
Registrant’s purchases ($000s):  7,000
 
22.5
Entity:       Btig LLC
Registrant’s sales ($000s):  3,496
 
22.6
Entity:       Morgan Stanley
Registrant’s purchases ($000s):  3,258
 
22.7
Entity:       Citigroup
Registrant’s purchases ($000s):  609
 
22.8
Entity:       Merrill Lynch
Registrant’s purchases ($000s):  506
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  62,320
   Aggregate sales ($000s):  3,496
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  No
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  1.2%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  No
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  No
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  No
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  Yes
    Bank loans?  Yes
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  No
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     Yes
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes to both
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes to both
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes to both
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes to both
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  266,081
Sales ($000s):      191,630

Monthly average Value of portfolio ($000s):  261,671

Percent turnover (lesser of Purchases or Sales, divided by Value):  73%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 20
Net dividend income ..............................................
 3,848
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 2,949
Administrator fees ...............................................
 143
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 19
Custodian fees ...................................................
 28
Postage ..........................................................
 –
Printing expenses ................................................
 60
Directors’ fees ..................................................
 68
Registration fees ................................................
 45
Taxes ............................................................
 -531
Interest .........................................................
 933
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 84
Legal fees .......................................................
 380
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 289
Total expenses ...................................................
 4,467

Expense reimbursements ($000s):   224

Net investment income ($000s):    -375

Realized capital gains ($000s):   7,833
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  36,758
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  7,213

Total capital gains distributions for which the record date passed
during the period ($000s):  5,571
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.4900

Distribution of capital gains:  $0.5700
Other distributions:            $0.7900
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 3,924
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 6,563
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 303,773
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 39
All other assets .................................................
 14
Total assets .....................................................
 314,313

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 2,486
Amounts owed to affiliated persons ...............................
 276
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 107,529

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 204,022

Number of shares outstanding (000s):   7,182

Net Asset Value (NAV) per share (to nearest cent):  $28.41

Total number of shareholder accounts:  1

Total value of assets in segregated accounts ($000s):  244,564
 
75.
Monthly average net assets during the period ($000s):  184,239
 
76.
Market price per share at period end:  $26.26
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  6,300
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  32
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   1,035
    Net consideration received ($000s):  27,396
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.
Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Salient Mlp & Energy Infrastructure Fund
    CUSIP/CINS:  79471T·10·0
        Symbol:  SMF
 
88.
Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     No
Uncovered options?  No
Margin loans?       No
Preferred stock?    No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      John E Price      
Name:   John E Price
Title:  CFO