0001752724-23-091994.txt : 20230428 0001752724-23-091994.hdr.sgml : 20230428 20230428153736 ACCESSION NUMBER: 0001752724-23-091994 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230428 DATE AS OF CHANGE: 20230428 PERIOD START: 20231130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Kayne Anderson NextGen Energy & Infrastructure, 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: 23865367 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 FORMER COMPANY: FORMER CONFORMED NAME: KAYNE ANDERSON MIDSTREAM/ENERGY FUND, INC. DATE OF NAME CHANGE: 20100827 NPORT-P 1 primary_doc.xml NPORT-P false 0001500096 XXXXXXXX Kayne Anderson NextGen Energy & Infrastructure, Inc. 811-21593 0001500096 549300H9ZCLGQEKXQY57 811 Main Street 14th Floor Houston 77002 713-493-2020 KAYNE ANDERSON NEXTGEN ENERGY & INFRASTRUCTURE S001500096 549300MHDTCUZBV2Y068 2023-11-30 2023-02-28 N 548735776 128371375.18 420364400.82 0.00000000 0.00000000 66855759.69 0.00000000 0.00000000 0.00000000 18235495.93 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 41491425 1913043.47 N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings, L.P. Class A 72651A207 1591119.00000000 NS USD 22132465.29000000 5.265066510586 Long EC CORP US N 1 N N N Pembina Pipeline Corporation 5493002W3L9YICM6FU21 Pembina Pipeline Corporation 706327103 559000.00000000 NS USD 18357560.00000000 4.367058667239 Long EC CORP CA N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners, LP 958669103 255660.00000000 NS USD 6649716.60000000 1.581893373232 Long EC CORP US N 1 N N N Enterprise Products Partners L.P. K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners L.P. 293792107 1226500.00000000 NS USD 31312545.00000000 7.448905030711 Long EC CORP US N 1 N N N Nextera Energy Partners LP 5493008F4ZOQFNG3WN54 Nextera Energy Partners, L.P. 65341B106 308000.00000000 NS USD 20408080.00000000 4.854854492956 Long EC CORP US N 1 N N N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings, L.P. - Plains AAP, L.P. Class A 72651A207 689558.00000000 NS USD 9591751.78000000 2.281770711622 Long EC CORP US N 2 N N N Innergex Renewable Energy Inc. 549300EORYEC4J59SU80 Innergex Renewable Energy Inc. 45790B104 544100.00000000 NS 5797630.01000000 1.379191482126 Long EC CORP CA N 1 N N N Cheniere Energy Partners L P 5493005UEC8AZ34LDV29 Cheniere Energy Partners, L.P. 16411Q101 118700.00000000 NS USD 5868528.00000000 1.396057322778 Long EC CORP US N 1 N N N Sempra PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 131000.00000000 NS USD 19644760.00000000 4.673269183041 Long EC CORP US N 1 N N N Enterprise Products Partners L.P. K4CDIF4M54DJZ6TB4Q48 Enterprise Product Partners, LP 7.25% Preferred 293792107 17637.00000000 NS USD 17176674.30000000 4.086139137018 Long EC CORP US N 3 N N N Corporacion Acciona Energias Renovables, S.A. 254900UPX0OEHTKB9Y44 Corporacion Acciona Energias Renovables SA E3R99S100 175000.00000000 NS 6786724.22000000 1.614485957127 Long EC CORP ES N 2 N N N Enbridge Inc. 98TPTUM4IVMFCZBCUR27 Enbridge, Inc. 29250N105 335553.00000000 NS USD 12589948.56000000 2.995008267931 Long EC CORP CA N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 6.25%, Perpetual Maturity 29273VAH3 2000000.00000000 PA USD 1895000.00000000 0.450799353204 Long DBT CORP US N 2 2099-12-31 Floating 9.01550000 N N N N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan Inc 5.55%, Due 06/01/2045 49456BAH4 206000.00000000 PA USD 185884.52000000 0.044219852974 Long DBT CORP US N 2 2045-06-01 Fixed 5.55000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 5.30%, Due 04/15/2047 29273RBL2 250000.00000000 PA USD 211346.28000000 0.050276921544 Long DBT CORP US N 2 2047-04-15 Fixed 5.30000000 N N N N N N Plains All American Pipeline L.P./PAA Finance Corp. 5521FA2ITF25TVH63740 Plains All American Pipleine 4.9$, Due 02/15/2045 72650RBH4 250000.00000000 PA USD 196440.99000000 0.046731119385 Long DBT CORP US N 2 2045-02-15 Fixed 4.90000000 N N N N N N TransAlta Corporation GJZNVO2UY6DNFNIYH321 TRANSALTA CORP. 89346D107 539677.00000000 NS 4374177.48000000 1.040568009914 Long EC CORP CA N 1 N N N N/A N/A Streamline Innovations Private Preferred N/A 1375000.00000000 NS USD 6668750.00000000 1.586421206693 Long EP CORP US Y 3 N N N Aris Water Solutions Inc N/A Aris Water Solutions, Inc. Class A 04041L106 139500.00000000 NS USD 1975320.00000000 0.469906584893 Long EC CORP US N 1 N N N Magellan Midstream Partners LP MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners, L.P. 559080106 105409.00000000 NS USD 5603542.44000000 1.333020215096 Long EC CORP US N 1 N N N Clearway Energy Inc 549300LHAZ9HA9G3XC48 Clearway Energy, Inc. 18539C204 160899.00000000 NS USD 5053837.59000000 1.202251565580 Long EC CORP US N 1 N N N Nextera Energy Inc N/A NextEra Energy, Inc. 65339F101 155945.00000000 NS USD 11076773.35000000 2.635040771386 Long EC CORP US N 1 N N N Xcel Energy Inc LGJNMI9GH8XIDG5RCM61 Xcel Energy, Inc. 98389B100 206000.00000000 NS USD 13301420.00000000 3.164259384013 Long EC CORP US N 1 N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. 49456B101 582562.00000000 NS USD 9938507.72000000 2.364260080209 Long EC CORP US N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 815900.00000000 NS USD 28254617.00000000 6.721458083720 Long EC CORP US N 1 N N N Atlantica Sustainable Infrastructure PLC 549300ITBBGKJ651R879 Atlantica Sustainable Infrastructure plc G0751N103 810908.00000000 NS USD 22381060.80000000 5.324204608273 Long EC CORP US N 1 N N N Brookfield Renewable Partners L P VA8DFMRI2GY8Y7V79H93 Brookfield Renewable Partners L.P. G16258108 670224.00000000 NS USD 17506250.88000000 4.164541727570 Long EC CORP CA N 1 N N N Duke Energy Corp I1BZKREC126H0VB1BL91 Duke Energy Corporation 26441C204 142600.00000000 NS USD 13441476.00000000 3.197577143492 Long EC CORP US N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corporation 87807B107 413186.00000000 NS USD 16448934.66000000 3.913017997697 Long EC CORP CA N 1 N N N Oneok Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680103 160872.00000000 NS USD 10529072.40000000 2.504748827317 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy, Inc. 16411R208 230200.00000000 NS USD 36219668.00000000 8.616254832556 Long EC CORP US N 1 N N N The AES Corporation 2NUNNB7D43COUIRE5295 AES Corporation 00130H105 156500.00000000 NS USD 3862420.00000000 0.918826616256 Long EC CORP US N 1 N N N Equitrans Midstream Corporation 549300NELT611CL6XM83 EQM Midstream Partners, LP 6.500%, Due 07/15/2048 26885BAE0 4750000.00000000 PA USD 3538180.00000000 0.841693538534 Long DBT CORP US N 2 2048-07-15 Fixed 6.50000000 N N N N N N Enviva Inc 549300WH5VXDEFM5KR81 Enviva, Inc. 29415B103 154127.00000000 NS USD 6713772.12000000 1.597131466628 Long EC CORP US N 1 N N N THE OPTIONS CLEARING CORPORATION 549300CII6SLYGKNHA04 Targa Resources N/A -200.00000000 NS USD -14000.00000000 -0.00333044377 Short DE CORP US N 1 JONES TRADING INSTITUTIONAL SERVICES LLC N/A Call Written Targa Resources Targa Resources 100.00000000 83.00000000 USD 2023-04-21 XXXX 5662.03000000 N N N Plains All American Pipeline L.P./PAA Finance Corp. 5521FA2ITF25TVH63740 Plains All American Pipeline Floater, Perpetual Maturity 726503AE5 2452000.00000000 PA USD 2255717.40000000 0.536609997326 Long DBT CORP US N 2 2099-12-31 Floating 8.97356880 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer, L.P. 29273V100 2631694.00000000 NS USD 33317246.04000000 7.925801037149 Long EC CORP US N 1 N N N DT Midstream Inc N/A DT Midstream, Inc. 23345M107 262500.00000000 NS USD 13177500.00000000 3.134780198869 Long EC CORP US N 1 N N N Northland Power Inc. 549300IT8CIDW8V5KX72 Northland Power Inc. 666511100 307800.00000000 NS 7477553.20000000 1.778826462329 Long EC CORP CA N 1 N N N Algonquin Power & Utilities Corporation 549300K5VIUTJXQL7X75 Algonquin Power 7.75% Preferred 015857873 49000.00000000 NS USD 1335740.00000000 0.317757640131 Long DBT CORP CA N 1 N N N Eversource Energy SJ7XXD41SQU3ZNWUJ746 Eversource Energy 30040W108 82500.00000000 NS USD 6217200.00000000 1.479002500657 Long EC CORP US N 1 N N N Targa Resources Co 5493003QENHHS261UR94 Targa Resources Corp. 87612G101 475628.00000000 NS USD 35244034.80000000 8.384162581619 Long EC CORP US N 1 N N N The Williams Companies, Inc. D71FAKCBLFS2O0RBPG08 The Williams Companies, Inc. 969457100 1450200.00000000 NS USD 43651020.00000000 10.38409054497 Long EC CORP US N 1 N N N Clearway Energy Inc 549300LHAZ9HA9G3XC48 Clearwater Energy, Inc. 18539C105 230606.00000000 NS USD 6851304.26000000 1.629848827977 Long EC CORP US N 1 N N N Williams Partners L.P. D71FAKCBLFS2O0RBPG08 Williams Partners LP 5.1%, Due 09/15/2045 96949LAC9 250000.00000000 PA USD 219321.67000000 0.052174177825 Long DBT CORP US N 2 2045-09-15 Fixed 5.10000000 N N N N N N 2023-05-01 Kayne Anderson Kayne Anderson Sarah Criger VP, Fund Accounting XXXX NPORT-EX 2 ea153664_nportex.htm

KAYNE ANDERSON NEXTGEN ENERGY & INFRASTRUCTURE, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2023
(amounts in 000’s, except number of option contracts)
(UNAUDITED)

Description

      

No. of
Shares/Units

  

Value

Long-Term Investments — 129.8%

      

 

  

Equity Investments(1) — 128.7%

      

 

  

Midstream Company(2) — 56.3%

      

 

  

Aris Water Solutions, Inc.

  

140

  

$

1,975

Enbridge Inc.(3)

  

336

  

 

12,590

Energy Transfer LP(4)

  

2,632

  

 

33,317

Energy Transfer LP — Series A Preferred Units(4)(5)

  

2,000

  

 

1,895

Enterprise Products Partners L.P.(4)

  

1,227

  

 

31,312

Enterprise Products Partners L.P. — Convertible Preferred
Units(4)(6)(7)(8)

  

18

  

 

17,177

Magellan Midstream Partners, L.P.(4)

  

105

  

 

5,603

MPLX LP(4)

  

816

  

 

28,255

ONEOK, Inc.

  

161

  

 

10,529

Pembina Pipeline Corporation(3)

  

559

  

 

18,358

Plains All American Pipeline, L.P. — Series B Preferred Units(4)(9)

  

2,452

  

 

2,256

Plains GP Holdings, L.P.(10)

  

1,591

  

 

22,132

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

  

690

  

 

9,592

Targa Resources Corp.(12)

  

476

  

 

35,244

Western Midstream Partners, LP(4)

  

256

  

 

6,650
       

 

236,885

Natural Gas & LNG Infrastructure Company(2)(13) — 31.4%

      

 

  

Cheniere Energy, Inc.

  

230

  

 

36,220

Cheniere Energy Partners, L.P.(4)

  

119

  

 

5,869

DT Midstream, Inc.

  

263

  

 

13,177

Kinder Morgan, Inc.

  

583

  

 

9,938

Streamline Innovations Holdings, Inc. — Series C
Preferred Shares(6)(7)(14)(15)(16)

  

1,375

  

 

6,669

TC Energy Corporation(3)

  

413

  

 

16,449

The Williams Companies, Inc.

  

1,450

  

 

43,651
       

 

131,973

Renewable Infrastructure Company(2)(13) — 23.6%

      

 

  

Atlantica Sustainable Infrastructure plc(3)

  

811

  

 

22,381

Brookfield Renewable Partners L.P.(3)(10)

  

670

  

 

17,506

Clearway Energy, Inc. — Class A

  

231

  

 

6,851

Clearway Energy, Inc. — Class C

  

161

  

 

5,054

Corporacion Acciona Energias Renovables, S.A.(3)

  

175

  

 

6,787

Enviva Inc.

  

154

  

 

6,714

Innergex Renewable Energy Inc.(3)

  

544

  

 

5,798

NextEra Energy Partners, LP

  

308

  

 

20,408

Northland Power Inc.(3)

  

308

  

 

7,477
       

 

98,976

See accompanying notes to financial statements.

 

KAYNE ANDERSON NEXTGEN ENERGY & INFRASTRUCTURE, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2023
(amounts in 000’s, except number of option contracts)
(UNAUDITED)

Description

      

No. of
Shares/Units

  

Value

Utility Company(2) — 17.4%

      

 

  

Algonquin Power & Utilities Corp. — Convertible Preferred
Units(3)(13)(17)

  

49

  

$

1,336

Duke Energy Corporation(13)

  

143

  

 

13,442

Eversource Energy

  

83

  

 

6,217

NextEra Energy, Inc.(13)

  

156

  

 

11,077

Sempra Energy(13)

  

131

  

 

19,645

The AES Corporation(13)

  

157

  

 

3,862

TransAlta Corporation(3)(13)

  

540

  

 

4,374

Xcel Energy Inc.(13)

  

206

  

 

13,301
       

 

73,254

Total Equity Investments (Cost — $478,856)

      

 

541,088

Description

      

Interest
Rate

  

Maturity
Date

  

Principal Amount

    

Debt Investments — 1.1%

    

 

      

 

      

Midstream Company(2) — 1.0%

    

 

      

 

      

Energy Transfer LP(4)

  

5.30

%

  

4/15/47

  

$

250

  

211

EQM Midstream Partners, LP

  

6.50

 

  

7/15/48

  

 

4,750

  

3,538

Plains All American Pipeline, L.P.(4)

  

4.90

 

  

2/15/45

  

 

250

  

197
     

 

      

 

    

3,946

Natural Gas & LNG Infrastructure Company(2)(13) — 0.1%

Kinder Morgan, Inc.

  

5.55

 

  

6/1/45

  

 

206

  

186

The Williams Companies, Inc.

  

5.10

 

  

9/15/45

  

 

250

  

219
     

 

      

 

    

405

Total Debt Investments (Cost — $5,440)

  

4,351

Total Long-Term Investments (Cost — $484,296)

  

545,439

See accompanying notes to financial statements.

 

KAYNE ANDERSON NEXTGEN ENERGY & INFRASTRUCTURE, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2023
(amounts in 000’s, except number of option contracts)
(UNAUDITED)

Liabilities

      

Strike
Price

  

Expiration
Date

  

No. of
Contracts

  

Notional
Amount(18)

  

Value

Call Option Contracts Written(16)

  

 

            

 

    

 

  

 

Midstream Company(2)

  

 

            

 

    

 

  

 

Targa Resources Corp. (Premiums Received — $20)

  

$

82.50

  

4/21/23

  

200

  

$

1,482

  

$

(14

)
   

 

            

 

    

 

  

 

Debt

  

 

(85,091

)

Mandatory Redeemable Preferred Stock at Liquidation Value

  

 

(41,491

)

Other Assets in Excess of Other Liabilities

  

 

1,521

 

Net Assets Applicable to Common Stockholders

  

$

420,364

 

____________

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

(2)    Refer to the Glossary of Key Terms for definitions.

(3)    Foreign security.

(4)    Securities are treated as a qualified publicly-traded partnership for regulated investment company (“RIC”) qualification purposes. To qualify as a RIC for tax purposes, the Fund may directly invest up to 25% of its total assets in equity and debt securities of entities treated as qualified publicly-traded partnerships. It is the Fund’s intention to be treated as a RIC for tax purposes. As of February 28, 2023, the Fund had 24.2% of its total assets invested in qualified publicly-traded partnerships.

(5)    Energy Transfer LP (“ET”) Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“ET Series A Units”). ET Series A Units have a liquidation preference of $1,000 per unit and pay a quarterly distribution at a rate equal to the three-month LIBOR plus a spread of 4.028%. ET Series A Units are redeemable anytime at a redemption price of $1,000 per ET Series A Unit plus accumulated and unpaid distributions. As of February 28, 2023, the distribution rate was 8.892%.

(6)    The Fund’s ability to sell this security is subject to certain legal or contractual restrictions. As of February 28, 2023, the aggregate value of restricted securities held by the Fund was $33,438 (6.1% of total assets), which included $9,592 of Level 2 securities and $23,846 of Level 3 securities. See Note 7 — Restricted Securities.

(7)    Fair valued on a recurring basis using significant unobservable inputs (Level 3). See Notes 2 and 3 in Notes to Financial Statements.

(8)    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.

(9)    Plains All American Pipeline, L.P. (“PAA”) Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“PAA Series B Units”). PAA Series B Units have a liquidation preference of $1,000 per unit and pay a quarterly distribution at a rate equal to the three-month LIBOR plus a spread of 4.110%. PAA Series B Units are redeemable anytime at a redemption price of $1,000 per PAA Series B Unit plus accumulated and unpaid distributions. As of February 28, 2023, the distribution rate was 8.974%.

See accompanying notes to financial statements.

 

KAYNE ANDERSON NEXTGEN ENERGY & INFRASTRUCTURE, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2023
(amounts in 000’s, except number of option contracts)
(UNAUDITED)

(10)  This company is structured like an MLP, but is not treated as a qualified publicly-traded partnership for RIC qualification purposes.

(11)  The Fund’s ownership of Plains AAP, L.P. (“PAGP-AAP”) is exchangeable on a one-for-one basis into either Plains GP Holdings, L.P. (“PAGP”) shares or PAA units at the Fund’s option. The Fund 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, 2023, the Fund’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)  For purposes of the Fund’s investment policies, it considers NextGen Companies to be Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. For these purposes, the Fund includes Natural Gas & LNG Infrastructure Companies, Renewable Infrastructure Companies and certain Utility Companies as NextGen Companies.

(14)  The Fund believes that it is an affiliate of Streamline Innovations Holdings, Inc. (“Streamline”). See Note 5 — Agreements and Affiliations.

(15)  Streamline is a privately-held company. Streamline Series C Preferred Shares are convertible into common equity at any time at the Fund’s option and are senior to common equity and Series A and Series B preferred shares in terms of liquidation preference and priority of distributions. Streamline Series C Preferred Shares are entitled to receive a quarterly dividend beginning on March 31, 2025, at an annual rate of 12.0%, which rate shall increase 2.0% each year thereafter to a maximum rate of 18.0%. Streamline Series C Preferred Shares are redeemable by Streamline at any time after March 31, 2025, at a price sufficient for the Fund to achieve a 20.0% internal rate of return on its investment.

(16)  Security is non-income producing.

(17)  Algonquin Power & Utilities Corp. Convertible Preferred Units (“AQNU”) consist of a 1/20, or 5%, undivided beneficial interest in a $1,000 principal amount remarketable senior note of Algonquin Power & Utilities Corp. (“AQN”) due June 15, 2026, and a contract to purchase AQN common shares on June 15, 2024 based on a reference price determined by the volume-weighted average AQN common share price over the preceding 20 day trading period. AQNU pays quarterly distributions at a rate of 7.75% per annum.

(18)  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, 2023.

At February 28, 2023, the Fund’s geographic allocation was as follows:

Geographic Location

      

% of Long-Term
Investments

United States

  

79.3%

Canada

  

15.4%

Europe/U.K.

  

5.3%

See accompanying notes to financial statements.