KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
AUGUST 31, 2021
(amounts in 000’s, except number of option contracts)
(UNAUDITED)
Description | No. of Shares/Units | Value | ||||||
Long-Term Investments — 136.1% | ||||||||
Equity Investments(1) — 136.1% | ||||||||
Midstream Energy Company(2) — 112.0% | ||||||||
Cheniere Energy, Inc.(3)(4) | 543 | $ | 47,491 | |||||
Cheniere Energy Partners, L.P. | 195 | 7,943 | ||||||
DCP Midstream, LP | 375 | 9,773 | ||||||
DT Midstream, Inc. | 626 | 29,076 | ||||||
Enbridge Inc.(5) | 565 | 22,202 | ||||||
Energy Transfer LP | 14,775 | 137,407 | ||||||
Enterprise Products Partners L.P. | 6,686 | 148,830 | ||||||
Enterprise Products Partners L.P.— Convertible Preferred Units(6)(7)(8) | 23 | 25,126 | ||||||
Kinder Morgan, Inc. | 2,019 | 32,841 | ||||||
Magellan Midstream Partners, L.P. | 1,234 | 60,722 | ||||||
MPLX LP | 4,243 | 119,314 | ||||||
MPLX LP — Convertible Preferred Units(6)(7)(9) | 2,255 | 85,231 | ||||||
ONEOK, Inc. | 1,058 | 55,590 | ||||||
Pembina Pipeline Corporation(5) | 568 | 17,302 | ||||||
Phillips 66 Partners LP | 526 | 18,799 | ||||||
Plains All American Pipeline, L.P.(10) | 7,188 | 67,062 | ||||||
Plains GP Holdings, L.P. — Plains AAP, L.P.(7)(10)(11) | 1,622 | 15,833 | ||||||
Rattler Midstream LP | 756 | 8,241 | ||||||
Shell Midstream Partners, L.P. | 1,840 | 22,397 | ||||||
Targa Resources Corp.(4) | 2,615 | 114,860 | ||||||
TC Energy Corporation(5) | 945 | 44,864 | ||||||
The Williams Companies, Inc. | 3,847 | 94,971 | ||||||
Western Midstream Partners, LP | 3,737 | 73,769 | ||||||
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1,259,644 | ||||||||
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| |||||||
Utility Company(2) — 12.3% | ||||||||
Algonquin Power & Utilities Corp.(5) | 562 | 8,733 | ||||||
Dominion Energy, Inc. | 219 | 17,016 | ||||||
Duke Energy Corporation | 90 | 9,461 | ||||||
EDP — Energias de Portugal, S.A.(5) | 1,573 | 8,633 | ||||||
Enel — Società per Azioni(5) | 698 | 6,357 | ||||||
Evergy, Inc. | 81 | 5,544 | ||||||
Eversource Energy | 108 | 9,799 | ||||||
Iberdrola, S.A.(5) | 257 | 3,184 | ||||||
NextEra Energy, Inc. | 200 | 16,832 | ||||||
Sempra Energy | 152 | 20,132 | ||||||
SSE plc(5) | 349 | 7,846 | ||||||
TransAlta Corporation(5) | 1,150 | 11,246 | ||||||
Xcel Energy Inc. | 189 | 12,987 | ||||||
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| |||||||
137,770 | ||||||||
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See accompanying notes to financial statements.
KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
AUGUST 31, 2021
(amounts in 000’s, except number of option contracts)
(UNAUDITED)
Description | No. of Shares/Units | Value | ||||||
Renewable Infrastructure Company(2) — 11.1% | ||||||||
Atlantica Sustainable Infrastructure plc(5) | 729 | $ | 27,417 | |||||
Brookfield Renewable Partners L.P.(5) | 483 | 19,583 | ||||||
Clearway Energy, Inc. — Class A | 111 | 3,311 | ||||||
Clearway Energy, Inc. — Class C | 230 | 7,220 | ||||||
Enviva Partners, LP(12) | 411 | 22,216 | ||||||
Innergex Renewable Energy Inc.(5) | 474 | 7,547 | ||||||
NextEra Energy Partners, LP | 269 | 21,510 | ||||||
Northland Power Inc.(5) | 377 | 12,436 | ||||||
Orsted A/S(5) | 24 | 3,767 | ||||||
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| |||||||
125,007 | ||||||||
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| |||||||
Energy Company(2) — 0.7% | ||||||||
Phillips 66 | 115 | 8,175 | ||||||
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Total Long-Term Investments — 136.1% (Cost — $1,651,767) | 1,530,596 | |||||||
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Strike Price | Expiration Date | No. of Contracts | Notional Amount(13) | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Call Option Contracts Written(3) | ||||||||||||||||||||
Midstream Energy Company | ||||||||||||||||||||
Cheniere Energy, Inc. | $ | 92.50 | 9/17/21 | 650 | $ | 5,685 | (26 | ) | ||||||||||||
Cheniere Energy, Inc. | 97.50 | 10/15/21 | 350 | 3,061 | (24 | ) | ||||||||||||||
Targa Resources Corp. | 45.00 | 9/17/21 | 750 | 3,294 | (75 | ) | ||||||||||||||
Targa Resources Corp. | 46.00 | 9/17/21 | 750 | 3,294 | (49 | ) | ||||||||||||||
Targa Resources Corp. | 48.00 | 10/15/21 | 1,500 | 6,588 | (120 | ) | ||||||||||||||
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Total Call Option Contracts Written (Premiums Received — $378) |
| (294 | ) | |||||||||||||||||
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Debt |
| (313,686 | ) | |||||||||||||||||
Mandatory Redeemable Preferred Stock at Liquidation Value |
| (101,670 | ) | |||||||||||||||||
Current Income Tax Receivable, net |
| 65,060 | ||||||||||||||||||
Deferred Income Tax Liability, net |
| (53,796 | ) | |||||||||||||||||
Other Liabilities in Excess of Other Assets |
| (1,935 | ) | |||||||||||||||||
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Net Assets Applicable to Common Stockholders |
| $ | 1,124,275 | |||||||||||||||||
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(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) | Security is non-income producing. |
(4) | Security or a portion thereof is segregated as collateral on option contracts written. |
(5) | Foreign security. |
(6) | Fair valued on a recurring basis using significant unobservable inputs (Level 3). See Notes 2 and 3 in Notes to Financial Statements. |
(7) | The Company’s ability to sell this security is subject to certain legal or contractual restrictions. As of August 31, 2021, the aggregate value of restricted securities held by the Company was $126,190 (7.9% of total assets), which included $15,833 of Level 2 securities and $110,357 of Level 3 securities. See Note 7 — Restricted Securities. |
See accompanying notes to financial statements.
KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
AUGUST 31, 2021
(amounts in 000’s, except number of option contracts)
(UNAUDITED)
(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) | 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. As of August 31, 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 August 31, 2021, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Note 7 — Restricted Securities. |
(12) | On October 15, 2021, Enviva Partners, LP announced its intention to convert from a master limited partnership to a corporation to be named Enviva Inc. The conversion is expected to take effect as of December 31, 2021. |
(13) | 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 August 31, 2021. |
At August 31, 2021, the Company’s geographic allocation was as follows:
Geographic Location | % of Long-Term Investments | |||
United States | 86.9 | % | ||
Canada | 9.4 | % | ||
Europe/U.K. | 3.7 | % |
See accompanying notes to financial statements.