Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at July 31, 2018

HOUSTON, Aug. 01, 2018 (GLOBE NEWSWIRE) — Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE: KYE) 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 July 31, 2018. 

As of July 31, 2018, the Fund’s net assets were $395 million, and its net asset value per share was $10.73.  As of July 31, 2018, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 448% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 340%.

Kayne Anderson Energy Total Return Fund, Inc.
Statement of Assets and Liabilities
July 31, 2018
    (in millions)       Per Share
Investments   $   556.3     $   15.10  
Cash and cash equivalents       1.4         0.04  
Deposits       0.2         0.01  
Accrued income       4.6         0.12  
Other assets       0.3         0.01  
Total assets           562.8              15.28  
Credit facility       10.0         0.27  
Notes       115.0         3.12  
Unamortized notes issuance costs     (0.4 )       (0.01 )
Preferred stock       40.0         1.09  
Unamortized preferred stock issuance costs            (0.5 )       (0.02 )
Total leverage       164.1         4.45  
Payable for securities purchased     0.3       0.01  
Other liabilities       3.1         0.09  
Total liabilities       3.4         0.10  
Net assets   $   395.3     $   10.73  
The Fund had 36,841,723 common shares outstanding as of July 31, 2018.

As of July 31, 2018, equity and debt investments were 95% and 5%, respectively, of the Fund’s long-term investments of $556 million.  Long-term investments were comprised of Midstream Company (69%), MLP (24%), Other Energy (2%) and Debt (5%).

The Fund’s ten largest holdings by issuer at July 31, 2018 were:

  Units / Shares
(in thousands)
(in millions)
  Percent of
1. ONEOK, Inc. (Midstream Company) 754 $53.1   9.5%
2. The Williams Companies, Inc.  (Midstream Company)* 1,401 41.7   7.5%
3. Targa Resources Corp. (Midstream Company) 813 41.5   7.5%
4. Plains GP Holdings, L.P. (Midstream Company) 1,503 36.5   6.6%
5. Energy Transfer Partners, L.P. (MLP)** 1,338 28.1   5.0%
6. Capital Product Partners L.P. (Midstream Company) 3,333 26.7   4.8%
7. Enbridge Energy Management, L.L.C. (Midstream Company) 2,363 25.4   4.6%
8. KNOT Offshore Partners LP (Midstream Company) 1,128 24.8   4.5%
9. Kinder Morgan, Inc. (Midstream Company) 1,204 21.4   3.8%
10. Pembina Pipeline Corporation (Midstream Company) 549 19.7   3.5%
* On May 17, 2018, The Williams Companies, Inc. (“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all WPZ common units in a stock-for-unit merger.  As of July 31, 2018, the Fund did not own any WPZ units.

** On August 1, 2018, Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) announced an agreement providing for the merger of ETP with ETE in a unit-for-unit exchange. As of July 31, 2018, the Fund did not own any ETE units.  


Kayne Anderson Energy Total Return Fund, Inc. 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. The Fund intends to achieve this investment objective by investing in a portfolio of companies in the energy sector, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, 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 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

Primary Logo

Leave a Comment

Your email address will not be published. Required fields are marked *