KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2022
(amounts in 000’s)
(UNAUDITED)
Description |
No. of |
Value |
|||
Long-Term Investments — 140.7% |
|
||||
Equity Investments(1) — 140.7% |
|
||||
Midstream Energy Company(2) — 117.5% |
|
||||
Aris Water Solutions, Inc. |
667 |
$ |
9,745 |
||
Cheniere Energy, Inc. |
667 |
|
88,671 |
||
Cheniere Energy Partners, L.P. |
195 |
|
10,503 |
||
DCP Midstream, LP |
323 |
|
10,685 |
||
DT Midstream, Inc. |
870 |
|
46,186 |
||
Enbridge Inc.(3) |
842 |
|
36,349 |
||
Energy Transfer LP |
14,775 |
|
149,817 |
||
Enterprise Products Partners L.P. |
6,686 |
|
163,272 |
||
Enterprise Products Partners L.P. — Convertible Preferred Units(4)(5)(6) |
23 |
|
24,737 |
||
Hess Midstream LP |
334 |
|
10,674 |
||
Kinder Morgan, Inc. |
2,019 |
|
35,122 |
||
Magellan Midstream Partners, L.P. |
1,234 |
|
59,871 |
||
MPLX LP |
4,243 |
|
139,087 |
||
MPLX LP — Convertible Preferred Units(4)(5)(7) |
2,255 |
|
82,773 |
||
ONEOK, Inc. |
1,058 |
|
69,117 |
||
Pembina Pipeline Corporation(3) |
733 |
|
24,899 |
||
Phillips 66 Partners LP(8) |
335 |
|
14,121 |
||
Plains All American Pipeline, L.P.(9) |
7,188 |
|
75,975 |
||
Plains GP Holdings, L.P. — Plains AAP, L.P.(5)(9)(10) |
1,622 |
|
18,348 |
||
Rattler Midstream LP |
756 |
|
10,440 |
||
Targa Resources Corp. |
2,305 |
|
150,692 |
||
TC Energy Corporation(3) |
1,073 |
|
57,621 |
||
The Williams Companies, Inc. |
4,291 |
|
134,223 |
||
Western Midstream Partners, LP |
3,222 |
|
83,902 |
||
|
1,506,830 |
||||
Utility Company(2) — 11.3% |
|
||||
American Electric Power Company, Inc. |
57 |
|
5,167 |
||
Dominion Energy, Inc. |
437 |
|
34,763 |
||
Duke Energy Corporation |
145 |
|
14,529 |
||
Evergy, Inc. |
121 |
|
7,564 |
||
Eversource Energy |
108 |
|
8,834 |
||
NextEra Energy, Inc. |
151 |
|
11,787 |
||
Sempra Energy |
233 |
|
33,574 |
||
TransAlta Corporation(3) |
1,150 |
|
11,667 |
||
Xcel Energy Inc. |
250 |
|
16,853 |
||
|
144,738 |
See accompanying notes to financial statements.
KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2022
(amounts in 000’s)
(UNAUDITED)
Description |
No. of |
Value |
||||
Renewable Infrastructure Company(2) — 10.1% |
|
|
||||
Atlantica Sustainable Infrastructure plc(3) |
729 |
$ |
24,603 |
|
||
Brookfield Renewable Partners L.P.(3) |
567 |
|
20,378 |
|
||
Clearway Energy, Inc. — Class A |
111 |
|
3,406 |
|
||
Clearway Energy, Inc. — Class C |
365 |
|
12,191 |
|
||
Enviva Inc. |
372 |
|
25,957 |
|
||
Innergex Renewable Energy Inc.(3) |
735 |
|
10,677 |
|
||
NextEra Energy Partners, LP |
269 |
|
20,993 |
|
||
Northland Power Inc.(3) |
377 |
|
11,963 |
|
||
|
130,168 |
|
||||
Energy Company(2) — 1.8% |
|
|
||||
Phillips 66(8) |
186 |
|
15,669 |
|
||
Shell plc — ADR(3)(11) |
140 |
|
7,334 |
|
||
|
23,003 |
|
||||
Total Long-Term Investments — 140.7% |
|
1,804,739 |
|
|||
Debt |
|
(324,686 |
) |
|||
Mandatory Redeemable Preferred Stock at Liquidation Value |
|
(101,670 |
) |
|||
Current Income Tax Receivable, net |
|
7,877 |
|
|||
Deferred Income Tax Liability, net |
|
(104,916 |
) |
|||
Other Assets in Excess of Other Liabilities |
|
1,614 |
|
|||
Net Assets Applicable to Common Stockholders |
$ |
1,282,958 |
|
____________
(1) Unless otherwise noted, equity investments are common units/common shares.
(2) Refer to Glossary of Key Terms for definitions of Energy Company, Midstream Energy Company, Renewable Infrastructure Company and Utility Company.
(3) Foreign security.
(4) Fair valued on a recurring basis using significant unobservable inputs (Level 3). See Notes 2 and 3 in Notes to Financial Statements.
(5) The Company’s ability to sell this security is subject to certain legal or contractual restrictions. As of February 28, 2022, the aggregate value of restricted securities held by the Company was $125,858 (6.9% of total assets), which included $18,348 of Level 2 securities and $107,510 of Level 3 securities. See Note 7 — Restricted Securities.
(6) Enterprise Products Partners, L.P. (“EPD”) Series A Cumulative Convertible Preferred Units (“EPD Convertible Preferred Units”) are senior to the common units in terms of liquidation 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 any time 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.
See accompanying notes to financial statements.
KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2022
(amounts in 000’s)
(UNAUDITED)
(7) MPLX LP 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. For the quarter ended February 28, 2022, the Company received a distribution of $0.705 per MPLX Convertible Preferred Unit.
(8) On March 9, 2022, Phillips 66 (“PSX”) announced the completion of the previously announced merger between PSX and Phillips 66 Partners LP (“PSXP”). The merger resulted in PSX acquiring all of the publicly held common units of PSXP not already owned. As a result, KYN received 0.50 shares of PSX common stock for each PSXP common unit held.
(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 February 28, 2022, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Note 7 — Restricted Securities.
(11) ADR — American Depositary Receipt.
At February 28, 2022, the Company’s geographic allocation was as follows:
Geographic Location |
% of Long-Term |
|
United States |
88.6% |
|
Canada |
9.6% |
|
Europe/U.K. |
1.8% |
See accompanying notes to financial statements.