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KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

 

Description

                  No. of
Shares/Units		      Value  

Long-Term Investments — 141.1%

            

Equity Investments(1) — 139.7%

            

United States — 129.1%

            

Midstream Energy Company(2) — 118.7%

            

Antero Midstream Corporation

 

      1,937      $ 13,115  

BP Midstream Partners LP

 

      2,705        31,889  

Cheniere Energy, Inc.(3)

 

      41        2,118  

Cheniere Energy Partners, L.P.

 

      117        4,218  

DCP Midstream, LP

 

      733        9,283  

DCP Midstream, LP — Series A Preferred Units(4)

 

      4,500        3,308  

Energy Transfer LP

 

      13,910        89,301  

Enterprise Products Partners L.P.

 

      7,074        124,212  

Equitrans Midstream Corporation

 

      226        2,326  

Equitrans Midstream Corporation — Convertible Preferred Units(5)(6)(7)

 

      1,188        24,073  

Kinder Morgan, Inc.

 

      2,019        27,896  

Magellan Midstream Partners, L.P.

 

      1,481        56,298  

MPLX LP

 

      3,797        69,363  

MPLX LP — Convertible Preferred Units(5)(6)(8)

 

      2,255        71,902  

Noble Midstream Partners LP

 

      1,091        9,772  

ONEOK, Inc.

 

      1,058        29,086  

Phillips 66 Partners LP

 

      1,200        32,308  

Plains All American Pipeline, L.P.(9)

 

      6,390        45,241  

Plains GP Holdings, L.P. — Plains AAP, L.P.(6)(9)(10)

 

      1,622        11,859  

Rattler Midstream LP

 

      631        5,279  

Shell Midstream Partners, L.P.

 

      3,588        37,283  

Targa Resources Corp.

 

      3,388        57,627  

TC PipeLines, LP

 

      710        21,563  

The Williams Companies, Inc.

 

      5,088        105,617  

Western Midstream Partners, LP

 

      4,887        44,321  
           

 

 

  
              929,258  
           

 

 

  

Utility Company(2) — 7.0%

 

   

Dominion Energy, Inc.

 

      143        11,186  

Eversource Energy

 

      65        5,588  

NextEra Energy, Inc.

 

      43        11,865  

Sempra Energy

 

      106        13,070  

Xcel Energy Inc.

 

      189        13,124  
           

 

 

  
              54,833  
           

 

 

  

Renewable Infrastructure Company(2) — 3.4%

 

   

Clearway Energy, Inc., Class A

 

      111        2,688  

Clearway Energy, Inc., Class C

 

      18        459  

Enviva Partners, LP

 

      385        15,873  

NextEra Energy Partners, LP

 

      132        7,969  
           

 

 

  
              26,989  
           

 

 

  

Total United States (Cost —$1,562,575)

 

      1,011,080  
           

 

 

  

 

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

 

Description

                 No. of
Shares/Units		      Value  

Canada — 9.2%

           

Midstream Energy Company(2) — 5.2%

           

Enbridge Inc.

 

      565      $ 18,085  

Pembina Pipeline Corporation

 

      255        6,308  

TC Energy Corporation

 

      342        15,972  
          

 

 

  
             40,365  
          

 

 

  

Renewable Infrastructure Company(2) — 2.3%

 

      

Brookfield Renewable Corporation

 

      123        6,258  

Brookfield Renewable Partners L.P.

 

      171        7,775  

Northland Power Inc.

     93        2,607  

TransAlta Renewables Inc.

 

      133        1,631  
          

 

 

  
             18,271  
          

 

 

  

Utility Company(2) — 1.7%

 

      

Algonquin Power & Utilities Corp.

 

      960        13,281  
          

 

 

  

Total Canada (Cost — $68,790)

 

      71,917  
          

 

 

  

United Kingdom — 1.4%

           

Renewable Infrastructure Company(2) — 1.4%

 

      

Atlantica Sustainable Infrastructure plc (Cost — $10,374)

 

      380        11,407  
          

 

 

  

Total Equity Investments (Cost — $1,641,739)

 

      1,094,404  
          

 

 

  
     Interest
Rate		     Maturity
Date		      Principal
Amount		         

Debt Instruments — 1.4%

           

United States — 1.4%

           

Midstream Energy Company(2) — 1.4%

           

Antero Midstream Corporation

      5.375 %      9/15/24      $ 3,081        2,842  

Antero Midstream Corporation(6)

      5.750       3/1/27        2,814        2,512  

Antero Midstream Corporation(6)

      5.750       1/15/28        3,196        2,852  

EQM Midstream Partners, LP

      6.500       7/15/48        515        520  

Tallgrass Energy Partners, LP(6)

      4.750       10/1/23        2,000        1,960  
          

 

 

  

Total Debt Investments (Cost — $9,742)

 

      10,686  
          

 

 

  

Total Long-Term Investments (Cost — $1,651,481)

 

      1,105,090  
          

 

 

  
                   No. of
Shares/Units		         

Short-Term Investment — Money Market Fund — 5.5%

 

JPMorgan 100% U.S. Treasury Securities Money Market Fund — Capital Shares, 0.02%(11) (Cost — $43,108)

 

      43,108        43,108  
          

 

 

  

Total Investments — 146.6% (Cost — $1,694,589)

 

      1,148,198  
          

 

 

  

 

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

 

                    Value  

Debt

   $ (181,000 ) 

Mandatory Redeemable Preferred Stock at Liquidation Value

      (195,718 ) 

Current Income Tax Asset, net

      35,233  

Deferred Income Tax Liability, net

      (22,018 ) 

Other Liabilities in Excess of Other Assets

     (1,528 ) 
           

 

 

  

Net Assets Applicable to Common Stockholders

   $ 783,167  
           

 

 

  

 

 

  (1)

Unless otherwise noted, equity investments are common units/common shares.

 

  (2)

Refer to “Glossary of Key Terms” for definitions of Midstream Energy Company, Renewable Infrastructure Company and Utility Company.

 

  (3)

Security is non-income producing.

 

  (4)

Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. Distributions are payable at a rate of 7.375% per annum to December 15, 2022. On and after December 15, 2022, distributions on the Series A Preferred Units will be payable at a rate equal to the three-month LIBOR plus 5.148% per annum.

 

  (5)

Fair valued security. See Notes 2 and 3 in Notes to Financial Statements.

 

  (6)

The Company’s ability to sell this security is subject to certain legal or contractual restrictions. As of August 31, 2020, the aggregate value of restricted securities held by the Company was $115,158 (9.7% of total assets), which included $19,183 of Level 2 securities and $95,975 of Level 3 securities. See Note 7 — Restricted Securities.

 

  (7)

On April 10, 2019, the Company purchased, in a private placement, Series A Convertible Preferred Units (“EQM Convertible Preferred Units”) from EQM Midstream Partners, LP (“EQM”). On June 17, 2020, Equitrans Midstream Corporation (“ETRN”) and EQM completed their previously announced stock-for-unit merger. In connection with the merger, a portion of the EQM Convertible Preferred Units held by the Company were exchanged for newly-issued ETRN Convertible Preferred Shares. The ETRN Convertible Preferred Shares will be convertible on a one-for-one basis into common shares of ETRN after April 10, 2021. The ETRN Convertible Preferred Shares pay quarterly cash distributions based on an annual rate of 9.75% through March 31, 2024.

 

  (8)

On May 13, 2016, the Company purchased, in a private placement, Series A Convertible Preferred Units (“MPLX Convertible Preferred Units”) from MPLX LP (“MPLX”). The MPLX Convertible Preferred Units are convertible on a one-for-one basis into common units of MPLX and are senior to the common units in terms of liquidation preference and priority of distributions. As of August 31, 2020, the MPLX Convertible Preferred Units pay a quarterly distribution of $0.6875 per unit.

 

  (9)

The Company believes that it is an affiliate of Plains AAP, L.P. (“PAGP-AAP”) and Plains All American Pipeline, L.P. (“PAA”). See Note 5 — Agreements and Affiliations.

 

(10)

The Company’s ownership of PAGP-AAP is exchangeable on a one-for-one basis into either Plains GP Holdings, L.P. (“PAGP”) shares or PAA units at the Company’s option. The Company values its PAGP-AAP investment on an “as exchanged” basis based on the higher public market value of either PAGP or PAA. As of August 31, 2020, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Notes 3 and 7 in Notes to Financial Statements.

 

(11)

The rate indicated is the yield as of August 31, 2020.

 

See accompanying notes to financial statements.