Kayne Anderson Energy Infrastructure Fund (KYN) NPORT-P Kayne Anderson Energy Infrastructure, Inc. (Aug 2020 report)

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

Description	No. of Shares/Units		Value
Long-Term Investments — 141.1%
Equity Investments(1) — 139.7%
United States — 129.1%
Midstream Energy Company(2) — 118.7%
Antero Midstream Corporation		1,937	$	13,115
BP Midstream Partners LP		2,705		31,889
Cheniere Energy, Inc.(3)		41		2,118
Cheniere Energy Partners, L.P.		117		4,218
DCP Midstream, LP		733		9,283
DCP Midstream, LP — Series A Preferred Units(4)		4,500		3,308
Energy Transfer LP		13,910		89,301
Enterprise Products Partners L.P.		7,074		124,212
Equitrans Midstream Corporation		226		2,326
Equitrans Midstream Corporation — Convertible Preferred Units(5)(6)(7)		1,188		24,073
Kinder Morgan, Inc.		2,019		27,896
Magellan Midstream Partners, L.P.		1,481		56,298
MPLX LP		3,797		69,363
MPLX LP — Convertible Preferred Units(5)(6)(8)		2,255		71,902
Noble Midstream Partners LP		1,091		9,772
ONEOK, Inc.		1,058		29,086
Phillips 66 Partners LP		1,200		32,308
Plains All American Pipeline, L.P.(9)		6,390		45,241
Plains GP Holdings, L.P. — Plains AAP, L.P.(6)(9)(10)		1,622		11,859
Rattler Midstream LP		631		5,279
Shell Midstream Partners, L.P.		3,588		37,283
Targa Resources Corp.		3,388		57,627
TC PipeLines, LP		710		21,563
The Williams Companies, Inc.		5,088		105,617
Western Midstream Partners, LP		4,887		44,321
				929,258
Utility Company(2) — 7.0%
Dominion Energy, Inc.		143		11,186
Eversource Energy		65		5,588
NextEra Energy, Inc.		43		11,865
Sempra Energy		106		13,070
Xcel Energy Inc.		189		13,124
				54,833
Renewable Infrastructure Company(2) — 3.4%
Clearway Energy, Inc., Class A		111		2,688
Clearway Energy, Inc., Class C		18		459
Enviva Partners, LP		385		15,873
NextEra Energy Partners, LP		132		7,969
				26,989
Total United States (Cost —$1,562,575)				1,011,080

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

Description						No. of Shares/Units		Value
Canada — 9.2%
Midstream Energy Company(2) — 5.2%
Enbridge Inc.							565	$	18,085
Pembina Pipeline Corporation							255		6,308
TC Energy Corporation							342		15,972
									40,365
Renewable Infrastructure Company(2) — 2.3%
Brookfield Renewable Corporation							123		6,258
Brookfield Renewable Partners L.P.							171		7,775
Northland Power Inc.							93		2,607
TransAlta Renewables Inc.							133		1,631
									18,271
Utility Company(2) — 1.7%
Algonquin Power & Utilities Corp.							960		13,281
Total Canada (Cost — $68,790)									71,917
United Kingdom — 1.4%
Renewable Infrastructure Company(2) — 1.4%
Atlantica Sustainable Infrastructure plc (Cost — $10,374)							380		11,407
Total Equity Investments (Cost — $1,641,739)									1,094,404
	Interest Rate			Maturity Date		Principal Amount
Debt Instruments — 1.4%
United States — 1.4%
Midstream Energy Company(2) — 1.4%
Antero Midstream Corporation		5.375	%		9/15/24	$	3,081		2,842
Antero Midstream Corporation(6)		5.750			3/1/27		2,814		2,512
Antero Midstream Corporation(6)		5.750			1/15/28		3,196		2,852
EQM Midstream Partners, LP		6.500			7/15/48		515		520
Tallgrass Energy Partners, LP(6)		4.750			10/1/23		2,000		1,960
Total Debt Investments (Cost — $9,742)									10,686
Total Long-Term Investments (Cost — $1,651,481)									1,105,090
						No. of Shares/Units
Short-Term Investment — Money Market Fund — 5.5%
JPMorgan 100% U.S. Treasury Securities Money Market Fund — Capital Shares, 0.02%(11) (Cost — $43,108)							43,108		43,108
Total Investments — 146.6% (Cost — $1,694,589)									1,148,198

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2020

(amounts in 000’s)

(UNAUDITED)

	Value
Debt	$	(181,000	)
Mandatory Redeemable Preferred Stock at Liquidation Value		(195,718	)
Current Income Tax Asset, net		35,233
Deferred Income Tax Liability, net		(22,018	)
Other Liabilities in Excess of Other Assets		(1,528	)
Net Assets Applicable to Common Stockholders	$	783,167

  (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) Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. Distributions are payable at a rate of 7.375% per annum to December 15, 2022. On and after December 15, 2022, distributions on the Series A Preferred Units will be payable at a rate equal to the three-month LIBOR plus 5.148% per annum.

  (5) Fair valued security. 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 August 31, 2020, the aggregate value of restricted securities held by the Company was $115,158 (9.7% of total assets), which included $19,183 of Level 2 securities and $95,975 of Level 3 securities. See Note 7 — Restricted Securities.

  (7) 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”). On June 17, 2020, Equitrans Midstream Corporation (“ETRN”) and EQM completed their previously announced stock-for-unit merger. In connection with the merger, a portion of the EQM Convertible Preferred Units held by the Company were exchanged for newly-issued ETRN Convertible Preferred Shares. The ETRN Convertible Preferred Shares will be 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 9.75% through March 31, 2024.

  (8) 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. As of August 31, 2020, the MPLX Convertible Preferred Units pay a quarterly distribution of $0.6875 per unit.

  (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 August 31, 2020, the Company’s PAGP-AAP investment is valued at PAGP’s closing price. See Notes 3 and 7 in Notes to Financial Statements.

(11) The rate indicated is the yield as of August 31, 2020.

See accompanying notes to financial statements.