Kayne Anderson Renewable Infrastructure Fund

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Objective

The Kayne Anderson Renewable Infrastructure Fund seeks total return through a combination of current income and capital appreciation.

Investment Strategy

The Fund invests at least 80% of its net assets in a portfolio of Renewable Infrastructure Companies that are involved in business activities related to renewable energy production, storage, and transmission. These companies include companies that own or operate assets used in the development, generation, production, transmission, storage, and sale of alternative and renewable energy such as solar power, wind power, biofuels, hydropower, or geothermal power. Renewable Infrastructure Companies may also be engaged in businesses related to energy conservation, water infrastructure, conventional power generation, and the sale, distribution, transmission, and marketing of electricity.

Fund Facts

Share class Class I (Institutional)
Ticker KARIX
CUSIP 81752T650
Inception date 7/23/2020
Total Assets $27 million
Minimum Investment $250,000
Maximum front-end sales load1 None
Maximum deferred sales load None
Redemption Fee None
Gross Expense Ratio 1.96%
Net Expense Ratio2 1.30%

1 While the Institutional Class has no front-end load, advisory and other expenses still apply

2 Net expenses reflect contractual fee waivers through July 22, 2022.

Daily Pricing

NAV $10.25
Change in NAV ($) $0.02

Quick Links

Fact Sheet
Summary Prospectur
Prospectus
SAI

Global growth
opportunity

Renewables (especially wind and solar) are the fastest-growing energy infrastructure category in the world. Investment in new renewable energy capacity is now outpacing investment in conventional power by 2-1 and is running at $300 – $400 billion per year. Renewables are moving to the center of the global energy landscape.

Growth increasingly driven
by markets, not subsidies

The growth expectations for renewables are driven in part by massive declines in cost, which now make wind & solar a cheap form of energy – increasingly without the need for subsidies. This means growth is driven more by market demand from actual consumers of electricity, which are buying renewable energy at an unprecedented scale.

Emerging asset class in
public markets

Historically, investing in renewables in public markets entailed buying technology companies, equipment makers, and other noninfrastructure businesses. As the renewables space has grown and entered the mainstream, there is now a $600+ billion global investment universe of renewable infrastructure companies, generating an attractive combination of yield and growth from clean energy assets.

Attractive investment
characteristics

Renewable infrastructure assets generate stable cash flows under long-term, inflation-protected contractual arrangements, often with 20+ years of revenue visibility. Renewables have no fuel costs and relatively low operating costs. Their cash flows have no correlation to commodity prices or economic cycles. These attributes make renewable energy assets highly coveted among infrastructure investors.

Portfolio

Top 10 Holdings
as of 7/23/20

Company % of Total
Atlantica Sustainable Infrastructure plc 5.72%
Enviva Partners LP 5.50%
Enel SpA 5.09%
Change in NAV ($) $0.02
NextEra Energy, Inc. 4.48%
Orsted A/S 4.27%
Company % of Total
EDP Renovaveis SA 4.00%
Innergex Renewable Energy 4.16%
NAV $10.25
Albioma SA 4.14%
Terna Energy Sa 4.12%
Brookfield Renewable Partners L.P. 3.78%

Top 10 Holdings as % of Total Investments: 45.4%

Cheap, clean renewable energy is perhaps the most effective tool available for combating global CO2 emissions. Publicly-traded renewable energy infrastructure companies are the largest owners and developers of renewable energy around the world, and their investments to date displace over 600 million tons of CO2 annually.

Resources

Fund Documents

Fact Sheet
Prospectus
Summary Prospectur
SAI

Applications and Forms

New Account Application
Entity Account Application
IRA Account Application
IRA Account Transfer
IRA Disclosure – Custodial Account Agreement

Distributions

The Fund’s distribution policy is to make no less frequently than quarterly distributions to shareholders. A portion of the distribution may be a return of capital. The Fund may, at the discretion of management, target a specific level of quarterly distributions (including any return of capital) from time to time. Shareholders should not assume that the source of a distribution from the Fund is net profit. All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) receive capital gain distributions in cash while reinvesting dividends in additional Fund shares; or (3) receive all distributions in cash. For more information about the Fund’s distribution policy, please refer to the Fund’s Prospectus.

Shareholder Services

You may purchase or redeem Fund shares on any day that the New York Stock Exchange (“NYSE”) is open for business by written request via mail to the address listed below, by wire transaction, by contacting the Fund by telephone at 1-844-95-KAYNE (1-844-955-2963) or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly.

Kayne Anderson Renewable Infrastructure Fund
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-070

Administrator, Transfer Agent and Fund Accountant

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

Tax Information

The Fund’s dividends and distributions may be subject to federal income taxes. They will be taxed as ordinary income, capital gains or a return of capital unless you are a tax-exempt organization or are investing through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. You may be taxed later upon withdrawal of monies from such tax-deferred arrangements. For federal income tax purposes, all dividends and distributions of ordinary income and capital gains that you receive are taxable, whether reinvested in additional shares or received in cash, unless you are exempt from taxation or entitled to a tax deferral. Such dividends and capital gains may also be subject to state or local taxes. Distributions in excess of the Fund’s earnings and profits will be treated as a return of capital. A return of capital is not taxable to you unless it exceeds your tax basis in the shares. If the Fund’s distributions include a return of capital, your cost basis will be reduced so that you may be required to pay capital gains even if the sales price is less than the purchase price. You will be informed annually as to the amount and nature of all dividends, capital gains, and return of capital paid during the prior year. If you are not required to pay taxes on your income, you are generally not required to pay federal income taxes on the amounts distributed to you.

Before investing in the Fund, you should consider the investment objective, risks, charges, and expenses of the Fund. You can download the prospectus here. For a free hard-copy of the Fund’s prospectus, please call 844-955-2963.

Mutual fund investing involves risk. Principal loss is possible. An investment in the Fund could suffer loss. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Because the Fund invests in Renewable Infrastructure Companies, the value of the Fund shares may be affected by events that adversely affect companies in that industry. The Fund has investments in non-U.S. issuers or U.S. issuers with significant non-U.S. operations, which may be subject to additional political, social, regulatory, and economic risks. As a result, the Fund may be exposed to risks that the exchange rate of the U.S. dollar relative to other currencies may change in a manner that could have an adverse effect on the gain and loss generated from the fund’s investments denominated in currencies other than the U.S. dollar. Market risk is the potential for changes in the fair value of financial instruments from market changes, including fluctuations in market price. Market risk is directly affected by the volatility and liquidity in markets in which the related underlying assets are traded. There can be no assurance that the Fund’s investment objective will be attained.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

This website and its content are provided for informational purposes only. This site shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Performance data quoted represent past performance and are for the stated period only. Past performance is not a guarantee of future results. Current performance may be lower or higher than that shown based on market fluctuations from the end of the reported period.

Nothing contained in this communication is intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

Distributed by Quasar Distributors, LLC. Member FINRA/SIPC.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE