Kayne Anderson Renewable Infrastructure Fund | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
September 30, 2021 | ||||||||
Shares | Value | |||||||
LONG-TERM INVESTMENTS - 92.06% | ||||||||
COMMON STOCKS - 90.16% | ||||||||
Renewable Power Companies - 29.42% | ||||||||
Acciona SA (a) | 12,700 | $ | 2,111,289 | |||||
The AES Corporation | 111,300 | 2,540,979 | ||||||
Brookfield Renewable Corporation, Class A (a) | 26,300 | 1,020,703 | ||||||
Brookfield Renewable Partners LP (a) | 81,444 | 3,006,098 | ||||||
China Longyuan Power Group Corporation Ltd. (a) | 1,557,100 | 3,820,826 | ||||||
EDP Renovaveis SA (a) | 41,837 | 1,038,050 | ||||||
ERG SpA (a) | 59,100 | 1,754,447 | ||||||
Northland Power, Inc. (a) | 88,233 | 2,772,520 | ||||||
Omega Geracao SA (a)(c) | 148,000 | 868,310 | ||||||
Orsted A/S (a) | 15,414 | 2,031,791 | ||||||
TransAlta Corporation (a) | 396,700 | 4,190,625 | ||||||
25,155,638 | ||||||||
Green Utilities - 25.18% | ||||||||
AB Ignitis Grupe- GDR (a) | 40,000 | 913,023 | ||||||
Algonquin Power & Utilities Corp (a) | 69,100 | 3,345,822 | ||||||
Avangrid, Inc. | 58,100 | 2,823,660 | ||||||
EDP - Energias de Portugal SA (a) | 717,256 | 3,767,816 | ||||||
Eversource Energy | 31,100 | 2,542,736 | ||||||
EVN AG (a) | 67,834 | 1,803,302 | ||||||
NextEra Energy, Inc. | 51,440 | 4,039,069 | ||||||
SSE plc (a) | 108,900 | 2,292,904 | ||||||
21,528,332 | ||||||||
Renewable Energy Developers - 13.38% | ||||||||
Corporacion Acciona Energias Renovables SA (a)(c) | 54,400 | 1,785,187 | ||||||
Falck Renewables SpA (a) | 204,576 | 1,590,481 | ||||||
Focus Energia Holding Participacoes SA (a) | 326,300 | 834,662 | ||||||
Neoen SA (a)(c) | 27,352 | 1,102,203 | ||||||
ReNew Energy Global plc, Class A (a)(b) | 42,900 | 437,580 | ||||||
Scatec ASA (a) | 44,248 | 822,485 | ||||||
Sunrun, Inc. (b) | 54,400 | 2,393,600 | ||||||
Terna Energy SA (a) | 185,974 | 2,473,047 | ||||||
11,439,245 | ||||||||
Wind & Solar Yield Companies - 11.70% | ||||||||
Atlantica Sustainable Infrastructure plc (a) | 94,673 | 3,267,165 | ||||||
Clearway Energy, Inc., Class C | 83,076 | 2,514,711 | ||||||
NextEra Energy Partners LP | 28,578 | 2,153,638 | ||||||
Xinyi Energy Holdings Ltd. (a) | 3,566,200 | 2,069,368 | ||||||
10,004,882 | ||||||||
Biomass Infrastructure - 10.48% | ||||||||
Albioma SA (a) | 49,040 | 1,925,169 | ||||||
Anaergia, Inc. (a)(b) | 48,300 | 801,187 | ||||||
Covanta Holding Corporation | 91,200 | 1,834,944 | ||||||
Enviva Partners LP | 63,200 | 3,418,488 | ||||||
Polaris Infrastructure Inc. (a) | 71,900 | 982,054 | ||||||
8,961,842 | ||||||||
Total Long Common Stocks | ||||||||
(Cost $72,242,971) | 77,089,939 | |||||||
CONVERTIBLE PREFERRED STOCKS - 1.90% | ||||||||
Renewable Power Companies - 1.90% | ||||||||
The AES Corporation | 16,800 | 1,619,520 | ||||||
6.875%, 2/15/2024 |
Total Convertible Preferred Stocks | ||||||||
(Cost $1,688,950) | 1,619,520 | |||||||
Total Long-Term Investments | ||||||||
(Cost $73,931,921) | 78,709,459 | |||||||
SHORT-TERM INVESTMENTS - 6.44% | ||||||||
Money Market Fund - 6.44% | ||||||||
First American Treasury Obligations Fund, Class X, 0.01% (d) | 5,509,246 | 5,509,246 | ||||||
Total Short-Term Investments | ||||||||
(Cost $5,509,246) | 5,509,246 | |||||||
Total Investments | ||||||||
(Cost $79,441,167) - 98.50% | 84,218,705 | |||||||
Other Assets In Excess Of Liabilities - 1.50% | 1,283,054 | |||||||
Total Net Assets - 100.00% | $ | 85,501,759 | ||||||
(a) | Foreign security. | ||||
(b) | Non-income producing security. | ||||
(c) | Security is not currently paying cash distributions, but is expected to pay cash distributions within the next 12 months. | ||||
(d) | The rate quoted is the annualized seven-day effective yield as of September 30, 2021. | ||||
At September 30, 2021, the Fund's geographic allocation was follows: |
Geographic Location | % of Long-Term Investments | ||||
Europe | U.K. | 36.44% | ||||
United States | 32.88% | ||||
Canada | 20.48% | ||||
Australia, Brazil, Japan & Other | 10.20% | ||||
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund. Equity | |||||
securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global | |||||
Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is | |||||
principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then | |||||
the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter | |||||
(“OTC”) market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these | |||||
securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. | |||||
Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party | |||||
pricing service (“Pricing Service”). These securities are categorized in Level 2 of the fair value hierarchy. | |||||
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated will result in an adjustment | |||||
to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in | |||||
calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These | |||||
securities are categorized in Level 2 of the fair value hierarchy. | |||||
Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported NAV per share. To the extent these | |||||
securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy. | |||||
Forward currency contracts maturing in two or fewer days are valued at the spot rate. Forward currency contracts maturing in three days or more days are valued at the midpoint prices calculated | |||||
by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or the “Administrator”) using an “interpolation” methodology that incorporates | |||||
foreign-exchange prices obtained from an approved pricing service for standard forward-settlement periods, such as one month, three months, six months and one year. These securities are | |||||
categorized in Level 2 of the fair value hierarchy. | |||||
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (the "Board"). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Funds could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Funds determine their net asset values per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary. The Board regularly reviews reports that describe any fair value determinations and methods. | |||||
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring | |||||
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a | |||||
discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These | |||||
inputs are summarized in the three broad levels listed below: | |||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | |||||
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs | |||||
may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield | |||||
curves, default rates and similar data. | |||||
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about | |||||
the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | |||||
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of September 30, 2021: |
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 56,655,953 | $ | 20,433,986 | $ | - | $ | 77,089,939 | ||||||||
Convertible Preferred Stocks | 1,619,520 | - | - | 1,619,520 | ||||||||||||
Short-Term Investments | 5,509,246 | - | - | 5,509,246 | ||||||||||||
Other Instruments | ||||||||||||||||
Forward Contracts(1) | - | 957,457 | - | 957,457 | ||||||||||||
$ | 63,784,719 | $ | 21,391,443 | $ | - | $ | 85,176,162 |
(1) Forward currency contracts are valued at the net unrealized appreciation (depreciation) on the instrument as presented on the Schedule Forward Currency Contracts. | |||||
During the period ended September 30, 2021, the fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. |
Schedule of Open Forward Currency Contracts* | ||||||||||
September 30, 2021 (Unaudited) | ||||||||||
Unrealized | ||||||||||
Settlement | Currency to be | Value | Currency to be | Value | Appreciation | |||||
Date | Delivered | (USD) | Received | (USD) | (Depreciation)** | |||||
12/31/2021 | 4,298,868 BRL | 776,400 | 802,202 USD | 805,202 | 28,802 | |||||
12/31/2021 | 9,872,155 CAD | 7,794,877 | 7,943,047 USD | 7,943,047 | 148,170 | |||||
12/30/2021 | 12,678,663 DKK | 1,978,874 | 2,031,287 USD | 2,031,287 | 52,414 | |||||
12/31/2021 | 20,090,142 EUR | 23,321,710 | 23,951,073 USD | 23,951,073 | 629,363 | |||||
12/31/2021 | 1,811,817 GBP | 2,441,883 | 2,507,861 USD | 2,507,861 | 65,978 | |||||
12/31/2021 | 44,339,555 HKD | 5,697,072 | 5,699,490 USD | 5,699,490 | 2,418 | |||||
12/31/2021 | 978,919 USD | 978,919 | 8,475,777 NOK | 968,782 | (10,138) | |||||
12/31/2021 | 15,696,284 NOK | 1,794,086 | 1,834,535 USD | 1,834,535 | 40,450 | |||||
957,457 | ||||||||||
BRL - Brazillian Real | ||||||||||
CAD - Canadian Dollar | ||||||||||
DKK - Danish Krone | ||||||||||
EUR - Euro | ||||||||||
GBP- British Pound Sterling | ||||||||||
HKD - Hong Kong Dollar | ||||||||||
NOK - Norwegian Krone | ||||||||||
USD - U.S. Dollar | ||||||||||
* Bannockburn Global Forex, LLC is the counterparty for all open forward currency contracts held by the fund as of September 30, 2021 | ||||||||||
** Unrealized appreciation is a receivable and unrealized depreciation is a payable. |