Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its

Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at February 28, 2013

HOUSTON--(BUSINESS WIRE)-- Kayne Anderson Midstream/Energy Fund, Inc. (the "Fund") (NYS: KMF) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the "1940 Act") as of February 28, 2013.

As of February 28, 2013, the Fund's net assets were $687 million and its net asset value per share was $31.30. As of February 28, 2013, the Fund's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 443% and the Fund's asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 342%.

 

Kayne Anderson Midstream/Energy Fund, Inc.

Statement of Assets and Liabilities
February 28, 2013
(Unaudited)
  (in millions)   Per Share
Investments $ 970.5 $ 44.24
Cash 16.0 0.73
Deposits 0.3 0.01
Accrued income 3.4 0.15
Receivable for securities sold 8.6 0.39
Other assets   2.2   0.10
Total assets 1,001.0 45.62
 
Credit facility borrowings 54.0 2.46
Senior notes 165.0 7.52
Preferred stock   65.0   2.96
Total leverage   284.0   12.94
 
Payable for securities purchased 21.8 0.99
Other liabilities   8.5   0.39
Total liabilities 30.3 1.38
 
Net assets $ 686.7 $ 31.30
 
The Fund had 21.94 million common shares outstanding as of February 28, 2013.
 

As of February 28, 2013, equity and debt investments were 87% and 13%, respectively, of the Fund's long-term investments of $970 million. Long-term investments were comprised of Midstream Companies (42%), MLP and MLP Affiliate (38%), Other Energy (6%), Other (1%) and Debt (13%).

The Fund's ten largest holdings by issuer at February 28, 2013 were:

       

Units

(in thousands)

Amounts

($ millions)

Percent of
Long-Term
Investments

1. The Williams Companies, Inc. (Midstream Company) 2,407 $83.6 8.6%
2. Kinder Morgan Management, LLC (MLP Affiliate) 946 78.3 8.1%
3. ONEOK, Inc. (Midstream Company) 1,629 73.3 7.6%
4. Kinder Morgan, Inc. (Midstream Company) 1,783 66.1 6.8%
5. Enbridge Energy Management, L.L.C. (MLP Affiliate) 1,771 48.4 5.0%
6. Golar LNG Partners LP (Midstream Company) 1,085 32.3 3.3%
7. Buckeye Partners, L.P. (Midstream MLP) 564 30.7 3.2%
8. Plains All American Pipeline, L.P. (Midstream MLP) 459 25.1 2.6%
9. Spectra Energy Corp. (Midstream Company) 820 23.8 2.5%
10. Targa Resources Corp. (Midstream Company) 364 22.2 2.3%
 

The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 whose common stock is traded on the NYSE. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its stockholders by investing at least 80% of its total assets in securities of companies in the Midstream/Energy Sector, consisting of: (a) Midstream Master Limited Partnerships ("MLPs"), (b) Midstream Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund anticipates that the majority of its investments will consist of investments in Midstream MLPs and Midstream Companies. See Glossary of Key Terms on page ii of the Prospectus for definitions of certain key terms.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: 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 results to differ from the Fund's historical experience and its 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; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Fund's filings with the SEC. 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.



KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at February 28, 2013 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

Add a Comment

*0 / 3000 Character Maximum