Kayne Anderson Energy Total Return Fund, Inc. Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratio at October 31, 2009
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http://www.businesswire.com/news/home/20091102006577/en
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 ratio under the Investment Company Act of 1940 (the "1940 Act")
as of October 31, 2009.
As of October 31, 2009, the Fund`s net assets were $632 million and its net
asset value per share was $18.69. As of October 31, 2009, the Fund`s asset
coverage ratio under the 1940 Act with respect to senior securities representing
indebtedness was 404%.
Kayne Anderson Energy Total Return Fund, Inc.
Balance Sheet
October 31, 2009
(Unaudited)
(in millions)
Investments $ 829.2
Repurchase agreements and cash 0.9
Deposits 0.7
Accrued income 9.8
Receivable for securities sold 13.8
Other assets 1.2
Total assets 855.6
Short-term borrowings 43.0
Senior notes 165.0
Total leverage 208.0
Payable for securities purchased 10.8
Other liabilities 4.6
Total liabilities 15.4
Net assets $ 632.2
33.8 million common shares currently outstanding
As of October 31, 2009, equity and fixed income investments were 78% and 22%,
respectively, of the Fund`s long-term investments of $829 million. Long-term
investments were comprised of MLPs and MLP Affiliates (52%), U.S. and Canadian
Royalty Trusts (16%), Marine Transportation (6%), Coal and Other (4%) and Energy
Debt (22%).
The Fund`s ten largest holdings by issuer at October 31, 2009 were:
Units/Par ($) Amount Percent of
(in thousands) ($ millions) Long-Term
Investments
1. Kinder Morgan Management, LLC (MLP Affiliate) 1,851 $86.7 10.5%
2. Enbridge Energy Management, L.L.C. (MLP Affiliate) 1,550 72.0 8.7%
3. Plains All American Pipeline, L.P. (Midstream MLP) 1,113 53.2 6.4%
4. Enterprise Products Partners L.P. (Midstream MLP) 1,024 28.7 3.5%
5. Navios Maritime Holdings Inc. (Marine Transportation) $24,000 23.7 2.9%
6. Teekay Offshore Partners L.P. (Marine MLP) 1,376 22.4 2.7%
7. NAL Oil & Gas Trust (Canadian Royalty Trust) 1,781 19.1 2.3%
8. Navios Maritime Partners L.P. (Marine MLP) 1,448 19.0 2.3%
9. Athabasca Oil Sands Corp. (Canadian Upstream) $17,500 17.1 2.1%
10. Massey Energy Company (Coal) 191 / $14,050 16.8 2.0%
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.
KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/
Copyright Business Wire 2009
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