Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratios at December 31, 2011

Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE: KMF) 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 December 31, 2011.

As of December 31, 2011, the Fund’s net assets were $591 million and its net asset value per share was $27.29. As of December 31, 2011, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 504% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 411%.

Kayne Anderson Midstream/Energy Fund, Inc.
Balance Sheet
December 31, 2011
(in millions) Per Share
Investments $ 789.7 $ 36.45
Cash 4.9 0.23
Deposits 0.2 0.01
Accrued income 2.8 0.13
Receivable for securities sold 2.4 0.11
Other assets 2.1 0.10
Total assets 802.1 37.03
Credit facility borrowings 40.0 1.85
Senior notes 115.0 5.31
Preferred stock 35.0 1.61
Total leverage 190.0 8.77
Distribution payable 9.0 0.42
Payable for securities purchased 7.5 0.35
Other liabilities 4.4 0.20
Total liabilities 20.9 0.97
Net assets $ 591.2 $ 27.29
The Fund had 21.66 million common shares outstanding as of December 31, 2011.

As of December 31, 2011, equity and debt investments were 85% and 15%, respectively, of the Fund’s long-term investments of $790 million. Long-term investments were comprised of Midstream Companies (38%), MLPs and MLP Affiliates (39%), Other Energy (5%), Other (3%) and Debt (15%).

The Fund’s ten largest holdings by issuer at December 31, 2011 were:


(in thousands)


($ millions)

Percent of



1. Kinder Morgan Management, LLC (MLP Affiliate) 925 $72.6 9.2%
2. The Williams Companies, Inc. (Midstream Company) 2,188 59.1 7.5%
3. Kinder Morgan, Inc. (Midstream Company) 1,620 52.1 6.6%


El Paso Corporation (Midstream Company) 1,331 35.4 4.5%
5. Enbridge Energy Management, L.L.C. (MLP Affiliate) 955 33.2 4.2%
6. Buckeye Partners, L.P. (Midstream MLP) 531 32.2 4.1%
7. Targa Resources Corp. (Midstream Company) 693 28.2 3.6%
8. ONEOK, Inc. (Midstream Company) 258 22.4 2.8%
9. OGE Energy Corp. (Other Energy) 388 22.0 2.8%
10. Teekay Offshore Partners, L.P. (Midstream Company) 734 19.3 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 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
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