Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 December 2, 2015 - 8:45 PM EST
Print Email Article Font Down Font Up
Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at November 30, 2015

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 November 30, 2015.

As of November 30, 2015, the Fund’s net assets were $381 million and its net asset value per share was $17.59. As of November 30, 2015, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 344% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 249%.


Kayne Anderson Midstream/Energy Fund, Inc.
Statement of Assets and Liabilities
November 30, 2015


  (in millions)   Per Share
Investments $ 604.1 $ 27.88
Cash 29.3 1.36
Deposits 0.3 0.01
Accrued income 2.7 0.12
Receivable for securities sold 1.4 0.07
Other assets   2.5   0.12
Total assets 640.3 29.56
Senior notes 185.0 8.54
Preferred stock   70.0   3.23
Total leverage   255.0   11.77
Other liabilities   4.3   0.20
Total liabilities 4.3 0.20
Net assets $ 381.0 $ 17.59

The Fund had 21,663,136 common shares outstanding as of November 30, 2015.

As of November 30, 2015, equity and debt investments were 88% and 12%, respectively, of the Fund’s long-term investments of $604 million. Long-term investments were comprised of Midstream Company (49%), MLP and MLP Affiliate (34%), Other Energy (3%), Other (2%) and Debt (12%).

The Fund’s ten largest holdings by issuer at November 30, 2015 were:


Units / Shares
(in thousands)

($ millions)

Percent of

1. Kinder Morgan, Inc. (Midstream Company) 2,578 $60.8 10.1%
2. Enbridge Energy Management, L.L.C. (Midstream MLP) 2,160 53.9 8.9%
3. The Williams Companies, Inc. (Midstream Company) * 1,439 52.6 8.7%
4. Plains GP Holdings, L.P. (Midstream Company) 2,722 33.4 5.5%
5. Energy Transfer Partners, L.P. (Midstream MLP) 670 25.6 4.2%
6. ONEOK Partners, L.P. (Midstream MLP) 778 23.5 3.9%
7. ONEOK, Inc. (Midstream Company) 776 22.9 3.8%
8. Spectra Energy Corp. (Midstream Company) 651 17.0 2.8%
9. Dynagas LNG Partners LP (Midstream Company) 1,296 16.5 2.7%
10. KNOT Offshore Partners LP (Midstream Company) 843 13.4 2.2%


* On September 28, 2015, Energy Transfer Equity, L.P. (“ETE”) announced the acquisition of The Williams Companies, Inc. (“WMB”). As of November 30, 2015, the Fund did not own any ETE units.

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

Source: Business Wire (December 2, 2015 - 8:45 PM EST)

News by QuoteMedia