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 February 28, 2011.
As of February 28, 2011, the Fund’s net assets were $1.0 billion, and its net asset value per share was $29.42. As of February 28, 2011, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 447% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 349%.
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Kayne Anderson Energy Total Return Fund, Inc. Balance Sheet February 28, 2011 (Unaudited) |
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| (in millions) | Per Share | |||||
| Investments | $ | 1,417.0 | $ | 40.93 | ||
| Repurchase agreements | 16.8 | 0.48 | ||||
| Deposits | 1.0 | 0.03 | ||||
| Accrued income | 5.0 | 0.14 | ||||
| Receivable for securities sold | 7.8 | 0.23 | ||||
| Other assets | 3.4 | 0.10 | ||||
| Total assets | 1,451.0 | 41.91 | ||||
| Credit facility borrowings | 69.0 | 1.99 | ||||
| Senior notes | 250.0 | 7.22 | ||||
| Preferred stock | 90.0 | 2.60 | ||||
| Total leverage | 409.0 | 11.81 | ||||
| Payable for securities purchased | 16.3 | 0.47 | ||||
| Other liabilities | 7.2 | 0.21 | ||||
| Total liabilities | 23.5 | 0.68 | ||||
| Net assets | $ | 1,018.5 | $ | 29.42 | ||
| The Fund had 34.62 million common shares outstanding as of February 28, 2011. | ||||||
As of February 28, 2011, equity and debt investments were 86% and 14%, respectively, of the Fund’s long-term investments of $1.4 billion. Long-term investments were comprised of MLPs and MLP Affiliates (45%), U.S. and Canadian Income Trusts (15%), Marine Transportation (16%), Coal (3%), Midstream & Other (7%) and Debt (14%).
The Fund’s ten largest holdings by issuer at February 28, 2011 were:
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Units
(in thousands) |
Amounts
($ millions) |
Percent of Long-Term Investments |
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| 1. | Kinder Morgan Management, LLC (MLP Affiliate) | 2,217 | $145.5 | 10.3% | |||||
| 2. | Enbridge Energy Management, L.L.C. (MLP Affiliate) | 1,992 | 133.2 | 9.4% | |||||
| 3. | Plains All American Pipeline, L.P. (Midstream MLP) | 1,113 | 72.9 | 5.1% | |||||
| 4. | Enerplus Corporation (Income Trust) | 1,555 | 50.8 | 3.6% | |||||
| 5. | Teekay Offshore Partners L.P. (Marine Transportation) | 1,660 | 47.8 | 3.4% | |||||
| 6. | Navios Maritime Partners L.P. (Marine Transportation) | 2,129 | 42.3 | 3.0% | |||||
| 7. | Crescent Point Energy Corp. (Income Trust) | 710 | 34.3 | 2.4% | |||||
| 8. | Teekay Tankers Ltd. (Marine Transportation) | 2,961 | 31.7 | 2.2% | |||||
| 9. | NAL Energy Corporation (Income Trust) | 2,107 | 31.5 | 2.2% | |||||
| 10. | Williams Partners L.P. (Midstream MLP) | 596 | 30.9 | 2.2% |
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.