Business & Finance
Business and Finance
Business and Finance
Thu, June 30, 2011 Kayne Anderson Midstream/Energy Fund Announces Quarterly Distribution of $0.41 per Share for Q2 2011
HOUSTON--([ BUSINESS WIRE ])--Kayne Anderson Midstream/Energy Fund, Inc. (the aFunda) (NYSE: KMF) announced today a quarterly distribution of $0.41 per share for the quarter ending May 31, 2011, an increase of 9.3% from the prior quartera™s distribution. The Fund became fully invested during the quarter, including proceeds from leverage, and this distribution reflects the net distributable income generated by the Funda™s portfolio during the quarter. This distribution exceeds the Funda™s previous distribution guidance of $0.40625 per share and represents an annualized cash distribution rate of 6.6% on the initial public offering price of $25.00 per share. The distribution will be payable on July 22, 2011 to common stockholders of record on July 13, 2011, with an ex-dividend date of July11, 2011.
It is anticipated that a portion of the distribution will be treated as a return of capital for tax purposes. The final determination of such amount will be made in early 2012 when the Fund can determine its earnings and profits. The final tax status of the distribution may differ substantially from this preliminary information.
Kayne Anderson Midstream/Energy 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 New York Stock Exchange. The Funda™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 (aMLPsa), (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 Funda™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 Funda™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 Funda™s investment objective will be attained.
