KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2025
(amounts in 000’s)
(UNAUDITED)

Description

  

No. of
Shares/Units

  

Value

Long-Term Investments — 140.7%

      

 

  

Equity Investments(1) — 140.5%

      

 

  

Midstream Energy Company(2) — 132.5%

      

 

  

Antero Midstream Corporation

  

2,218

  

$

37,602

Archrock, Inc.

  

1,132

  

 

30,700

Cheniere Energy, Inc.

  

1,146

  

 

261,947

DT Midstream, Inc.

  

531

  

 

51,024

Enbridge Inc.(3)

  

2,305

  

 

98,480

Energy Transfer LP

  

18,596

  

 

358,720

Enterprise Products Partners L.P.

  

10,357

  

 

346,044

Hess Midstream LP

  

1,887

  

 

78,763

Kinder Morgan, Inc.

  

7,819

  

 

211,892

Kinetik Holdings Inc.

  

595

  

 

34,710

Kodiak Gas Services, Inc.

  

397

  

 

17,066

MPLX LP

  

6,160

  

 

332,066

ONEOK, Inc.

  

2,032

  

 

204,003

Pembina Pipeline Corporation(3)

  

3,167

  

 

123,095

Plains All American Pipeline, L.P.

  

5,548

  

 

112,856

Sentinel Midstream Highline JV Holdings LLC(4)(5)(6)(7)

  

1,500

  

 

40,500

Streamline Innovations Holdings, Inc. — Series C Preferred
Shares(4)(5)(7)(8)(9)

  

5,500

  

 

38,500

Targa Resources Corp.

  

1,037

  

 

209,135

TC Energy Corporation(3)

  

3,926

  

 

175,666

The Williams Companies, Inc.

  

6,174

  

 

359,182

Western Midstream Partners, LP

  

3,675

  

 

149,122
       

 

3,271,073

Utility Company(2) — 4.5%

      

 

  

Entergy Corporation

  

594

  

 

51,868

PG&E Corporation — Series A Convertible Preferred Shares(10)

  

100

  

 

4,204

Sempra Energy

  

770

  

 

55,092
       

 

111,164

Other — 3.5%

      

 

  

Air Products and Chemicals, Inc.

  

179

  

 

56,640

Linde plc(3)

  

64

  

 

29,735
       

 

86,375

Total Equity Investments — (Cost — $2,417,413)

      

 

3,468,612

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2025
(amounts in 000’s)
(UNAUDITED)

Description

  

Interest
Rate

  

Maturity
Date

  

Principal
Amount

  

Value

Debt Investments — 0.2%

          

 

    

 

  

 

Midstream Energy Company(2) — 0.2%

          

 

    

 

  

 

South Bow Corporation(3)(5) (Cost — $5,187)

  

7.500%

  

3/1/55

  

$

5,000

  

$

5,145

 

Total Long-Term Investments (Cost — $2,422,600)

  

 

3,473,757

 
           

 

    

 

  

 
           

 

No. of
Shares/Units

  

 

  

 

Short-Term Investment — Money Market Fund — Less Than 0.1%

  

 

    

 

  

 

First American Money Market Fund Treasury Obligations Fund — Class X Shares, 4.29%(11) (Cost — $702)

  

 

702

  

 

702

 

Total Investments — 140.8% (Cost — $2,423,302)

  

 

    

 

3,474,459

 
   

 

    

 

  

 

Debt

  

 

    

 

(501,654

)

Mandatory Redeemable Preferred Stock at Liquidation Value

  

 

    

 

(153,603

)

Current Income Tax Liability, net

  

 

    

 

(8,577

)

Deferred Income Tax Liability, net

  

 

    

 

(332,893

)

Other Liabilities in Excess of Other Assets

  

 

    

 

(9,334

)

Net Assets Applicable to Common Stockholders

  

 

    

$

2,468,398

 

____________

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

(2)     Refer to Glossary of Key Terms for definitions of Midstream Energy 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 28, 2025, the aggregate value of restricted securities held by the Company was $84,145 (2.4% of total assets), which included $5,145 of Level 2 securities and $79,000 of Level 3 securities. See Note 7 — Restricted Securities.

(6)     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, and are senior to other classes of common equity in terms of liquidation preference and priority of distributions. See Note 3 — Fair Value.

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

(8)     Security is non-income producing.

(9)     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.

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2025
(amounts in 000’s)
(UNAUDITED)

(10)   PG&E Corporation (“PCG”) Series A Mandatory Convertible Preferred Shares (PCG Series A Convertible Preferred Shares) have a liquidation preference of $50 per share. The PCG Series A Convertible Preferred Shares pay a dividend of 6.00% per annum based on the liquidation preference amount and are mandatorily convertible into PCG common shares on December 1, 2027.

(11)   The rate indicated is the yield as of February 28, 2025.

As of February 28, 2025, the Company’s geographic allocation was as follows:

Geographic Location

  

% of Long-Term
Investments

United States

  

87.6%

Canada

  

11.6%

Europe/U.K.

  

0.8%

See accompanying notes to financial statements.

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