0001752724-20-084178.txt : 20200429 0001752724-20-084178.hdr.sgml : 20200429 20200429171439 ACCESSION NUMBER: 0001752724-20-084178 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200229 FILED AS OF DATE: 20200429 PERIOD START: 20201130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAYNE ANDERSON MIDSTREAM/ENERGY FUND, INC. CENTRAL INDEX KEY: 0001500096 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22467 FILM NUMBER: 20831666 BUSINESS ADDRESS: STREET 1: 811 MAIN STREET STREET 2: 14TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 713-425-0242 MAIL ADDRESS: STREET 1: 811 MAIN STREET STREET 2: 14TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77002 NPORT-P 1 primary_doc.xml NPORT-P false 0001500096 XXXXXXXX Kayne Anderson Midstream/Energy Fund 811-22467 0001500096 549300H9ZCLGQEKXQY57 811 Main Street 14th Floor Houston 77002 713-493-2020 KAYNE ANDERSON MIDSTREAM/ENERGY FUND, INC. S001500096 549300MHDTCUZBV2Y068 2020-11-30 2020-02-29 N 759809197.74 289262854.99 470546342.75 0.00000000 0.00000000 24538462 0.00000000 0.00000000 0.00000000 176384615 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 75000000 7395241.53 N Antero Midstream Partners LP / Antero Midstream Finance Corp 529900HFO1BDEIT4QU11 Antero Midstream Partners, L.P. 5.75%, Due 03/01/2027 03690AAD8 4548000.00000000 PA USD 3092640.00000000 0.657244508994 Long DBT CORP US Y 2 2027-03-01 Fixed 5.75000000 N N N N N N Global Partners / GLP FIN CORP 549300PCHWTW9P4DU444 Global Partners LP 37946R109 450178.00000000 NS USD 8710944.30000000 1.851240464242 Long EC CORP US N 1 N N N CHENIERE ENERGY PARTNERS L P 5493005UEC8AZ34LDV29 Cheniere Energy Partners, L.P. 16411Q101 286000.00000000 NS USD 9695400.00000000 2.060455925199 Long EC CORP US N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corporation 87807B107 787600.00000000 NS USD 41230860.00000000 8.762337787822 Long EC CORP CA N 1 N N N Phillips 66 Partners LP 549300TL5L4IG0H4FX64 Phillips 66 Partners LP 718549207 263260.00000000 NS USD 14313446.20000000 3.041878110527 Long EC CORP US N 1 N N N Crestwood Holdings N/A Crestwood Holdings LLC 9.6021%, 03/06/2023 22634GAM4 6846077.61000000 PA USD 6426755.36000000 1.365807100410 Long LON CORP US N 2 2023-03-06 Floating 9.14000040 N N N N N N Enterprise Prods P K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners L.P. 293792107 1532463.00000000 NS USD 35767686.42000000 7.601310045459 Long EC CORP US N 1 N N N Hess Midstream Lp N/A Hess Midstream LP Class A 428103105 100000.00000000 NS USD 1908000.00000000 0.405486097043 Long EC CORP US N 1 N N N Altagas Ltd DR5LKEURSR8SXLM64266 ALTAGAS LTD 021361100 130000.00000000 NS 1943434.73000000 0.413016647551 Long EC CORP CA N 1 N N N Plains Gp Hldgs Lp 549300O56BSKRD8FAM12 Plains GP Holdings, L.P. - Plains AAP, L.P. Class A 72651A207 689558.00000000 NS USD 9495213.66000000 2.017912540666 Long EC CORP US N 2 N N N Northland Power Inc. 549300IT8CIDW8V5KX72 Northland Power Inc. 666511100 477200.00000000 NS 10606656.14000000 2.254115094809 Long EC CORP CA N 1 N N N N/A N/A Jupiter Resources Inc. N/A 1228639.00000000 NS USD 2457278.00000000 0.522218063716 Long EC CORP US Y 1 N N N Brookfield Renewable Partner S.L.P VA8DFMRI2GY8Y7V79H93 Brookfield Renewable Partners L.P. G16258108 441600.00000000 NS USD 22018176.00000000 4.679278957162 Long EC CORP CA N 1 N N N Keyera Corp. N/A Keyera Corp. 493271100 556500.00000000 NS 13355801.03000000 2.838360394418 Long EC CORP CA N 1 N N N Phillips 66 5493005JBO5YSIGK1814 Phillips 66 718546104 24800.00000000 NS USD 1856528.00000000 0.394547323256 Long EC CORP US N 1 N N N Oneok Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680103 675072.00000000 NS USD 45040803.84000000 9.572022933335 Long EC CORP US N 1 N N N Nextera Energy Partners LP 5493008F4ZOQFNG3WN54 NEXTERA ENERGY PARTNERS LP 65341B106 250400.00000000 NS USD 14440568.00000000 3.068893898017 Long EC CORP US N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners, LP 958669103 510723.00000000 NS USD 6670042.38000000 1.417510194855 Long EC CORP US N 1 N N N Enbridge Incorporation 98TPTUM4IVMFCZBCUR27 Enbridge, Inc. 29250N105 969741.00000000 NS USD 36297405.63000000 7.713885399229 Long EC CORP CA N 1 N N N EDP Renovaveis Sa 529900MUFAH07Q1TAX06 EDP RENOVAVEIS S.A. E3847K101 132000.00000000 NS 1777483.44000000 0.377748858829 Long EC CORP ES N 1 N N N Knot Offshore Partners Lp 549300RM8O2QLS7ZQN07 Knot Offshore Partners LP Y48125101 1637861.00000000 NS USD 26779027.35000000 5.691049938566 Long EC CORP US N 1 N N N Plains Gp Hldgs Lp 549300O56BSKRD8FAM12 Plains GP Holdings, L.P. Class A 72651A207 2205319.00000000 NS USD 30367242.63000000 6.453613570243 Long EC CORP US N 1 N N N EQM MIDSTREAM PARTNERS LP 549300NELT611CL6XM83 EQT Midstream Partners, LP Convertible Preferred Units 26885B100 205044.00000000 NS USD 9481234.56000000 2.014941717448 Long EC CORP US N 3 N N N Buckeye Partners LP 549300C1PQJLVEIUBK50 Buckeye Partners LP 6.375%, Due 01/22/2078 118230AS0 3540000.00000000 PA USD 2832000.00000000 0.601853578002 Long DBT CORP US N 2 2078-01-22 Fixed 6.37500000 N N N N N N Nextera Energy Inc N/A NextEra Energy, Inc. 65339F101 32300.00000000 NS USD 8164148.00000000 1.735035905769 Long EC CORP US N 1 N N N Enlink Midstream Partners LP 88CPW63VL7KHJWS0NY83 EnLink Midstream Parthers, LP 6.00% Preferred 29336UAH0 8605000.00000000 PA USD 5708858.18000000 1.213240367916 Long EP CORP US N 1 N N N Iberdrola, S.A. 5QK37QC7NWOJ8D7WVQ45 Iberdrola S.A. E6165F166 385000.00000000 NS 4385430.46000000 0.931986939770 Long EC CORP ES N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy, Inc. 16411R208 139000.00000000 NS USD 7129310.00000000 1.515113252891 Long EC CORP US N 1 N N N N/A N/A Kinder Morgan, Inc. N/A -1000.00000000 NS USD -18000.00000000 -0.00382534053 Short DE CORP US N 1 MERRILL LYNCH,PIERCE,FENNER & SMITH, INC N/A Call Written Kinder Morgan, Inc. Kinder Morgan, Inc. 100.00000000 21.00000000 USD 2020-03-20 XXXX 41466.93000000 N N N JP Morgan Trust I 549300DM5WZMCZZ70R78 JPMORGAN 100% US TREASURY SEC MONEY MARKET 4812A0375 20656227.49000000 PA USD 20656227.49000000 4.389839132375 Long STIV RF US N 1 N N N Shell Midstream Partners LP 529900YZVDXMTV4XGE96 Shell Midstream Partners, L.P. 822634101 513200.00000000 NS USD 8780852.00000000 1.866097173061 Long EC CORP US N 1 N N N TC Pipelines, LP 6HL0C5LCIE4TN8UZHL06 TC Pipelines, LP 87233Q108 185700.00000000 NS USD 7047315.00000000 1.497687764145 Long EC CORP US N 1 N N N DCP Midstream LP 52990024YYS3MLGW0E91 DCP Midstream LP 7.375$ Preferred 23311PAA8 4200000.00000000 PA USD 3822000.00000000 0.812247307600 Long EP CORP US N 1 N N N SSE Plc 549300KI75VYLLMSK856 SSE plc G8842P102 135400.00000000 NS 2654629.62000000 0.564159016620 Long EC CORP GB N 1 N N N Enel - Societa per Azioni WOCMU6HCI0OJWNPRZS33 Enel SpA T3679P115 521200.00000000 NS 4358290.51000000 0.926219186941 Long EC CORP IT N 1 N N N Pembina Pipeline Corp 5493002W3L9YICM6FU21 Pembina Pipeline Corporation 706327103 1037200.00000000 NS USD 37463664.00000000 7.961737367047 Long EC CORP CA N 1 N N N Transalta Renewables Inc 529900U45A1JKZFABZ35 TransAlta Renewables Inc. 893463109 268900.00000000 NS 3286840.42000000 0.698515772280 Long EC CORP CA N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 721000.00000000 NS USD 14629090.00000000 3.108958389625 Long EC CORP US N 1 N N N N/A N/A TC Energy Corp N/A -500.00000000 NS USD -22500.00000000 -0.00478167567 Short DE CORP US N 1 BARCLAYS CAPITAL, INC. N/A Call Written TC Energy Corp TC Energy Corp 100.00000000 55.00000000 USD 2020-03-20 XXXX 34510.87000000 N N N Algonquin Power & Utilities Corporation 549300K5VIUTJXQL7X75 Algonquin Power & Utilities Corp. 015857105 365800.00000000 NS 5558442.33000000 1.181274154106 Long EC CORP CA N 1 N N N The Williams Companies, Inc. D71FAKCBLFS2O0RBPG08 The Williams Companies, Inc. 969457100 2720300.00000000 NS USD 51821715.00000000 11.01309484144 Long EC CORP US N 1 N N N Energy Transfer Operating L P 5493008K8W3OKZE54J59 Energy Transfer Operating LP 7.125% Preferred 29278NAT0 2500000.00000000 PA USD 2362500.00000000 0.502075945632 Long EP CORP US N 1 N N N Hoegh LNG Partners LP 254900MBE287MBFU8W82 Hoegh LNG Partners LP Y3262R100 1062263.00000000 NS USD 13278287.50000000 2.821887302831 Long EC CORP US N 1 N N N E.ON SE Q9MAIUP40P25UFBFG033 E.ON SE D24914133 233200.00000000 NS 2684631.35000000 0.570534951841 Long EC CORP DE N 1 N N N EDP-Energias de Portugal SA 529900CLC3WDMGI9VH80 EDP - Energias de Portugal S.A. X67925119 1036000.00000000 NS 4825518.76000000 1.025514029457 Long EC CORP PT N 1 N N N Rattler Midstream LP 549300I45NRVEEN9M219 Rattler Midstream LP 75419T103 342700.00000000 NS USD 4314593.00000000 0.916932639362 Long EC CORP US N 1 N N N ATLANTICA YIELD PLC 549300ITBBGKJ651R879 Atlantica Yield plc G0751N103 569635.00000000 NS USD 16468147.85000000 3.499792975492 Long EC CORP US N 1 N N N Innergex Renewable Energy Inc. 549300EORYEC4J59SU80 Innergex Renewable Energy Inc. 45790B104 552500.00000000 NS 8099097.22000000 1.721211384338 Long EC CORP CA N 1 N N N Nextera Energy Inc N/A Nextera Energy, Inc. 5.279% Preferred 65339F770 17000.00000000 NS USD 772848.90000000 0.164245012613 Long EP CORP US N 1 N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. 49456B101 2261962.00000000 NS USD 43361811.54000000 9.215205305088 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 33800.00000000 NS USD 4724564.00000000 1.004059233015 Long EC CORP US N 1 N N N EQUITRANS MIDSTREAM CORPORATION 549300RH0NLJNZ5SXU64 Equitrans Midstream Corporation 294600101 250000.00000000 NS USD 1765000.00000000 0.375095891657 Long EC CORP US N 1 N N N Targa Resources Co 5493003QENHHS261UR94 Targa Resources Corp. 87612G101 1023228.00000000 NS USD 33152587.20000000 7.045551986707 Long EC CORP US N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273V100 2555294.00000000 NS USD 28312657.52000000 6.016975364112 Long EC CORP US N 1 N N N Bp Midstream Partners Lp 529900PIOYVTOPLH5962 BP Midstream Partners LP 0556EL109 341800.00000000 NS USD 4552776.00000000 0.967551032995 Long EC CORP US N 1 N N N DCP Midstream LP 52990024YYS3MLGW0E91 DCP Midstream, LP 23311P100 350515.00000000 NS USD 5464528.85000000 1.161315762877 Long EC CORP US N 1 N N N Magellan Midstream Partners LP MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners, L.P. 559080106 340400.00000000 NS USD 18568820.00000000 3.946225549534 Long EC CORP US N 1 N N N 2020-04-29 Kayne Anderson Kayne Anderson Sarah Criger AVP, Fund Accounting XXXX NPORT-EX 2 d887292d8k.htm HTML

KAYNE ANDERSON MLP/MIDSTREAM INVESTMENT COMPANY

SCHEDULE OF INVESTMENTS

FEBRUARY 29, 2020

(amounts in 000’s)

(UNAUDITED)

 

Description

                  No. of
Shares/Units		      Value  

Long-Term Investments — 175.5%

            

Equity Investments(1) — 175.5%

            

United States — 166.4%

            

Midstream MLP(2) — 120.4%

            

BP Midstream Partners LP

 

      6,053      $ 80,629  

Cheniere Energy Partners, L.P.

 

      1,800        61,032  

Crestwood Equity Partners LP

 

      507        10,570  

DCP Midstream, LP

 

      2,127        33,156  

Enable Midstream Partners, LP

 

      1,386        8,593  

Energy Transfer LP

 

      24,759        274,332  

Enterprise Products Partners L.P.

 

      16,244        379,140  

EQM Midstream Partners, LP(3)

 

      968        16,803  

EQM Midstream Partners, LP — Convertible Preferred Units(3)(4)(5)(6)

 

      1,025        47,406  

Global Partners LP

     1,406        27,213  

Magellan Midstream Partners, L.P.

 

      3,186        173,793  

MPLX LP

 

      6,758        137,128  

MPLX LP — Convertible Preferred Units(4)(5)(7)

 

      2,255        76,074  

Noble Midstream Partners LP

 

      1,348        20,686  

Phillips 66 Partners LP

 

      1,686        91,665  

Plains All American Pipeline, L.P.(8)

 

      8,261        112,923  

Plains GP Holdings, L.P. — Plains AAP, L.P.(5)(8)(9)

 

      1,622        22,339  

Shell Midstream Partners, L.P.

 

      6,621        113,285  

TC PipeLines, LP

 

      1,128        42,801  

Western Midstream Partners, LP

 

      5,783        75,527  
           

 

 

  
              1,805,095  
           

 

 

  

Midstream Company — 42.9%

            

Cheniere Energy, Inc.(10)

 

      251        12,864  

Hess Midstream LP(11)

 

      1,139        21,741  

Kinder Morgan, Inc.

 

      2,300        44,087  

ONEOK, Inc.

 

      3,278        218,716  

Rattler Midstream LP

 

      407        5,128  

Targa Resources Corp.

 

      3,943        127,744  

The Williams Companies, Inc.

 

      11,209        213,536  
           

 

 

  
              643,816  
           

 

 

  

Renewable Infrastructure/Utility Company — 2.5%

 

      

NextEra Energy, Inc. — Equity Units(12)

 

      17        773  

NextEra Energy Partners, LP

 

      253        14,590  

Sempra Energy

 

      156        21,806  
           

 

 

  
              37,169  
           

 

 

  

Shipping MLP — 0.6%

            

KNOT Offshore Partners LP

 

      511        8,361  
           

 

 

  

Total United States (Cost — $2,527,157)

 

      2,494,441  
           

 

 

  

 

See accompanying notes to financial statements.

 

KAYNE ANDERSON MLP/MIDSTREAM INVESTMENT COMPANY

SCHEDULE OF INVESTMENTS

FEBRUARY 29, 2020

(amounts in 000’s)

(UNAUDITED)

 

Description

                  No. of
Shares/Units		      Value  

Canada — 9.1%

            

Midstream Company — 8.7%

            

Enbridge Inc.

 

      1,269      $ 47,482  

Pembina Pipeline Corporation

 

      867        31,316  

TC Energy Corporation

 

      986        51,617  
           

 

 

  
              130,415  
           

 

 

  

Renewable Infrastructure/Utility Company — 0.4%

 

      

Brookfield Renewable Partners L.P.

 

      113        5,639  
           

 

 

  

Total Canada (Cost — $123,671)

 

      136,054  
           

 

 

  

Total Equity Investments (Cost — $2,650,828)

 

      2,630,495  
           

 

 

  

Short-Term Investment — Money Market Fund — 0.6%

 

      

JPMorgan 100% U.S. Treasury Securities Money Market Fund — Capital Shares, 1.44%(13) (Cost —$9,508)

 

      9,508        9,508  
           

 

 

  

Total Investments — 176.1% (Cost — $2,660,336)

 

      2,640,003  
           

 

 

  

Debt

 

      (656,000 ) 

Mandatory Redeemable Preferred Stock at Liquidation Value

 

      (342,000 ) 

Current Income Tax Asset

 

      814  

Deferred Income Tax Liability

 

      (152,996 ) 

Other Assets in Excess of Other Liabilities

 

      9,152  
           

 

 

  

Net Assets Applicable to Common Stockholders

 

    $ 1,498,973  
           

 

 

  

 

  (1)

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

 

  (2)

Includes affiliates of master limited partnerships.

 

  (3)

On February 27, 2020, Equitrans Midstream Corporation (“ETRN”) and EQM Midstream Partners, LP (“EQM”) announced an agreement under which ETRN will acquire all EQM common units in a stock-for-unit merger. Under the terms of the agreement, EQM unitholders will receive 2.44 ETRN common shares for each EQM common unit held.

 

  (4)

Fair valued security. 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 29, 2020, the aggregate value of restricted securities held by the Company was $145,819 (5.5% of total assets), which included $22,339 of Level 2 securities and $123,480 of Level 3 securities. See Note 7 — Restricted Securities.

 

  (6)

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”). The EQM Convertible Preferred Units are senior to the common units in terms of liquidation preference and priority of distributions and pay a quarterly distribution of $1.04 per unit (subject to an upward adjustment after five years). Upon the closing of the announced stock-for-unit merger of ETRN and EQM, approximately one half of the EQM Convertible Preferred Units the Company holds will be redeemed in cash at a redemption amount of 101% and the remaining amount will be exchanged for newly-issued ETRN Convertible Preferred Shares. These ETRN Convertible Preferred Shares will pay quarterly cash distributions based on an annual rate of 9.75% through March 31, 2024.

 

See accompanying notes to financial statements.

 

KAYNE ANDERSON MLP/MIDSTREAM INVESTMENT COMPANY

SCHEDULE OF INVESTMENTS

FEBRUARY 29, 2020

(amounts in 000’s)

(UNAUDITED)

 

  (7)

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. Currently, the MPLX Convertible Preferred Units pay a quarterly distribution of $0.6775 per unit.

 

  (8)

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.

 

  (9)

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 29, 2020, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Notes 3 and 7 in Notes to Financial Statements.

 

(10)

Security is non-income producing.

 

(11)

On December 16, 2019, Hess Midstream Partners LP (“HESM”) completed its previously announced conversion from a master limited partnership to an “Up-C” structure, by merging with Hess Midstream LP, an entity taxed as a corporation for U.S. federal income tax purposes. At the time of the transaction, each HESM common unit was converted on a one-for-one basis into a newly issued Class A share.

 

(12)

Each Equity Unit consists of (a) a stock purchase contract issued by NextEra Energy, Inc. (“NEE”) and (b) a beneficial ownership interest in a Series K Debenture due March 1, 2025 issued by NextEra Energy Capital Holdings, Inc. The Equity Units pay a distribution at a rate of 5.279% per annum, consisting of interest on the debenture and payments under the stock purchase contract.

 

(13)

The rate indicated is the yield as of February 29, 2020.

 

See accompanying notes to financial statements.