HOUSTON -- (Business Wire)
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE: KYE)
today provided a summary unaudited balance sheet and announced its net
asset value and asset coverage ratios under the Investment Company Act
of 1940 (the “1940 Act”) as of October 31, 2011.
As of October 31, 2011, the Fund’s net assets were $889 million, and its
net asset value per share was $25.40. As of October 31, 2011, the Fund’s
asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 435% and the Fund’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 311%.
| Kayne Anderson Energy Total Return Fund, Inc. |
| Balance Sheet |
| October 31, 2011 |
| (Unaudited) |
|
|
(in millions)
|
|
Per Share
|
|
Investments
| |
$
|
1,299.3
| |
$
|
37.12
|
|
Cash
| | |
13.3
| | |
0.38
|
|
Deposits
| | |
4.4
| | |
0.13
|
|
Accrued income
| | |
5.9
| | |
0.17
|
|
Receivable for securities sold
| | |
3.8
| | |
0.11
|
|
Other assets
| |
|
4.0
| |
|
0.11
|
|
Total assets
| | |
1,330.7
| | |
38.02
|
| | | |
|
|
Senior notes
| | |
301.0
| | |
8.60
|
|
Preferred stock
| |
|
120.0
| |
|
3.43
|
|
Total leverage
| |
|
421.0
| |
|
12.03
|
| | | |
|
|
Payable for securities purchased
| | |
10.2
| | |
0.29
|
|
Other liabilities
| |
|
10.4
| |
|
0.30
|
|
Total liabilities
| | |
20.6
| | |
0.59
|
| | | |
|
|
Net assets
| |
$
|
889.1
| |
$
|
25.40
|
| | | |
|
The Fund had 35.0 million common shares outstanding as of October
31, 2011.
|
As of October 31, 2011, equity and debt investments were 88% and 12%,
respectively, of the Fund’s long-term investments of $1.3 billion.
Long-term investments were comprised of MLPs and MLP Affiliates (47%),
U.S. and Canadian Income Trusts (11%), Marine Transportation (17%), Coal
(4%), Midstream & Other (9%) and Debt (12%).
The Fund’s ten largest holdings by issuer at October 31, 2011 were:
|
|
| |
|
| |
|
| |
|
|
Percent of
|
| | |
| | |
Units
| | |
Amounts
| | |
Long-Term
|
| | | | | |
(in thousands)
| | |
($ millions)
| | |
Investments
|
1.
| | |
Kinder Morgan Management, LLC (MLP Affiliate)
| | |
2,425
| | |
$160.6
| | |
12.4%
|
|
2.
| | |
Enbridge Energy Management, L.L.C. (MLP Affiliate)
| | |
4,183
| | |
128.9
| | |
9.9%
|
|
3.
| | |
Plains All American Pipeline, L.P. (Midstream MLP)
| | |
1,089
| | |
71.8
| | |
5.5%
|
|
4.
| | |
Teekay Offshore Partners L.P. (Marine Transportation)
| | |
1,642
| | |
43.3
| | |
3.3%
|
|
5.
| | |
ONEOK, Inc. (Midstream)
| | |
507
| | |
38.6
| | |
3.0%
|
|
6.
| | |
Navios Maritime Partners L.P. (Marine Transportation)
| | |
2,248
| | |
37.6
| | |
2.9%
|
|
7.
| | |
Enerplus Corporation (Income Trust)
| | |
1,268
| | |
35.3
| | |
2.7%
|
|
8.
| | |
Golar LNG Partners LP (Marine Transportation)
| | |
1,231
| | |
35.3
| | |
2.7%
|
|
9.
| | |
Kinder Morgan, Inc. (Midstream)
| | |
1,207
| | |
34.5
| | |
2.7%
|
|
10.
| | |
Crescent Point Energy Corp. (Income Trust)
| | |
728
| | |
31.1
| | |
2.4%
|
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 obtain a high total return with an emphasis on current income by
investing primarily in securities of companies engaged in the energy
industry, principally including publicly-traded energy-related master
limited partnerships and limited liability companies taxed as
partnerships and their affiliates, energy-related U.S. and Canadian
royalty trusts and income trusts and other companies that derive at
least 50% of their revenues from operating assets used in, or providing
energy-related services for, the exploration, development, production,
gathering, transportation, processing, storing, refining, distribution,
mining or marketing of natural gas, natural gas liquids (including
propane), crude oil, refined petroleum products or coal.
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 materially
differ from the Fund’s historical experience and its present
expectations or projections indicated in any forward-looking statement.
These risks include, but are not limited to, changes in economic and
political conditions; regulatory and legal changes; energy industry
risk; commodity pricing risk; leverage risk; valuation risk;
non-diversification 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 objectives will be attained.
Contacts:
KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/
Source: Kayne Anderson Energy Total Return Fund, Inc.
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