The Company had a net change in unrealized gains of $13.6 million. The net change consisted of $21.4 million of unrealized gains from investments and a deferred income tax expense of $7.8 million.The Company had an increase in net assets resulting from operations of $24.3 million. This increase was comprised of net investment income of $0.8 million; net realized gains of $9.9 million; and net unrealized gains of $13.6 million, as noted above. NET ASSET VALUE As of November 30, 2012, the Company’s net asset value was $247.0 million or $23.74 per share. PORTFOLIO As of November 30, 2012, the Company had long-term investments of $335.6 million, of which approximately 59% were public MLPs and other public equity securities, 26% were private MLPs and other private equity securities and 15% were debt securities. The Company’s long-term investments consisted of 51 portfolio companies. UPDATES ON PRIVATE PORTFOLIO COMPANIES Updates on the Company’s private portfolio companies are available on the Company’s website at www.kaynefunds.com/ked/portfolio-companies/. LIQUIDITY AND CAPITAL RESOURCES As of November 30, 2012, the Company had $72.0 million of borrowings under its credit facility (at an interest rate of 2.21%), which represented 55.1% of its borrowing base of $130.8 million (60.8% of its borrowing base attributable to quoted securities). At the same date, the Company’s asset coverage ratio under the Investment Company Act of 1940 was 443%. The maximum amount that the Company can borrow under its credit facility is limited to the lesser of the commitment amount of $85.0 million or its borrowing base. As of January 24, 2013, the Company had $72.0 million borrowed under its credit facility and had $1.2 million in cash. Outstanding borrowings represented 50.9% of the borrowing base of $141.4 million (56.9% of its borrowing base attributable to quoted securities). DISTRIBUTION On January 17, 2013, the Company declared a distribution of $0.43 per share for the quarter ended November 30, 2012, which will be paid on February 1, 2013 to stockholders of record on January 28, 2013.