Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at April 30, 2013

Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at April 30, 2013

HOUSTON--(BUSINESS WIRE)-- Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE: 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 April 30, 2013.

As of April 30, 2013, the Fund’s net assets were $760 million and its net asset value per share was $34.61. As of April 30, 2013, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 417% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 334%.

Kayne Anderson Midstream/Energy Fund, Inc.
Statement of Assets and Liabilities
April 30, 2013
(in millions) Per Share
Investments $ 1,071.4 $ 48.76
Cash 5.9 0.27
Deposits 0.2 0.01
Accrued income 5.4 0.25
Receivable for securities sold 9.0 0.41
Other assets   2.2   0.10
Total assets 1,094.1 49.80
Credit facility borrowings 95.0 4.32
Senior notes 165.0 7.51
Preferred stock   65.0   2.96
Total leverage   325.0   14.79
Payable for securities purchased 4.6 0.21
Other liabilities   4.1   0.19
Total liabilities 8.7 0.40
Net assets $ 760.4 $ 34.61
The Fund had 21.97 million common shares outstanding as of April 30, 2013.

As of April 30, 2013, equity and debt investments were 90% and 10%, respectively, of the Fund’s long-term investments of $1.1 billion. Long-term investments were comprised of Midstream Companies (45%), MLP and MLP Affiliate (38%), Other Energy (6%), Other (1%) and Debt (10%).

The Fund’s ten largest holdings by issuer at April 30, 2013 were:


(in thousands)


($ millions)


Percent of

1. The Williams Companies, Inc. (Midstream Company) 2,384 $ 90.9 8.5 %
2. Kinder Morgan Management, LLC (MLP Affiliate) 960 84.7 7.9 %
3. ONEOK, Inc. (Midstream Company) 1,629 83.6 7.8 %
4. Kinder Morgan, Inc. (Midstream Company) 1,831 71.6 6.7 %
5. Enbridge Energy Management, L.L.C. (MLP Affiliate) 1,938 57.6 5.4 %
6. Buckeye Partners, L.P. (Midstream MLP) 580 35.1 3.3 %
7. Golar LNG Partners LP (Midstream Company) 1,073 35.1 3.3 %
8. Spectra Energy Corp. (Midstream Company) 918 28.9 2.7 %
9. Teekay Offshore Partners L.P. (Midstream Company)* 991 28.5 2.7 %
10. Plains All American Pipeline, L.P. (Midstream MLP) 459 26.4 2.5 %
* Includes 300 preferred units ($7.5 million) and 691 common units ($21.0 million).

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

KEYWORDS:   United States  North America  Texas


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.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2402361, ~/Articles/ArticleHandler.aspx, 8/31/2015 3:50:03 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...