KYN - Kayne Anderson Energy Infrastructure Fund

What this means for you

3 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Nov 29, 2024

   The fund said it will repay some borrowed money.

   Original document →

2. Nov 14, 2024

   Guardian Life Insurance Co of America now owns 7.2%, as a passive investor.

   Original document →

3. Nov 14, 2024

   Voya Financial now owns 6.9% of the fund's preferred shares, not the common shares most holders own.

   Original document →

4. Nov 13, 2024

   Principal Life Insurance Co. now owns 11.8%, as a passive investor.

   Original document →

5. Nov 8, 2024

   MetLife Investment Management, LLC now owns 17.9%, as a passive investor.

   Original document →

About this fund

• Run by KA Fund Advisors, LLC. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $2.87 billion of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 29% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 13% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.8% a year in management fees; 3.3% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in energy and resources companies, 9 charge a lower management fee and 7 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $13.79. The shares traded at $12.42, about 9.9% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 10.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

What a holder made

• The year ended Nov 30, 2021: the shares returned +44%, counting payouts; the holdings +41%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2021, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +32.5%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (98%), the rest preferred shares. About 87% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Energy Transfer, L.P. - 15.4%
2. Cheniere Energy, Inc. - 14.6%
3. Enterprise Products Partners, L.P. - 13.7%
4. Williams Companies, Inc. - 13.7%
5. Mplx, L.P. - 9.6%
6. ONEOK, Inc. - 9.4%
7. Targa Resources Corporation - 9.4%
8. Kinder Morgan, Inc. - 7.3%
9. TC Energy Corporation - 5.7%
10. Western Midstream Partners, L.P. - 5.4%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →