NPORT-EX 2 HTML.htm HTML

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

FEBRUARY 28, 2021

(amounts in 000’s, except number of option contracts)

(UNAUDITED)

 

Description

    No. of
Shares/Units		      Value  

Long-Term Investments — 133.0%

      

Equity Investments(1) — 133.0%

      

Midstream Energy Company(2) — 109.4%

      

BP Midstream Partners LP

      1,867      $      21,306  

Cheniere Energy, Inc.(3)

      249        16,800  

Cheniere Energy Partners, L.P.

      117        4,633  

DCP Midstream, LP

     500        10,923  

Enbridge Inc.(4)

      565        19,096  

Energy Transfer LP

      13,505        103,177  

Enterprise Products Partners L.P.

     6,015        128,250  

Enterprise Products Partners L.P. — Convertible Preferred Units(5)(6)(7)

      13        12,971  

Equitrans Midstream Corporation

      226        1,636  

Equitrans Midstream Corporation — Convertible Preferred Shares(5)(6)(8)

      1,188        21,579  

Kinder Morgan, Inc.

      2,019        29,672  

Magellan Midstream Partners, L.P.

     1,187        49,468  

MPLX LP

      3,382        80,514  

MPLX LP — Convertible Preferred Units(5)(6)(9)

      2,255        79,593  

ONEOK, Inc.

      1,058        46,878  

Pembina Pipeline Corporation(4)

      255        6,474  

Phillips 66 Partners LP

      944        25,174  

Plains All American Pipeline, L.P.(10)

     5,995        50,598  

Plains GP Holdings, L.P. — Plains AAP, L.P.(6)(10)(11)

      1,622        13,984  

Rattler Midstream LP

      631        6,938  

Shell Midstream Partners, L.P.

      3,100        33,949  

Targa Resources Corp.(12)

      3,388        104,785  

TC Energy Corporation(4)(13)

      454        19,028  

TC PipeLines, LP(13)

      710        20,676  

The Williams Companies, Inc.(12)

      4,147        94,722  

Western Midstream Partners, LP(12)

      4,693        78,037  
     

 

 

  
        1,080,861  
     

 

 

  

Utility Company(2) — 12.1%

      

Algonquin Power & Utilities Corp.(4)

      872        13,486  

Avangrid, Inc.

      76        3,460  

Dominion Energy, Inc.

      168        11,450  

Duke Energy Corporation

      90        7,737  

EDP — Energias de Portugal, S.A.(4)

      1,573        9,071  

Enel — Società per Azioni(4)

      698        6,621  

Eversource Energy

      65        5,182  

Iberdrola, S.A.(4)

     514        6,480  

NextEra Energy, Inc.

      200        14,725  

Sempra Energy

      152        17,641  

SSE plc(4)

      349        6,489  

TransAlta Corporation(4)

      743        6,526  

Xcel Energy Inc.

      189        11,068  
     

 

 

  
        119,936  
     

 

 

  

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

FEBRUARY 28, 2021

(amounts in 000’s, except number of option contracts)

(UNAUDITED)

 

Description

    No. of
Shares/Units		      Value  

Renewable Infrastructure Company(2) — 11.5%

      

Atlantica Sustainable Infrastructure plc(4)

      758      $      27,404  

Brookfield Renewable Partners L.P.(4)

      483        20,400  

Clearway Energy, Inc., Class A

      111        2,911  

Clearway Energy, Inc., Class C

      230        6,316  

Enviva Partners, LP

      385        20,396  

Innergex Renewable Energy Inc.(4)

      108        2,058  

NextEra Energy Partners, LP

      269        19,548  

Northland Power Inc.(4)

      198        6,595  

Orsted A/S(4)

      24        3,843  

TransAlta Renewables Inc.(4)

      258        4,109  
     

 

 

  
        113,580  
     

 

 

  

Total Long-Term Investments — 133.3% (Cost — $1,587,054)

         1,314,377  
     

 

 

  

 

     Strike
Price		     Expiration
Date		     No. of
Contracts		     Notional
Amount(14)		     Value  

Liabilities

          

Call Option Contracts Written(3)

          

Midstream Energy Company

          

Targa Resources Corp.

   $ 35.00       3/19/21       1,100     $ 3,402     $ (22 ) 

Targa Resources Corp.

     36.00       3/19/21       750       2,320       (8 ) 

The Williams Companies, Inc.

     23.00       3/19/21       1,500       3,426       (93 ) 

Western Midstream Partners, LP

     18.00       3/19/21       1,000       1,663       (34 ) 
 

 

 

  

Total Call Option Contracts Written (Premiums Received — $261)

 

     (157 ) 
 

 

 

  

Debt

 

     (263,260 ) 

Mandatory Redeemable Preferred Stock at Liquidation Value

 

     (127,005 ) 

Current Income Tax Receivable, net

 

     65,945  

Deferred Income Tax Liability, net

 

     (575 ) 

Other Liabilities in Excess of Other Assets

 

     (882 ) 
 

 

 

  

Net Assets Applicable to Common Stockholders

 

   $ 988,443  
 

 

 

  

 

  (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)

Foreign security.

 

  (5)

Fair valued on a recurring basis using significant unobservable inputs (Level 3). 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 February 28, 2021, the aggregate value of restricted securities held by the Company was $128,127 (9.3% of total assets), which included $13,984 of Level 2 securities and $114,143 of Level 3 securities. See Note 7 — Restricted Securities.

 

  (7)

On September 30, 2020, the Company purchased Series A Cumulative Convertible Preferred Units (“EPD Convertible Preferred Units”) from Enterprise Products Partners, L.P. (“EPD”). The EPD Convertible Preferred Units are senior to the common units in terms of liquidation

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

FEBRUARY 28, 2021

(amounts in 000’s, except number of option contracts)

(UNAUDITED)

 

  preference and priority of distributions, and pay a distribution of 7.25% per annum. The EPD Convertible Preferred Units are convertible into EPD common units at anytime after September 29, 2025 at the liquidation preference amount divided by 92.5% of the 5-day volume weighted average price of EPD’s common units at such time.

 

  (8)

The Equitrans Midstream Corporation (“ETRN”) Convertible Preferred Shares are 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 (a) 9.75% through March 31, 2024 and (b) the greater of (i) 10.5% or (ii) LIBOR plus 8.15% thereafter.

 

  (9)

Series A Convertible Preferred Units (“MPLX Convertible Preferred Units”) are convertible on a one-for-one basis into common units of MPLX LP and are senior to the common units in terms of liquidation preference and priority of distributions. As of February 28, 2021, the MPLX Convertible Preferred Units pay a quarterly distribution of $0.6875 per unit.

 

(10)

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.

 

(11)

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 February 28, 2021, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Note 7 — Restricted Securities.

 

(12)

Security or a portion thereof is segregated as collateral on option contracts written.

 

(13)

On March 3, 2021, TC Energy Corporation (“TRP”) and TC Pipelines, LP (“TCP”) completed their previously announced stock-for-unit merger. TCP unitholders received 0.70 TRP common shares for each TCP common unit held.

 

(14)

The notional amount of call option contracts written is the product of (a) the number of contracts written, (b) 100 (each contract entitles the option holder to 100 units/shares) and (c) the market price of the underlying security as of February 28, 2021.

At February 28, 2021, the Company’s geographic allocation was as follows:

 

Geographic Location

    % of Long-Term
Investments		  

United States

      88.0 % 

Canada

      7.4 % 

Europe/U.K.

      4.6 % 

See accompanying notes to financial statements.