KA Fund Advisors, LLC | Leverage - KED - Kayne Anderson Energy Development Company

KED - Energy Development Company

KED - Leverage and Asset Coverage Ratios

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ASSET COVERAGE RATIOS

The 1940 Act requires investment companies to have minimum debt and total leverage (debt and preferred stock) coverage ratios of 300% and 200%, respectively, at the time of a common stock dividend declaration. The Company's borrowing agreements contain similar restrictions and require it to have a minimum coverage ratio of 300% as of the last day of each month.

	Asset Coverage Ratios under the Investment Company Act of 1940 (“1940 Act”)
Date (Close of Business)	With respect to senior securities representing indebtedness (300% minimum)	With respect to total leverage (debt and preferred stock) (200% minimum)
08/31/2011	425% - Actual	NA
05/31/2011	451% - Actual	NA
02/28/2011	502% - Actual	NA
11/30/2010	470% - Actual	NA
08/31/2010	477% - Actual	NA

BALANCE SHEET

Balance Sheet as of November 30, 2011 (Audited) - See 2011 Annual Report (PDF)

LEVERAGE SUMMARY (as of 08/31/2011)

($ in millions)

Short-Term Borrowings	Commitment Available	Borrowing Base	Current Borrowings*	Rate	Maturity
Investment Facility	$ 70	$123.7	$70	LIBOR + 200 bps	3/30/2013

* The maximum amount that KED can borrow under its Investment Facility is limited to the lesser of the commitment amount and its borrowing base.

INTEREST RATE SWAPS (as of 08/31/2011)

As of the above date, KED does not have interest rate swap positions.