NPORT-EX 2 ea0204437-01_nportex.htm

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2024
(amounts in 000’s)

(UNAUDITED)


Description

  

No. of
Shares/Units

  

Value

Long-Term Investments — 136.8%

      

 

  

Equity Investments(1) — 136.8%

      

 

  

Midstream Energy Company(2) — 125.1%

      

 

  

Antero Midstream Corporation

  

2,218

  

$

29,727

Aris Water Solutions, Inc.

  

1,183

  

 

14,247

Cheniere Energy, Inc.

  

883

  

 

137,101

DT Midstream, Inc.

  

531

  

 

30,602

Enbridge Inc.(3)

  

1,872

  

 

64,441

Energy Transfer LP

  

17,059

  

 

249,744

Enterprise Products Partners L.P.

  

8,317

  

 

228,295

Enterprise Products Partners L.P. — Convertible Preferred Units(4)(5)(6)

  

40

  

 

40,490

Equitrans Midstream Corporation

  

2,045

  

 

21,862

Hess Midstream LP

  

774

  

 

26,381

Kinder Morgan, Inc.

  

5,948

  

 

103,436

Kinetik Holdings Inc.

  

90

  

 

3,175

MPLX LP

  

3,904

  

 

150,079

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

  

2,255

  

 

86,697

NuStar Energy L.P.

  

671

  

 

15,849

ONEOK, Inc.

  

2,641

  

 

198,373

Pembina Pipeline Corporation(3)

  

2,062

  

 

71,779

Plains All American Pipeline, L.P.

  

8,703

  

 

142,898

Sentinel Midstream Highline JV Holdings LLC(4)(5)(8)(9)(10)

  

1,500

  

 

31,500

Streamline Innovations Holdings, Inc. — Series C Preferred
Shares(4)(5)(9)(10)(11)

  

5,500

  

 

31,625

Targa Resources Corp.

  

1,956

  

 

192,155

TC Energy Corporation(3)

  

1,700

  

 

67,216

The Williams Companies, Inc.

  

6,008

  

 

215,928

Western Midstream Partners, LP

  

3,270

  

 

109,385
       

 

2,262,985

Energy Company(2) — 5.9%

      

 

  

Exxon Mobil Corporation

  

449

  

 

46,950

Phillips 66

  

210

  

 

29,922

Shell plc — ADR(3)(12)

  

480

  

 

30,187
       

 

107,059

Utility Company(2) — 4.3%

      

 

  

NextEra Energy, Inc.

  

400

  

 

22,081

Sempra Energy

  

775

  

 

54,692
       

 

76,773

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2024
(amounts in 000’s)

(UNAUDITED)

Description

  

No. of
Shares/Units

  

Value

Renewable Infrastructure Company(2) — 1.5%

      

 

  

 

Atlantica Sustainable Infrastructure plc(3)

  

1,202

  

$

21,588

 

Clearway Energy, Inc. — Class A

  

300

  

 

6,079

 
       

 

27,667

 

Total Long-Term Investments — (Cost — $2,202,912)

      

 

2,474,484

 
       

 

  

 

Short-Term Investment — Money Market Fund — 0.9%

      

 

  

 

JPMorgan 100% U.S. Treasury Securities Money Market Fund — Capital Shares, 5.20%(13) (Cost — $15,334)

  

15,334

 

 

15,334

 

Total Investments — 137.7% (Cost — $2,218,246)

      

 

2,489,818

 
       

 

  

 

Debt

      

 

(361,679

)

Mandatory Redeemable Preferred Stock at Liquidation Value

      

 

(153,094

)

Current Income Tax Receivable, net

      

 

7,846

 

Deferred Income Tax Liability, net

      

 

(151,434

)

Other Liabilities in Excess of Other Assets

      

 

(22,766

)

Net Assets Applicable to Common Stockholders

     

$

1,808,691

 

____________

(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)      Foreign security.

(4)      Fair valued on a recurring basis using significant unobservable inputs (Level 3). 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, 2024, the aggregate value of restricted securities held by the Company was $190,312 (7.6% of total assets). See Note 7 — Restricted Securities.

(6)      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. See Note 3 — Fair Value.

(7)      MPLX LP (“MPLX”) Series A Convertible Preferred Units (“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. See Note 3 — Fair Value.

(8)      Sentinel Midstream Highline JV Holdings LLC (“Sentinel Midstream”) is a privately-held company that operates energy infrastructure assets near the Texas and Louisiana Gulf Coast which are referred to as Enercoast Energy Infrastructure (“EEI”). The Company is the owner of Series A-2 units which represent a membership interest in Sentinel Midstream (“Sentinel-EEI Series A-2 Units”). The Sentinel-EEI Series A-2 Units are pari passu with Series A-1 Units (together, “Series A Units”), and are senior to other classes of common equity in terms of liquidation preference and priority of distributions. The Series A Units are entitled to receive cash distributions beginning in the quarter ending June 30, 2024. See Note 3 — Fair Value.

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

(10)    Security is non-income producing.

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2024
(amounts in 000’s)

(UNAUDITED)

(11)    Streamline is a privately-held company. Streamline Series C Preferred Shares are convertible into common equity at any time at the Company’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 Company to achieve a 20.0% internal rate of return on its investment.

(12)    ADR — American Depositary Receipt.

(13)    The rate indicated is the yield as of February 29, 2024.

At February 29, 2024, the Company’s geographic allocation was as follows:

Geographic Location

  

% of Long-Term
Investments

United States

  

89.7%

Canada

  

8.2%

Europe/U.K.

  

2.1%

See accompanying notes to financial statements.