Periodic/Interim Report by Investment Company (Form N-30B-2)

CONTENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This report of Kayne Anderson Energy Infrastructure Fund, Inc. (the "Company") contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy infrastructure company industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements made herein. There is no assurance that the Company's investment objectives will be attained.

All investments in securities involve risks, including the possible loss of principal. The value of an investment in the Company could be volatile, and you could suffer losses of some or a substantial portion of the amount invested. The Company's concentration of investments in energy infrastructure companies subjects it to the risks of midstream, renewable infrastructure and utility entities and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Leverage creates risks that may adversely affect returns, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in distribution rates, which increases a stockholder's risk of loss.

Performance data quoted in this report represent past performance and are for the stated time 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.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
LETTER TO STOCKHOLDERS

September 4, 2026

Dear Fellow Stockholders,

Fiscal Q3 2026 was a strong quarter for KYN. The Company's Net Asset Return was 10.3% for the quarter and 30.2% for the first nine months of the fiscal year.(1),(2),(3) KYN has been well positioned this year to capitalize on some of the most important trends in the broader market, including energy security and the power supercycle. As discussed in this quarterly update, we continue to have confidence in both the outlook for North American energy infrastructure and KYN's potential to generate low-to-mid teens annual returns over the next five years.(4)

This quarter was a continuation of many of the themes outlined in our recent shareholder letters. Geopolitical instability remains a defining feature of the global energy markets, as evidenced by the Iran conflict and the Russo-Ukrainian war. Against this backdrop, the strategic importance of North American energy infrastructure is clear - these assets play an essential role in connecting reliable sources of supply with global demand centers.

Let's take a minute to reflect on what has transpired over the last few years: Five years ago, the midstream sector emerged from a period of significant disruption. KYN's portfolio investments have since strengthened balance sheets, improved capital discipline and generated substantial free cash flow. Further, these companies' growth outlooks have steadily improved. KYN's investment team capitalized on these positive developments, with the Company generating a Net Asset Return of 194% over this five-year time period.(5) We are pleased with this performance and excited for the next five years - the Company's portfolio, balance sheet and management team are well positioned to capitalize on the market opportunity.

Performance & Positioning

Midstream equities performed well during the quarter, with the AMNA up 8.1%.(6) Notably, KYN outperformed the AMNA by approximately 230 basis points. Within midstream, MLPs generally outperformed their C-Corp counterparts, and liquids-focused companies generally outperformed natural gas-focused peers. Midstream underperformed broader energy (as measured by the XLE) during the quarter.(7) This was to be expected, as the latter's greater direct commodity price exposure allowed it to benefit more significantly from rising commodity prices.

Utilities had a more challenging quarter, with the XLU down 4.3%.(8) Higher interest rates were a headwind, with 10-year and 30-year U.S. Treasury bond yields both up approximately 25 bps during the quarter. The fundamental backdrop, however, remains strong as utilities continue to capitalize on growing domestic power needs.

We continued to increase KYN's allocation to liquids-focused midstream companies, and the Company's current portfolio mix provides investors with balanced exposure to liquids- and natural gas-focused midstream companies. As of August 31, 2026, KYN's portfolio was invested in 97% midstream, 2% in

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Note: Footnotes can be found on page 5.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
LETTER TO STOCKHOLDERS

power infrastructure and 1% in other investments. KYN's downside cushion remains in line with our target range of 55% to 60%.(9) Flexibility remains a priority, and we plan to continue to manage the Company with more conservative leverage levels.

Energy Infrastructure Update

Year-to-date financial results for the midstream sector have been very impressive. Companies have increased EBITDA guidance by approximately 5% since the beginning of the year and consistently exceeded quarterly estimates. For liquids-focused names, companies with integrated systems continue to benefit from heightened volatility, strong U.S. exports and wide price differentials. Meanwhile, natural gas-focused companies continue to make commercial progress on their project backlogs. We expect the sector to further advance growth projects in the coming quarters.

There were a handful of new projects announced during the quarter, including the Solitude Pipeline, Western Gateway, Delta Access and the Nederland export expansion. These are high-quality growth projects with attractive return profiles supported by idiosyncratic growth drivers: growing natural gas production from the Permian Basin, U.S. liquefied natural gas (LNG) and natural gas liquids (NGL) exports and a tight refined products market in the western part of the country.

Consolidation remains a dominant theme within energy infrastructure, predominantly through the acquisition of privately held midstream companies by their publicly traded peers. Recent examples include Williams' (WMB) acquisition of Momentum Midstream, Enbridge's (ENB) acquisition of Salt Creek Midstream's crude oil gathering assets and ONEOK's (OKE) acquisition of Brazos Midstream's gas gathering and processing assets. In our view, these transactions are positive and enhance the value of KYN's investments in these publicly traded companies. We expect these types of transactions to continue in the near term.

Given the sector's history, we remain focused on the pace and quantity of capital expenditures as both organic growth projects and M&A activity accelerate. Aggregate annual capital spending on growth projects by the midstream sector is approaching $65 billion, but today's strong balance sheets and cash flows provide a durable funding base. To date, we have not seen evidence of discipline fading, but our experience makes us naturally more cautious when growth ambitions accelerate.

An emerging trend has been the increasing use of alternative financing structures by midstream companies to facilitate growth. During the quarter, Enbridge (ENB), Williams (WMB) and ONEOK (OKE) announced minority investments from financial sponsors. These transactions were structured as equity investments and contain many "issuer-friendly" terms (e.g., low cost of capital, minimal governance rights and flexible repayment provisions). We are pleased to see private capital providers focus on the energy infrastructure sector and understand the strategic rationale for companies to consider this source of capital. However, we are cognizant of the potential risks associated with these types of financial arrangements and are watching these developments closely.

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Note: Footnotes can be found on page 5.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
LETTER TO STOCKHOLDERS

Market Commentary

The Iran conflict continues to drive the energy market narrative, and our view remains consistent: we see a difficult path to resolution and an extended timeline to normalization. Commodity prices were volatile during the quarter, continuing a trend we have seen for most of 2026. Crude oil and international natural gas prices declined following the signing of the Memorandum of Understanding (MOU) and renewed optimism for a definitive peace deal. That optimism proved to be short-lived, and commodities rallied as the agreement unraveled in July. Crude oil prices ended the quarter in the mid-to-high $80 per barrel range, up from lows in late June of around $70 per barrel.

The conflict has broadened beyond the immediate Persian Gulf region over the past few months. The Houthis have targeted Saudi commercial vessels in the Red Sea and infrastructure assets at the Port of Yanbu. Saudi Arabia has utilized this export route to bypass the Strait of Hormuz, and it has been an important offset for lost Middle East supply. That outlet has now turned into a secondary chokepoint as transits out of the Red Sea have been periodically attacked. Nonetheless, the energy sector has proven to be very resourceful in finding ways to get crude oil to market, a trend we expect to continue.

Several "buffers" in the global energy market have helped temper a more severe commodity price response, with strategic reserve releases and lower-than-expected Chinese crude imports absorbing some of the supply disruption. However, those offsets are temporary and are unlikely to fully offset sustained supply-side losses. The U.S. Strategic Petroleum Reserve (SPR) has already been drawn down below 300 million barrels, a level last seen in the early 1980s, raising questions around how much domestic inventories can decline before operational constraints become an issue. We expect SPR releases to slow over the next few months. At the same time, Chinese crude oil imports appear to have bottomed. China's activity in the crude oil market will be an important driver going forward, although its activity levels remain difficult to assess with certainty given limited transparency.

The impact on refined products markets has been considerably more acute. Refining crack spreads have increased sharply, with the Gulf Coast 3-2-1 proxy rising above $60 per barrel and diesel prices recently trading as high as $200 per barrel. Unlike crude oil markets, where inventories and demand shifting can act as buffers, product markets have fewer options to offset supply loss. Those pressures were intensified during the quarter as Ukraine increasingly targeted Russian refiners, and roughly 3-4 million b/d of Russian capacity is offline as a result of those attacks. Russia has been an important global supplier of refined products, and due to the damage to its energy infrastructure, it is now a net importer. This is a meaningful shift in global product balances, even if it is a temporary phenomenon. At the same time, reduced Chinese crude oil imports have driven a meaningful reduction in Chinese refined products exports, further tightening global supply.

More recently, there have been several energy deals announced in Venezuela - the most noteworthy being an agreement between Venezuela, a private company and the U.S. government involving a 100-year concession for 17 oil fields. While the headlines are eye-popping (65 billion barrels of proven reserves), much is uncertain at this time, and we believe it will take a considerable amount of time and capital for this to translate into incremental oil production that is exported to the global market.

For natural gas-focused infrastructure, the call on domestic gas continues to accelerate. The combination of growing power loads and LNG exports creates a very positive backdrop for KYN's portfolio investments. The midstream sector has done an excellent job capitalizing on this opportunity thus far and we expect that to continue.

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Note: Footnotes can be found on page 5.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
LETTER TO STOCKHOLDERS

Looking forward to the midterm elections in November, we expect high energy prices to receive plenty of attention from both politicians and voters. Inflation is top of mind, and addressing higher costs for U.S. consumers will likely be a primary policy issue throughout those campaigns. As a reminder, the North American energy infrastructure sector remains very well positioned to navigate a higher-than-expected inflationary backdrop - these companies own and operate hard assets with firm contracts and inflation escalators.

Why Invest in KYN?

With its flexible investment mandate, permanent capital base, and expertise in providing capital solutions to public and private companies, we believe KYN is an attractive way to gain exposure to the North American energy infrastructure sector. The Company provides this exposure in an easy-to-own structure with daily liquidity, an attractive monthly distribution, and the tax simplicity of a single Form 1099.

We appreciate the trust you have placed in us and are grateful for your support. We remain confident in KYN's positioning for the remainder of 2026 and beyond. We value the opportunity to connect with our fellow stockholders and encourage you to reach out with questions, comments, or feedback.

Sincerely,

James C. Baker, Jr.

Chairman of the Board

President and Chief Executive Officer

For more information:

[email protected] // 877.657.3863

www.kaynefunds.com

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Note: Footnotes can be found on page 5.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
LETTER TO STOCKHOLDERS

Footnotes:

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
MANAGEMENT DISCUSSION
(UNAUDITED)

Company Overview

Kayne Anderson Energy Infrastructure Fund, Inc. (the "Company" or "KYN") is a non-diversified, closed-end fund that commenced operations in September 2004. Our investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. We intend to achieve our investment objective by investing at least 80% of our total assets in the securities of Energy Infrastructure Companies. Please refer to the Glossary of Key Terms for the meaning of capitalized terms not otherwise defined herein.

As of August 31, 2026, we had total assets of $4.1 billion, net assets applicable to our common stockholders of $2.9 billion (net asset value of $17.00 per share) and 169.1 million shares of common stock outstanding.

Recent Events

On September 22, 2026, we announced an increase in our monthly distribution to $0.095 per common share, a 5.6% increase from the prior monthly distribution of $0.09 per share. With this increase, our monthly distribution has increased 18.8% over the last twelve months (as compared to the monthly distribution of $0.08 paid October 31, 2025). The $0.095 per share distribution is payable on October 30, 2026. See Distributions to Common Stockholders for additional information regarding our distribution policy.

Our Top Ten Portfolio Investments

Listed below are our top ten portfolio investments by issuer as of August 31, 2026.

Results of Operations - For the Three Months Ended August 31, 2026

Investment Loss. Investment loss totaled $1.5 million for the quarter. We received $43.3 million of dividends and distributions. Return of capital distributions and distributions in excess of cost basis totaled $44.9 million. This amount reflects current period estimates as well as a $24.1 million net increase related to the annual adjustment of prior year estimates based on 2025 tax reporting information received during fiscal 2026. Interest income was $0.1 million.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
MANAGEMENT DISCUSSION
(UNAUDITED)

Operating Expenses. Operating expenses totaled $22.5 million, including $12.8 million of investment management fees (net of fee waivers), $7.0 million of interest expense, $1.6 million of preferred stock distributions and $1.1 million of other operating expenses.

Net Investment Loss. Our net investment loss was $18.3 million and included a current income tax benefit of $3.5 million and a deferred tax benefit of $2.2 million.

Net Realized Gains. We had net realized gains of $46.8 million, consisting of realized gains from long term investments of $58.0 million, $1.6 million of realized gains from options activity, $0.1 million of realized losses from securities sold short, a current tax expense of $11.9 million and a deferred tax expense of $0.8 million.

Net Change in Unrealized Gains. We had a net increase in our unrealized gains of $234.9 million. The net change consisted of a $299.1 million increase in unrealized gains on investments, $1.2 million of unrealized losses from option activity and a deferred tax expense of $63.0 million.

Net Increase in Net Assets Resulting from Operations. As a result of the above, we had a net increase in net assets resulting from operations of $263.4 million.

Distributions to Common Stockholders

The Company pays distributions on a monthly basis. During the three months ended August 31, 2026, the Company paid a monthly distribution of $0.085 per common share on June 30, 2026, and $0.09 per common share on July 31, 2026 and August 31, 2026. Payment of future distributions is subject to the approval of the Company's Board of Directors, as well as meeting the covenants on the Company's debt agreements and the terms of its preferred stock.

The Board of Directors considers several items in setting our distributions to common stockholders including net distributable income (as defined below), realized and unrealized gains and expected returns for portfolio investments.

Net distributable income ("NDI") is the amount of income received by us from our portfolio investments less operating expenses, subject to certain adjustments as described below. NDI is not a financial measure under the accounting principles generally accepted in the United States of America ("GAAP"). Refer to the Reconciliation of NDI to GAAP section for a reconciliation of this measure to our results reported under GAAP.

For the purposes of calculating NDI, income from portfolio investments includes (a) cash dividends and distributions, (b) paid-in-kind dividends received (i.e., stock dividends), (c) interest income from debt securities and (d) net premiums received from the sale of covered calls.

For the purposes of calculating NDI, operating expenses include (a) investment management fees paid to our investment adviser, (b) other expenses (mostly comprised of fees paid to other service providers), (c) interest expense and preferred stock distributions and (d) current and deferred income tax expense/benefit on net investment income/loss.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
MANAGEMENT DISCUSSION
(UNAUDITED)

Net Distributable Income (NDI)
(amounts in millions, except for per share amounts)

Reconciliation of NDI to GAAP

The difference between distributions and other income from investments in the NDI calculation and total investment income as reported in our Statement of Operations is reconciled as follows:

• A significant portion of the cash distributions received from our investments is characterized as return of capital. For GAAP purposes, return of capital distributions are excluded from investment income, whereas the NDI calculation includes the return of capital portion of such distributions.

• GAAP recognizes distributions received from our investments that exceed the cost basis of our securities to be realized gains and are therefore excluded from investment income, whereas the NDI calculation includes these distributions.

• We may sell covered call option contracts to generate income or to reduce our ownership of certain securities that we hold. In some cases, we are able to repurchase these call option contracts at a price less than the call premium that we received, thereby generating a profit. The premium we receive from selling call options, less (i) the premium that we pay to repurchase such call option contracts and (ii) the amount by which the market price of an underlying security is above the strike price at the time a new call option is written (if any), is included in NDI. For GAAP purposes, premiums received from call option contracts sold are not included in investment income. See Note 2 - Significant Accounting Policies for the GAAP treatment of option contracts.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
MANAGEMENT DISCUSSION
(UNAUDITED)

Liquidity and Capital Resources

As of August 31, 2026, we had total leverage outstanding of $715 million, which was comprised of $111 million of borrowings outstanding under our unsecured revolving credit facility (the "Credit Facility"), $450 million of senior unsecured notes ("Notes") and $154 million of mandatory redeemable preferred stock ("MRP Shares").

As of August 31, 2026, total leverage represented approximately 17.5% of total assets. Under normal market conditions, our policy is to utilize leverage in an amount that represents approximately 20% to 25% of total assets. Currently, we intend to operate with leverage below the lower end of this range, maintaining total leverage in a range of approximately 17.5% to 20% of total assets.

As of August 31, 2026, we had $2 million of short term investments in money market funds. As of October 16, 2026, we had $69 million of borrowings outstanding under our Credit Facility, $15 million of short term investments in money market funds and $4 million of cash and cash equivalents.

Our Credit Facility has a total commitment of $175 million and matures on February 18, 2027. Borrowings under the Credit Facility bear interest at SOFR plus a spread ranging from 1.30% to 2.15%, depending on the Company's asset coverage ratios. Based on current asset coverage, the applicable spread is 1.30%. We pay a fee of 0.20% per annum on any unused amounts of the Credit Facility. In advance of the Credit Facility's February 2027 maturity, we are evaluating alternatives with our lending syndicate to renew or amend the facility.

As of August 31, 2026, we had $450 million of Notes outstanding that mature between 2028 and 2036 and we had $154 million of MRP Shares outstanding that are subject to mandatory redemption between 2026 and 2032. On July 30, 2026, we issued $50 million of privately placed Notes. The Notes issuance was comprised of two series: (1) $25 million of Series CCC Notes with a 5.12% fixed rate due on July 30, 2029, and (2) $25 million of Series DDD Notes with a 5.25% fixed rate due on July 29, 2031. On July 30, 2026, we entered into an agreement to issue $15 million of Series Y MRP Shares with a 5.70% fixed dividend rate and subject to mandatory redemption on December 1, 2031. The Series Y MRP Shares are expected to fund on October 30, 2026. On September 1, 2026, we redeemed all $12 million of our Series W MRPS at par value.

As of August 31, 2026, our asset coverage ratios under the Investment Company Act of 1940, as amended ("1940 Act"), were 640% for debt and 502% for total leverage (debt plus preferred stock). We target asset coverage ratios that give us the ability to withstand declines in the market value of the securities we hold before breaching the financial covenants in our leverage (we refer to this as our "downside cushion"). At this time, we target asset coverage ratios that provide approximately 55% to 60% of downside cushion relative to our financial covenants. Our leverage targets are dependent on market conditions as well as certain other factors and may vary from time to time.

As of August 31, 2026, our total leverage consisted of 84% of fixed rate obligations and 16% of floating rate obligations. At such date, the weighted average interest/dividend rate on our total leverage was 4.84%.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
AUGUST 31, 2026
(amounts in 000's, except number of option contracts)
(UNAUDITED)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
AUGUST 31, 2026
(amounts in 000's, except number of option contracts)
(UNAUDITED)

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

(2) Refer to Glossary of Key Terms for definitions of Midstream Energy Company, Power Infrastructure Company, Energy Company and Energy and Power Services 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 August 31, 2026, the aggregate value of restricted securities held by the Company was $78,566 (1.9% of total assets). All restricted securities held by the Company are classified as Level 3 securities. See Note 7 - Restricted Securities.

(6) Ironwood Midstream Energy Partners III LLC ("IMEP III") is a privately-held operating company organized to acquire, build, own, and operate midstream assets. The Company holds Series A voting units ("IMEP III Series A Units") and Series B non-voting units ("IMEP III Series B Units"). The IMEP III Series A Units and Series B Units rank pari passu with respect to priority of distributions and liquidation preference and are senior to all other classes of equity. The IMEP III Series A and Series B

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
AUGUST 31, 2026
(amounts in 000's, except number of option contracts)
(UNAUDITED)

Units have a two-year lock-up through March 13, 2027. The Company's ownership of IMEP III Series A Units represents 49% of the voting interests in IMEP III. Under the 1940 Act, a company is generally presumed to "control" a portfolio company if it, together with affiliates, owns 25% or more of the portfolio company's outstanding voting securities. Accordingly, IMEP III is deemed to be a control affiliate of the Company. See Note 2 - Significant Accounting Policies, Note 3 - Fair Value and Note 5 - Agreements and Affiliations.

(7) Plains All American Pipeline, L.P. Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units have a liquidation preference of $1,000 per unit with a quarterly distribution payable at a rate equal to three-month SOFR plus a spread of 4.37%. As of August 31, 2026, the distribution rate was 8.11%.

(8) The Company considers itself an affiliate of Sentinel Midstream Highline JV Holdings LLC ("Sentinel Midstream"). See Note 5 - Agreements and Affiliations.

(9) 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 and Series A-3 Units, and are senior to other classes of common equity in terms of liquidation preference and priority of distributions. See Note 3 - Fair Value.

(10) Security or a portion thereof is segregated as collateral on option contracts written.

(11) ADR - American Depositary Receipt.

(12) The rate indicated is the yield as of August 31, 2026.

(13) The notional amount of call option contracts written is the product of (a) the number of contracts written, (b) 100 (each contract entitles the option holder to 100 units/shares) and (c) the market price of the underlying security as of August 31, 2026.

(14) Security is non-income producing.

As of August 31, 2026, the Company's geographic allocation was as follows:

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 2026
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
STATEMENT OF OPERATIONS
(amounts in 000's)

(UNAUDITED)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS
(amounts in 000's)

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(1) Distributions on the Company's mandatory redeemable preferred stock ("MRP Shares") are treated as an operating expense under GAAP and are included in the calculation of net investment income (loss). See Note 2 - Significant Accounting Policies.

(2) The characterization of the distributions paid to common stockholders for the nine months ended August 31, 2026, as either dividends (eligible to be treated as qualified dividend income) or distributions (return of capital) is based solely on the Company's operating results during the period and does not reflect the expected results during the remainder of the fiscal year. The actual characterization of the common stock distributions made during the period will not be determinable until after the end of the fiscal year when the Company can determine its earnings and profits and may differ from this estimate.

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED AUGUST 31, 2026
(amounts in 000's)

(UNAUDITED)

____________

Supplemental disclosure of cash flow information:

During the nine months ended August 31, 2026, interest paid related to debt obligations was $22,571 and income taxes paid (including foreign taxes withheld) were $10,072 (see Note 6 - Income Taxes for detail).

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS
(amounts in 000's, except share and per share amounts)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS
(amounts in 000's, except share and per share amounts)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS
(amounts in 000's, except share and per share amounts)

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS
(amounts in 000's, except share and per share amounts)

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(1) Based on average shares of common stock outstanding.

(2) Distributions on the Company's MRP Shares are treated as an operating expense under GAAP and are included in the calculation of net investment income (loss). See Note 2 - Significant Accounting Policies.

(3) The characterization of the distributions paid for the nine months ended August 31, 2026, is based solely on the Company's operating results during the period and does not reflect the expected results during the remainder of the fiscal year. The actual characterization of the distributions made during the period will not be determinable until after the end of the fiscal year when the Company can determine its earnings and profits and may differ from this estimate. The information presented for each of the other periods is a characterization of the total distributions paid to common stockholders as either a dividend (eligible to be treated as qualified dividend income) or a distribution (return of capital) and is based on the Company's earnings and profits.

(4) Represents offering costs incurred in connection with the merger of Kayne Anderson NextGen Energy & Infrastructure, Inc.

(5) Total investment return based on market value is calculated assuming a purchase of common stock at the market price on the first day and a sale at the current market price on the last day of the period reported. The calculation also assumes reinvestment of distributions at actual prices pursuant to the Company's dividend reinvestment plan.

(6) Not annualized.

(7) Total investment return based on net asset value is calculated assuming a purchase of common stock at the net asset value on the first day and a sale at the net asset value on the last day of the period reported. The calculation also assumes reinvestment of distributions at actual prices pursuant to the Company's dividend reinvestment plan.

(8) Unless otherwise noted, ratios are annualized.

(9) For the fiscal years ended November 30, 2025, 2020, 2019, 2018 and 2017, the Company reported an income tax benefit of $27,686 (1.2% of average net assets), $190,326 (17.9% of average net assets), $43,357 (2.1% of average net assets), $175,827 (8.3% of average net assets) and $86,746 (4.1% of average net assets), respectively. The income tax expense is assumed to be 0% because the Company reported a net deferred income tax benefit during the period.

(10) Principal/liquidation value.

(11) Calculated pursuant to section 18(a)(1)(A) of the 1940 Act. Represents the value of total assets less all liabilities not represented by Notes (principal value), or any other senior securities representing indebtedness and MRP Shares (liquidation value) divided by the aggregate amount of Notes and any other senior securities representing indebtedness. Under the 1940 Act, the Company may not declare or make any distribution on its common stock nor can it incur additional indebtedness if, at the time of such declaration or incurrence, its asset coverage with respect to senior securities representing indebtedness would be less than 300%.

(12) Calculated pursuant to section 18(a)(2)(A) of the 1940 Act. Represents the value of total assets less all liabilities not represented by Notes (principal value), any other senior securities representing indebtedness and MRP Shares (liquidation value) divided by the aggregate amount of Notes, any other senior securities representing indebtedness and MRP Shares. Under the 1940 Act, the Company may not declare or make any distribution on its common stock nor can it issue additional preferred stock if at the time of such declaration or issuance, its asset coverage with respect to all senior securities would be less than 200%. In addition to the limitations under the 1940 Act, the Company, under the terms of its MRP Shares, would not be able to declare or pay any distributions on its common stock if such declaration would cause its asset coverage with respect to all senior securities to be less than 225%.

(13) Financial highlights for the fiscal year are not covered by the Report of Independent Registered Public Accounting Firm for the fiscal year ended November 30, 2025.

(14) Represents offering costs incurred in connection with the merger of Kayne Anderson Energy Development Company.

See accompanying notes to financial statements.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

1. Organization

Kayne Anderson Energy Infrastructure Fund, Inc. (the "Company" or "KYN") was organized as a Maryland corporation on June 4, 2004, and is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company's investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. The Company intends to achieve this objective by investing at least 80% of its total assets in the securities of Energy Infrastructure Companies. The Company commenced operations on September 28, 2004. The Company's shares of common stock are listed on the New York Stock Exchange, Inc. ("NYSE") under the symbol "KYN." For more information about the Company's investment objective, policies and principal risks, see Investment Objective, Policies and Risks in the Company's most recently filed annual report.

2. Significant Accounting Policies

The following is a summary of the significant accounting policies that the Company uses to prepare its financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 - "Financial Services - Investment Companies."

A. Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates.

B. Cash and Cash Equivalents - Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts.

C. Calculation of Net Asset Value - The Company determines its net asset value on a daily basis and reports its net asset value on its website. Net asset value is computed by dividing the value of the Company's assets (including accrued interest and distributions and current and deferred income tax assets), less all of its liabilities (including accrued expenses, distributions payable, current and deferred accrued income taxes, and any borrowings) and the liquidation value of any outstanding preferred stock, by the total number of common shares outstanding.

D. Investment Valuation - Pursuant to Rule 2a-5, the Company's Board of Directors (the "Board") has designated KA Fund Advisors, LLC ("KAFA"), the Company's investment adviser, as the "Valuation Designee" to perform fair value determinations of the Company's portfolio holdings, subject to oversight by and periodic reporting to the Board. The Valuation Designee determines the fair value of the Company's portfolio holdings in accordance with the Company's valuation program, as adopted by the Board.

Readily marketable portfolio securities listed on any exchange (including a foreign exchange) other than The Nasdaq Stock Market LLC ("NASDAQ") are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

The value of foreign securities traded outside of the Americas may be adjusted to reflect events occurring after a foreign exchange closes that may affect the value of the foreign security. In such cases, these foreign securities are valued by an independent pricing service and are categorized as Level 2 securities for purposes of the fair value hierarchy. See Note 3 - Fair Value.

Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Debt securities that are considered bonds are valued by using the bid price provided by an independent pricing service or, if such prices are not available or in the judgment of KAFA such prices are stale or do not represent fair value, by an independent broker. For debt securities that are considered bank loans, the fair market value is determined by using the bid price provided by the agent or syndicate bank or principal market maker. When price quotes for securities are not available, or such prices are stale or do not represent fair value in the judgment of KAFA, fair market value will be determined using the Company's valuation process for securities that are privately issued or otherwise restricted as to resale.

Exchange-traded options and futures contracts are valued at the last sales price at the close of trading in the market where such contracts are principally traded or, if there was no sale on the applicable exchange on such day, at the mean between the quoted bid and ask price as of the close of such exchange.

The Company may hold securities that are privately issued or otherwise restricted as to resale. For any security for which (a) reliable market quotations are not available in the judgment of KAFA, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of KAFA is stale or does not represent fair value, each shall be valued in a manner that most fairly reflects fair value of the security on the valuation date.

Unless otherwise determined by the Valuation Designee, the following valuation process is used for such securities:

• Valuation Designee. The applicable investments are valued monthly by KAFA, as the Valuation Designee, with new investments valued at the time such investment was made. The applicable investments are valued by senior professionals of KAFA who comprise KAFA's valuation committee. KAFA will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

• Valuation Firm. Quarterly, a third-party valuation firm engaged by KAFA reviews the valuation methodologies and calculations employed for these securities, unless the aggregate fair value of such security is less than 0.1% of the Company's total assets.

At August 31, 2026, the Company held 2.7% of its net assets applicable to common stockholders (1.9% of total assets) in securities that were fair valued pursuant to these procedures (Level 3 securities). The aggregate fair value of these securities at August 31, 2026, was $78,566. See Note 3 - Fair Value and Note 7 - Restricted Securities.

E. Security Transactions - Security transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains and losses are calculated using the specific identification cost basis method for GAAP purposes. For tax purposes, the Company utilizes the average cost method to compute the adjusted tax cost basis of its MLP securities.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

F. Return of Capital Estimates - Dividends and distributions received from the Company's investments generally are comprised of income and return of capital. At the time such dividends and distributions are received, the Company estimates the amount of such payments that is considered investment income and the amount that is considered a return of capital. The Company estimates the return of capital portion of dividends and distributions received from investments based on historical information available and other information provided by certain investments. Return of capital estimates are adjusted to actual in the subsequent fiscal year when final tax reporting information related to the Company's investments is received.

The return of capital portion of the distributions is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and/or net change in unrealized gains (losses). In accordance with GAAP, the return of capital cost basis reductions for the Company's investments are limited to the total amount of the cash distributions received from such investments. If the distributions received by the Company exceed its cost basis (i.e., its cost basis has been reduced to zero), the distributions are treated as realized gains.

The Company includes all distributions received on its Statement of Operations and reduces its investment income by (i) the estimated return of capital and (ii) the distributions in excess of cost basis, if any. Distributions received that were in excess of cost basis were treated as realized gains.

The following table sets forth the Company's estimated return of capital portion of the dividends and distributions received from its investments that were not treated as distributions in excess of cost basis.

For the three and nine months ended August 31, 2026, the Company estimated the return of capital portion of dividends and distributions received to be $19,689 (47%) and $54,578 (42%), respectively. For the three and nine months ended August 31, 2026, the Company increased its return of capital estimate for the year by $23,116 due to 2025 tax reporting information received by the Company in fiscal 2026. As a result, the return of capital percentage for the three and nine months ended August 31, 2026 was 102% and 60%, respectively. In addition, for the three and nine months ended August 31, 2026, the Company estimated the cash distributions received that were in excess of cost basis to be $1,110 and $2,695, respectively. Distributions in excess of cost basis for the three and nine months ended August 31, 2026 were increased by $976 due to 2025 tax reporting information received by the Company in fiscal 2026.

G. Investment Income - The Company records dividends and distributions on the ex-dividend date. Interest income is recognized on the accrual basis, including amortization of premiums and accretion of discounts. When investing in securities with paid-in-kind interest, the Company will accrue interest income during the life of the security even though it will not be receiving cash as the interest is accrued.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

To the extent that interest income to be received is not expected to be realized, a reserve against income is established.

The Company may receive paid-in-kind and non-cash dividends and distributions in the form of additional units or shares from its investments. For paid-in-kind dividends, the additional units are not reflected in investment income during the period received, but are recorded as unrealized gains upon receipt. Non-cash distributions are reflected in investment income because the Company has the option to receive its distributions in cash or in additional units of the security. During the nine months ended August 31, 2026, the Company did not receive any paid-in-kind dividends or non-cash distributions.

H. Distributions to Stockholders - Distributions to common stockholders are recorded on the ex-dividend date. Distributions to holders of MRP Shares are accrued on a daily basis. As required by the Distinguishing Liabilities from Equity topic of the FASB Accounting Standards Codification (ASC 480), the Company includes the accrued distributions on its MRP Shares as an operating expense due to the fixed term of this obligation. For tax purposes, payments made to the holders of the Company's MRP Shares are treated as dividends or distributions.

The characterization of the distributions paid to holders of MRP Shares and common stock as either a dividend (eligible to be treated as qualified dividend income) or a distribution (return of capital) is determined after the end of the fiscal year based on the Company's actual earnings and profits and may differ substantially from preliminary estimates.

I. Partnership Accounting Policy - The Company records its pro-rata share of the income (loss), to the extent of distributions it has received, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. These amounts are included in the Company's Statement of Operations.

J. Taxes - The Company, as a corporation, is obligated to pay federal and state income tax on its taxable income. The Company invests in MLPs, which generally are treated as partnerships for federal income tax purposes. As a limited partner in the MLPs, the Company includes its allocable share of the MLP's taxable income or loss in computing its own taxable income. Deferred income taxes reflect (i) taxes on unrealized gains (losses), which are attributable to the difference between fair value and tax cost basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (iii) the net tax benefit of accumulated net operating and capital losses.

To the extent the Company has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required. The need to establish a valuation allowance for deferred tax assets is assessed periodically by the Company based on the Income Tax Topic of the FASB Accounting Standards Codification (ASC 740), that it is more likely than not that some portion or all of the deferred tax asset will not be realized. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability (which are highly dependent on future cash distributions from the Company's holdings), the duration of statutory carryforward periods and the associated risk that certain loss carryforwards may expire unused.

The Company may rely to some extent on information provided by portfolio investments, which may not necessarily be timely, to estimate taxable income allocable to the units/shares of such companies held in the portfolio and to estimate the associated current and/or deferred tax liability. Such estimates are made in good faith. From time to time, as new information becomes available, the Company modifies its estimates or assumptions regarding the deferred tax liability. See Note 6 - Income Taxes.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

The Company may be subject to withholding taxes on foreign-sourced income and accrues such taxes when the related income is earned.

The Company utilizes the average cost method to compute the adjusted tax cost basis of its MLP securities.

The Company's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. Tax years subsequent to fiscal year 2021 remain open and subject to examination by federal and state tax authorities.

K. Derivative Financial Instruments - The Company may utilize derivative financial instruments in its operations and will do so in conformity with Rule 18f-4 under the 1940 Act.

Interest rate swap contracts. The Company may use hedging techniques such as interest rate swaps to mitigate potential interest rate risk on a portion of the Company's leverage. Such interest rate swaps would principally be used to protect the Company against higher costs on its leverage resulting from increases in interest rates. The Company does not hedge any interest rate risk associated with portfolio holdings. Interest rate transactions the Company may use for hedging purposes may expose it to certain risks that differ from the risks associated with its portfolio holdings. A decline in interest rates may result in a decline in the value of the swap contracts, which, everything else being held constant, would result in a decline in the net assets of the Company. In addition, if the counterparty to an interest rate swap defaults, the Company would not be able to use the anticipated net receipts under the interest rate swap to offset its cost of financial leverage.

Interest rate swap contracts are recorded at fair value with changes in value during the reporting period, and amounts accrued under the agreements, included as unrealized gains or losses in the Statement of Operations. Monthly cash settlements under the terms of the interest rate swap agreements or termination payments are recorded as realized gains or losses in the Statement of Operations. The Company generally values its interest rate swap contracts based on dealer quotations, if available, or by discounting the future cash flows from the stated terms of the interest rate swap agreement by using interest rates currently available in the market. See Note 8 - Derivative Financial Instruments.

Option contracts. The Company is also exposed to financial market risks including changes in the valuations of its investment portfolio. The Company may purchase or write (sell) call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from the writer of the option the security underlying the option at a specified exercise price at any time during the term of the option.

The Company would realize a gain on a purchased call option if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise the Company would realize either no gain or a loss on the purchased call option. The Company may also purchase put option contracts. If a purchased put option is exercised, the premium paid increases the cost basis of the securities sold by the Company.

The Company may also write (sell) call options with the purpose of generating realized gains or reducing its ownership of certain securities. If the Company writes a call option on a security, the Company has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price. The Company will only write call options on securities that the Company holds in its portfolio (i.e., covered calls).

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

When the Company writes a call option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. If the Company repurchases a written call option prior to its exercise, the difference between the premium received and the amount paid to repurchase the option is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Company has realized a gain or loss. The Company, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. See Note 8 - Derivative Financial Instruments.

L. Short Sales - A short sale is a transaction in which the Company sells securities it does not own (but has borrowed) in anticipation of or to hedge against a decline in the market price of the securities. To complete a short sale, the Company may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Company for the short sale are retained by the broker until the Company replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Company becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever the price may be. The Company is liable for any interest, dividends or distributions paid on securities sold short.

The Company may also sell short "against the box" (i.e., the Company enters into a short sale as described above while holding an offsetting long position in the security which it sold short).

M. Foreign Currency Translations - The books and records of the Company are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the rate of exchange as of the valuation date; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Company does not isolate that portion of gains and losses on investments in equity and debt securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity and debt securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

Net realized foreign exchange gains or losses represent gains and losses from transactions in foreign currencies and foreign currency contracts, foreign exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Company's books and the U.S. dollar equivalent of such amounts on the payment date.

Net unrealized foreign exchange gains or losses represent the difference between the cost of assets and liabilities (other than investments) recorded on the Company's books from the value of the assets and liabilities (other than investments) on the valuation date.

N. Indemnifications - Under the Company's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business, the Company enters into contracts that provide general indemnification to other parties. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred, and may not occur. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

O. Offering and Debt Issuance Costs - Offering costs incurred by the Company related to the issuance of its common stock reduce additional paid-in capital when the stock is issued. Costs incurred by the Company related to the issuance of its debt or its preferred stock are capitalized and amortized over the period the debt or preferred stock is outstanding.

The Company has classified the costs incurred to issue its notes and preferred stock as a deduction from the carrying value on the Statement of Assets and Liabilities. For the purpose of calculating the Company's asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt or preferred stock.

P. Segment Reporting - The Company has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The Company operates as a single operating segment. Subject to the oversight of the Company's Board of Directors, the Company's chief executive officer serves as the Chief Operating Decision Maker (CODM), assessing performance and making decisions about resource allocation for the Company. The CODM monitors the Company's operating results as a whole, and asset allocation is determined in accordance with the Company's investment objective and policies. The financial information provided to and reviewed by the CODM is consistent with that presented in the Company's financial statements. Adoption of this standard affected disclosures only and did not affect the Company's financial position or results of operations.

Q. Consolidation - The Company follows the accounting and reporting guidance of FASB ASC 946. Accordingly, the Company generally does not consolidate its investments, including investments in operating companies or entities in which it may hold a controlling financial interest, unless such entity is itself an investment company or provides substantive services to the Company (such as investment advisory, administrative, or similar services). Investments that are not consolidated are recorded at fair value in accordance with the Company's valuation policies, with changes in fair value reflected in the Company's results of operations.

R. New Accounting Pronouncements - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments are intended to enhance annual income tax disclosures, primarily by requiring greater disaggregation of the effective tax rate reconciliation and income taxes paid, as well as additional information regarding pretax income and income tax expense. The amendments are effective for the Company for the fiscal year ending November 30, 2026 and will be applied prospectively. The amendments affect disclosures only and do not impact the Company's financial position or results of operations.

3. Fair Value

The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all assets and liabilities (other than deferred taxes) measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.

• Level 1 - Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement.

• Level 2 - Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

• Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company's own assumptions that market participants would use to price the asset or liability based on the best available information.

The following table presents the Company's assets and liabilities measured at fair value on a recurring basis at August 31, 2026, and the Company presents these assets and liabilities by security type and description on its Schedule of Investments. Note that the valuation levels below are not necessarily an indication of the risk or liquidity associated with the underlying investment.

As of August 31, 2026, the Company had Notes outstanding with an aggregate principal amount of $450,000 and 6,144,117 of MRP Shares outstanding with a total liquidation value of $153,603. See Note 11 - Notes and Note 12 - Preferred Stock.

All of the Notes and MRP Shares were issued in private placements to institutional investors and are not listed on any exchange or automated quotation system. The Company determines the fair value of these instruments based on estimated market yields and credit spreads for comparable instruments with similar maturity, terms and structure.

The Company records these Notes and MRP Shares on its Statement of Assets and Liabilities at principal amount or liquidation value. As of August 31, 2026, the estimated fair values of these leverage instruments were as follows:

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

The following table presents the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended August 31, 2026.

The $3,639 and $13,266 of net unrealized gains for the three and nine months ended August 31, 2026, relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations - Net Change in Unrealized Gains (Losses).

Valuation Techniques and Unobservable Inputs

Ironwood Midstream Energy Partners III LLC ("IMEP III") is a privately-held operating company organized to acquire, build, own, and operate midstream assets. IMEP III is required to distribute all available cash through quarterly distributions, subject to debt covenants and necessary operating reserves. The Company holds Series A voting units ("IMEP III Series A Units") and Series B non-voting units ("IMEP III Series B Units"). The IMEP III Series A and Series B Units rank pari passu with respect to priority of distributions and liquidation preference and are senior to all other classes of equity. Other classes of equity participate in distributions only after the IMEP III Series A and Series B Units have received cash distributions sufficient for IMEP Series A and Series B investors to realize certain yield and return thresholds.

The Company uses a discounted cash flow model to value the IMEP III Series A and Series B Units under two operating scenarios. Each scenario is assigned a probability weighting to arrive at a weighted average value at a specified discount rate. The Company calculates probability weighted values over a range of discount rates and selects a value within such range as the fair value of the IMEP III Series A and Series B Units.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

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 and Series A-3 Units (together, "Series A Units"). The Series A Units are senior to other classes of common equity in terms of liquidation preference and priority of distributions. Other classes of common equity participate in distributions only after the Series A Units have received cash distributions sufficient for Series A investors to realize a 10% annualized return (IRR).

As part of the process to determine the fair value of the Sentinel-EEI Series A-2 Units, KAFA utilizes two valuation methodologies. One of the methodologies is based on publicly-traded enterprise value to earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples for comparable companies and the second is based on a discounted cash flow model. A range of per share values is derived from these two methodologies. A per share value within the resulting range is then selected as the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize.

The following table summarizes the significant unobservable inputs that the Company used to value its portfolio investments categorized as Level 3 as of August 31, 2026:

Quantitative Table for Valuation Techniques

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

4. Risk Considerations

The Company's investments are concentrated in the energy sector. A downturn in one or more industries within the energy sector, material declines in energy-related commodity prices, adverse political, legislative or regulatory developments or environmental, catastrophic or other events could have a larger impact on the Company than on an investment company that does not concentrate in the energy sector. The performance of companies in the energy sector may lag the performance of other sectors or the broader market as a whole. The Company also invests in securities of foreign issuers, predominantly those located in Canada and, to a lesser extent, Europe. The value of those investments will fluctuate with market conditions, United States trade and economic policy, currency exchange rates and the economic and political climates of the foreign countries in which the issuers operate or are domiciled. Additionally, to the extent that the Company invests a relatively high percentage of its assets in the securities of a limited number of issuers, the Company may be more susceptible than a more widely diversified investment company to any single economic, political or regulatory occurrence.

As of August 31, 2026, the Company had the following investment concentrations:

____________

(1) Includes common and preferred equity

For more information about the principal risks of investing in the Company, see Investment Objective, Policies and Risks in the Company's most recently filed annual report.

5. Agreements and Affiliations

A. Administration Agreement - The Company has entered into an administration and accounting agreement with Ultimus Fund Solutions, LLC ("Ultimus"). Pursuant to the agreement, Ultimus will provide certain administrative and accounting services for the Company. The agreement renews automatically each year unless earlier terminated by either party as provided under the terms of the agreement.

B. Investment Management Agreement - The Company has entered into an investment management agreement with KA Fund Advisors, LLC ("KAFA") under which KAFA, subject to the overall supervision of the Company's Board of Directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, KAFA receives an investment management fee from the Company.

Upon completion of KYN's merger with Kayne Anderson NextGen Energy & Infrastructure, Inc. ("KMF") in November 2023, KAFA and the Company entered into an amended fee waiver agreement (the "Tier Waiver") with KYN to reduce the asset levels at which the fee waivers take effect under the Tier Waiver. The breakpoints under the Tier Waiver were reset at the time of the merger such that the Company pays a management fee of 1.375% on average total assets up to $2,282,690 (which was the pro forma

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

amount of KYN and KMF total assets for purposes of calculating the management fee as of the closing of the merger); 1.250% on average total assets in excess of this amount and up to $4,000,000; 1.125% on average total assets between $4,000,000 and $6,000,000; and 1.000% on average total assets greater than $6,000,000. These tiered fee waivers result in a reduction to the effective management fee rate payable to KAFA as the Company's assets under management increase. The Tier Waiver has an initial 3-year term from the date of the merger and may be renewed annually thereafter upon approval of KAFA and the Company's Board of Directors including a majority of the Company's directors who are not "interested persons" of the Company, as that term is defined in the 1940 Act (the "Independent Directors"). On March 26, 2026, the Board of Directors approved an additional one-year term of the Tier Waiver through November 13, 2027.

In addition to the Tier Waiver, KAFA also agreed to waive an additional amount of management fees (based on KYN and KMF assets at the closing of the merger) (the "Merger Waiver") such that pro forma management fees payable to KAFA would be equal to the aggregate management fee payable if KYN and KMF had remained standalone companies. The Merger Waiver has a term of three years from the closing of the merger and was calculated to be $606 per year based on KYN and KMF's assets under management at the closing of the merger. The Merger Waiver expires on November 13, 2026. Any amount waived by KAFA pursuant to the Tier Waiver and/or Merger Waiver may not be recouped.

The investment management agreement has a current term through April 30, 2027 and may be renewed annually thereafter upon approval of KAFA and the Company's Board of Directors (including a majority of the Independent Directors). For the nine months ended August 31, 2026, the Company paid management fees at an annual rate of 1.312% of the Company's average quarterly total assets (as defined in the investment management agreement).

For purposes of calculating the management fee, the average total assets for each quarterly period are determined by averaging the total assets at the last day of that quarter with the total assets at the last day of the prior quarter. The Company's total assets are equal to the Company's gross asset value (which includes assets attributable to the Company's use of preferred stock, commercial paper or notes and other borrowings and excludes any net deferred tax asset), minus the sum of the Company's accrued and unpaid dividends and distributions on any outstanding common stock and accrued and unpaid dividends and distributions on any outstanding preferred stock and accrued liabilities (other than liabilities associated with borrowing or leverage by the Company and any accrued taxes, including, a deferred tax liability). Liabilities associated with borrowing or leverage by the Company include the principal amount of any borrowings, commercial paper or notes issued by the Company, the liquidation preference of any outstanding preferred stock, and other liabilities from other forms of borrowing or leverage such as short positions and put or call options held or written by the Company.

C. Portfolio Companies - From time to time, the Company may "control" or may be an "affiliate" of one or more of its portfolio companies, as each of these terms is defined in the 1940 Act. In general, under the 1940 Act, the Company would be presumed to "control" a portfolio company if the Company and its affiliates owned 25% or more of its outstanding voting securities and would be an "affiliate" of a portfolio company if the Company and its affiliates owned 5% or more of its outstanding voting securities. The 1940 Act contains prohibitions and restrictions relating to transactions between investment companies and their affiliates (including the Company's investment adviser), principal underwriters and affiliates of those affiliates or underwriters.

The Company believes that there are several factors that determine whether or not a security should be considered a "voting security" in complex structures such as limited partnerships of the kind in which the Company invests. The Company also notes that the Securities and Exchange Commission (the "SEC") staff has issued guidance on the circumstances under which it would consider a limited partnership

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

interest to constitute a voting security. Under most partnership agreements, the management of the partnership is vested in the general partner, and the limited partners, individually or collectively, have no rights to manage or influence management of the partnership through such activities as participating in the selection of the managers or the board of the limited partnership or the general partner. As a result, the Company believes that many of the limited partnership interests in which it invests should not be considered voting securities. However, it is possible that the SEC staff may consider the limited partner interests the Company holds in certain limited partnerships to be voting securities. If such a determination were made, the Company may be regarded as a person affiliated with and controlling the issuer(s) of those securities for purposes of Section 17 of the 1940 Act.

In making such a determination as to whether to treat any class of limited partnership interests the Company holds as a voting security, the Company considers, among other factors, whether or not the holders of such limited partnership interests have the right to elect the board of directors of the limited partnership or the general partner. If the holders of such limited partnership interests do not have the right to elect the board of directors, the Company generally has not treated such security as a voting security. In other circumstances, based on the facts and circumstances of those partnership agreements, including the right to elect the directors of the general partner, the Company has treated those securities as voting securities. If the Company does not consider the security to be a voting security, it will not consider such partnership to be an "affiliate" unless the Company and its affiliates own more than 25% of the outstanding securities of such partnership. Additionally, certain partnership agreements give common unitholders the right to elect the partnership's board of directors, but limit the amount of voting securities any limited partner can hold to no more than 4.9% of the partnership's outstanding voting securities (i.e., any amounts held in excess of such limit by a limited partner do not have voting rights). In such instances, the Company does not consider itself to be an affiliate if it owns more than 5% of such partnership's common units.

There is no assurance that the SEC staff will not consider that other limited partnership securities that the Company owns and does not treat as voting securities are, in fact, voting securities for the purposes of Section 17 of the 1940 Act. If such a determination were made, the Company would be required to abide by the restrictions on "control" or "affiliate" transactions as proscribed in the 1940 Act. The Company or any portfolio company that it controls, and its affiliates, may from time to time engage in certain of such joint transactions, purchases, sales and loans in reliance upon and in compliance with the conditions of certain exemptive rules promulgated by the SEC. The Company cannot make assurances, however, that it would be able to satisfy the conditions of these rules with respect to any particular eligible transaction, or even if the Company were allowed to engage in such a transaction, that the terms would be more or as favorable to the Company or any company that it controls as those that could be obtained in an arm's length transaction. As a result of these prohibitions, restrictions may be imposed on the size of positions that may be taken for the Company or on the type of investments that it could make.

Ironwood Midstream Energy Partners III LLC - IMEP III is a privately-held midstream operating company managed under the direction of its Board of Directors ("IMEP III Board") pursuant to the IMEP III LLC Agreement ("IMEP III LLCA"). The IMEP III Board is comprised of five members: three designated by IMEP III management and two designated by the Company. James C. Baker, Jr., Chairman, President and Chief Executive Officer of the Company, and Ron M. Logan, Jr., Executive Vice President of the Company, serve as the Company's appointed directors to the IMEP III Board.

The Company's investment in IMEP III includes both voting and non-voting equity interests, with its ownership of the IMEP III Series A Units representing 49% of the voting interests of IMEP III. In addition to its ownership of the voting securities of IMEP III, the Company possesses certain minority protective rights under the IMEP III LLCA, which require its consent before IMEP III may undertake specified corporate

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

actions. Pursuant to the IMEP III Series A and Series B Unit Purchase Agreement ("IMEP III UPA"), the Company has committed to fund approximately $127,000 in additional capital to IMEP III. Any capital called pursuant to the IMEP III UPA must be authorized by the IMEP III Board and also requires the Company's prior written consent under its minority protective rights. This commitment is not included in the net assets of the Company as of August 31, 2026.

As the Company owns more than 25% of IMEP III's voting securities, IMEP III is considered a control affiliate of the Company for financial reporting purposes under the 1940 Act.

Sentinel Midstream Highline JV Holdings LLC - Pursuant to the terms of the Sentinel-EEI Series A-2 Units, Kayne Anderson has the right to designate one director of Sentinel Midstream for so long as Kayne Anderson and its affiliates continue to beneficially own at least 70% of its initial investment and at least 10% of the outstanding Series A units. Mr. Logan serves as the Kayne Anderson appointed director of Sentinel Midstream. The Company considers itself an affiliate of Sentinel Midstream under the 1940 Act by virtue of the Company's ownership interest in Sentinel Midstream and Kayne Anderson's director designation right.

The following table summarizes the Company's investments in affiliates as of and for the three and nine months ended August 31, 2026:

____________

(1) See Schedule of Investments for investment classifications.

(2) During the three and nine months ended August 31, 2026, there were no purchases or sales of any affiliates.

6. Income Taxes

The Company's taxes include current and deferred income taxes. Current income taxes reflect the estimated income tax liability or asset of the Company as of a measurement date. Deferred income taxes reflect (i) taxes on net unrealized gains (losses), which are attributable to the difference between fair market value and tax cost basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (iii) the net tax benefit of accumulated net operating losses and capital losses, if any.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

As of August 31, 2026, the components of the Company's deferred tax assets and liabilities were as follows:

For the nine months ended August 31, 2026, income taxes paid, net of refunds received, consisted of the following:

____________

(1) In the form of foreign taxes withheld on distributions received.

As of August 31, 2026, the Company had a net current income tax payable of $14,297, which was comprised of a net federal tax liability of $13,285 and a net state tax liability of $1,012.

As of August 31, 2026, the Company had capital loss carryforwards of $31,174 (federal and state deferred tax asset of $6,471 and $486, respectively). Realization of capital loss carryforwards is dependent on generating sufficient capital gains prior to their expiration. These capital loss carryforwards are associated with KYN's merger with KMF (as described below) and will expire if not used by fiscal 2028.

As of August 31, 2026, the Company had a federal net operating loss carryforward of $2,985, subject to the FMO Section 382 limitation described below (federal and state deferred tax assets of $616 and $31, respectively). These net operating losses can be carried forward indefinitely. The Company has other state net operating loss carryforwards associated with various state jurisdictions, resulting in a state deferred tax asset of $361. The utilization of these state net operating loss carryforwards is subject to the applicable rules and limitations of the respective state jurisdictions, which may differ from the rules applicable to federal net operating losses and may vary by jurisdiction. Due to differences in applicable state tax rules and limitations, the Company has recorded a valuation allowance against the portion of these state net operating loss carryforwards that it does not expect to utilize prior to expiration, to the extent such carryforwards are subject to expiration.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

On March 4, 2022, the Company completed its merger with Fiduciary/Claymore Energy Infrastructure Fund ("FMO"). The merger qualified as a tax-free reorganization under Section 368(a) of the Internal Revenue Code (the "Code"). Upon completion of the merger, the Company acquired all of the tax attributes of FMO, including $6,310 of net operating losses. These net operating losses are subject to limitations as set forth in Section 382 of the Code which limit the amount of losses that can be utilized after a change in ownership. The annual FMO Section 382 limitation is $1,663.

On November 13, 2023, KYN completed its merger with KMF. The merger qualified as a tax-free reorganization under Section 368(a) of the Internal Revenue Code. Upon completion of the merger, the Company acquired all pre-merger KMF losses, including $355,751 of capital losses (subject to a five year carryforward period which expires in fiscal 2028). All pre-merger losses acquired from KMF, including the capital losses, are subject to limitations as set forth in Section 382 of the Code which limit the amount of losses that can be utilized after a change in ownership. The annual KMF Section 382 limitation is $15,587 per year. In addition, limitations under Section 384 of the Code further limit any losses acquired for a period of five years following the merger such that pre-merger losses of KMF may not be utilized to offset pre-merger gains of KYN (nor could pre-merger gains of KMF be offset against pre-merger losses of KYN).

As a result of limitations on these losses post-merger, the Company has written off the deferred tax asset associated with capital losses that exceed the portion of losses that will become available through the annual KMF Section 382 limitation (prior to the statutory expiration of the capital loss carryforward period). Following the merger, $78,670 of capital losses became available to the Company subject to the limitations described. Capital loss carryforwards acquired through the merger with KMF will expire if not utilized by fiscal year 2028.

For the nine months ended August 31, 2026, the Company estimates it has realized sufficient post-merger gains to utilize $15,587 of acquired pre-merger KMF capital losses. As a result, the Company has reduced the valuation allowance previously established for these losses. After considering the capital loss carryforwards written off and/or utilized in prior periods, $31,174 of KMF capital loss carryforwards remain available for use in future years.

The Company periodically reviews the recoverability of its deferred tax assets based on the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the time period over which these deferred tax assets can be utilized.

As of August 31, 2026, the Company has determined that it is not more likely than not that all of its deferred tax assets would be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance of $7,158 has been established, primarily related to the remaining losses acquired in the merger with KMF.

The Company will continue to review and assess the need for a valuation allowance in the future. Significant variability in the fair value of its portfolio of investments may change the Company's assessment regarding the recoverability of its deferred tax assets. If a further valuation allowance is required to reduce any deferred tax asset in the future, or if a change in a valuation allowance is necessary, it could have a material impact on the Company's net asset value and results of operations in the period of adjustment.

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

Total income taxes were different from the amount computed by applying the federal statutory income tax rate of 21% to the net investment income (loss) and realized and unrealized gains (losses) on investments before taxes as follows:

____________

(1) Foreign tax credit includes foreign income taxes paid by the Company and foreign income taxes paid by certain underlying MLP investments that are allocated to the Company as a limited partner. These amounts are treated as foreign taxes paid by the Company for U.S. federal income tax purposes and are claimed as foreign tax credits, subject to applicable statutory limitations.

As a limited partner of MLPs, the Company includes its allocable share of such MLP's income or loss in computing its own taxable income or loss. Additionally, for income tax purposes, the Company reduces the cost basis of its MLP investments by the cash distributions received, and increases or decreases the cost basis of its MLP investments by its allocable share of the MLP's income or loss. During the nine months ended August 31, 2026, the Company decreased its tax cost basis by approximately $47,596 due to 2025 net allocated losses from MLP investments, after considering the impact of Section 163(j) limitations on the deduction for business interest expense and the release of previously limited business interest expense deductions.

The Company utilizes the average cost method to compute the adjusted tax cost basis of its MLP securities.

As of August 31, 2026, the cost basis of investments for federal income tax purposes was $1,976,769 and the premiums received on outstanding option contracts written were $687. The cost basis for federal income tax purposes is $497,458 lower than the cost basis for GAAP reporting purposes primarily due to the additional basis adjustments attributable to the Company's share of the cumulative allocated losses from its MLP investments. At August 31, 2026, gross unrealized appreciation and depreciation of investments and options, if any, for federal income tax purposes were as follows:

KAYNE ANDERSON ENERGY INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(amounts in 000's, except share and per share amounts)
(UNAUDITED)

For the fiscal year ended November 30, 2025, of the $162,361 of distributions paid to common stockholders, $125,056 was characterized as dividend income (eligible to be treated as qualified dividend income) and $37,305 was characterized as return of capital. Distributions of $6,160 paid to holders of MRP Shares were characterized as dividends (eligible to be treated as qualified dividend income). These characterizations are based on the Company's earnings and profits.

7. Restricted Securities

From time to time, the Company's ability to sell certain of its investments is subject to certain legal or contractual restrictions. For instance, private investments that are not registered under the Securities Act of 1933, as amended (the "Securities Act"), cannot be offered for public sale in a non-exempt transaction without first being registered. In other cases, certain of the Company's investments may have restrictions such as lock-up agreements that preclude the Company from offering these securities for public sale.

As of August 31, 2026, the Company held the following restricted investments: