KAYNE ANDERSON CAPITAL ADVISORS LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPC	MARATHON PETE CORP	159,988	$39,066	0.7%	$184.70	0.0%	COM	56585A102
SWX	SOUTHWEST GAS HLDGS INC	216,680	$18,829	0.4%	$84.08	0.0%	COM	844895102
SUNC	SUNOCOCORP LLC	216,889	$13,371	0.3%	$53.80	0.0%	COM SHS LLC	86765Q106
USAC	USA COMPRESSION PARTNERS LP	250,946	$6,806	0.1%	$27.12	—	COM UNIT LTDPAR	90290N109
IDA	IDACORP INC	38,502	$5,505	0.1%	$134.73	0.0%	COM	451107106
VST	VISTRA CORP	34,412	$5,173	0.1%	$163.18	0.0%	COM	92840M102
AEP	AMERICAN ELEC PWR CO INC	35,263	$4,622	0.1%	$120.54	0.0%	COM	025537101
CEG	CONSTELLATION ENERGY CORP	16,180	$4,518	0.1%	$301.15	0.0%	COM	21037T109
BWXT	BWX TECHNOLOGIES INC	8,399	$1,718	0.0%	$202.99	0.0%	COM	05605H100
MWH	SOLV ENERGY INC	45,674	$1,372	0.0%	$30.03	—	COM SHS CL A	78475V103
FSLR	FIRST SOLAR INC	4,769	$941	0.0%	$237.12	0.0%	COM	336433107

Increased Positions (13)

LNG CHENIERE ENERGY INC 9.0%

Value ($000) $471,502 (+54.3%) Shares 1,661,622 (+5.7%) Est. Cost $119.21 Unrealized +76.0%

ENB ENBRIDGE INC 6.3%

Value ($000) $330,034 (+50.1%) Shares 6,095,939 (+32.6%) Est. Cost $38.39 Unrealized +26.5%

OKE ONEOK INC NEW 6.7%

Value ($000) $349,309 (+30.9%) Shares 3,864,461 (+6.4%) Est. Cost $60.94 Unrealized +28.9%

ET ENERGY TRANSFER L P 9.1%

Value ($000) $474,439 (+20.1%) Shares 24,582,320 (+2.6%) Est. Cost $15.05 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 2.7%

Value ($000) $138,460 (+50.6%) Shares 6,200,636 (+21.1%) Est. Cost $36.01 Unrealized —

KGS KODIAK GAS SVCS INC 0.7%

Value ($000) $36,332 (+2267.3%) Shares 622,969 (+1418.1%) Est. Cost $43.34 Unrealized +0.4%

AROC ARCHROCK INC 0.7%

Value ($000) $34,677 (+141.5%) Shares 996,468 (+80.6%) Est. Cost $23.65 Unrealized +23.6%

KNRG SIMPLIFY EXCHANGE TRADED FUN 0.2%

Value ($000) $10,155 (+31.6%) Shares 399,553 (+33.8%) Est. Cost $25.51 Unrealized —

NFG NATIONAL FUEL GAS CO 0.2%

Value ($000) $9,990 (+32.0%) Shares 106,322 (+12.5%) Est. Cost $84.56 Unrealized -1.2%

XEL XCEL ENERGY INC 0.1%

Value ($000) $7,736 (+36.6%) Shares 97,379 (+27.0%) Est. Cost $65.29 Unrealized +18.2%

PAGP PLAINS GP HLDGS L P 0.1%

Value ($000) $4,800 (+43.0%) Shares 197,711 (+12.7%) Est. Cost $22.05 Unrealized —

NRG NRG ENERGY INC 0.2%

Value ($000) $9,388 (+12.5%) Shares 64,239 (+22.6%) Est. Cost $124.26 Unrealized +27.5%

CCJ CAMECO CORP 0.1%

Value ($000) $3,708 (+37.2%) Shares 34,139 (+15.5%) Est. Cost $75.45 Unrealized +54.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	1,661,622 (+5.7%)	$471,502 (+54.3%)	9.0%	$119.21	+76.0%	COM NEW	16411R208
ENB	ENBRIDGE INC	6,095,939 (+32.6%)	$330,034 (+50.1%)	6.3%	$38.39	+26.5%	COM	29250N105
OKE	ONEOK INC NEW	3,864,461 (+6.4%)	$349,309 (+30.9%)	6.7%	$60.94	+28.9%	COM	682680103
ET	ENERGY TRANSFER L P	24,582,320 (+2.6%)	$474,439 (+20.1%)	9.1%	$15.05	—	COM UT LTD PTN	29273V100
PAA	PLAINS ALL AMERN PIPELINE L	6,200,636 (+21.1%)	$138,460 (+50.6%)	2.7%	$36.01	—	UNIT LTD PARTN	726503105
KGS	KODIAK GAS SVCS INC	622,969 (+1418.1%)	$36,332 (+2267.3%)	0.7%	$43.34	+0.4%	COM	50012A108
AROC	ARCHROCK INC	996,468 (+80.6%)	$34,677 (+141.5%)	0.7%	$23.65	+23.6%	COM	03957W106
KNRG	SIMPLIFY EXCHANGE TRADED FUN	399,553 (+33.8%)	$10,155 (+31.6%)	0.2%	$25.51	—	KAYNE ANDERSON	82889N277
NFG	NATIONAL FUEL GAS CO	106,322 (+12.5%)	$9,990 (+32.0%)	0.2%	$84.56	-1.2%	COM	636180101
XEL	XCEL ENERGY INC	97,379 (+27.0%)	$7,736 (+36.6%)	0.1%	$65.29	+18.2%	COM	98389B100
PAGP	PLAINS GP HLDGS L P	197,711 (+12.7%)	$4,800 (+43.0%)	0.1%	$22.05	—	LTD PARTNR INT A	72651A207
NRG	NRG ENERGY INC	64,239 (+22.6%)	$9,388 (+12.5%)	0.2%	$124.26	+27.5%	COM NEW	629377508
CCJ	CAMECO CORP	34,139 (+15.5%)	$3,708 (+37.2%)	0.1%	$75.45	+54.1%	COM	13321L108

Exited Positions (7)

LIN LINDE PLC 0.7%

Value ($000) $35,566 Shares 83,411 Est. Cost $449.35 Unrealized +2.4%

EXC EXELON CORP 0.2%

Value ($000) $8,330 Shares 191,092 Est. Cost $37.55 Unrealized +20.2%

AQN ALGONQUIN PWR UTILS CORP 0.1%

Value ($000) $4,741 Shares 770,878 Est. Cost $5.42 Unrealized +20.1%

— PG&E CORP 0.1%

Value ($000) $4,428 Shares 108,000 Est. Cost $45.82 Unrealized —

AES AES CORP 0.1%

Value ($000) $3,323 Shares 231,750 Est. Cost $14.03 Unrealized +7.9%

— NEXTERA ENERGY INC 0.1%

Value ($000) $2,925 Shares 60,000 Est. Cost $48.03 Unrealized —

NXE NEXGEN ENERGY LTD 0.1%

Value ($000) $2,888 Shares 313,888 Est. Cost $8.83 Unrealized +34.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	83,411	$35,566	0.7%	$449.35	+2.4%	—	G54950103
EXC	EXELON CORP	191,092	$8,330	0.2%	$37.55	+20.2%	—	30161N101
AQN	ALGONQUIN PWR UTILS CORP	770,878	$4,741	0.1%	$5.42	+20.1%	—	015857105
—	PG&E CORP	108,000	$4,428	0.1%	$45.82	—	—	69331C306
AES	AES CORP	231,750	$3,323	0.1%	$14.03	+7.9%	—	00130H105
—	NEXTERA ENERGY INC	60,000	$2,925	0.1%	$48.03	—	—	65339F119
NXE	NEXGEN ENERGY LTD	313,888	$2,888	0.1%	$8.83	+34.7%	—	65340P106

Decreased Positions (20)

EPD ENTERPRISE PRODS PARTNERS L 9.5%

Value ($000) $493,116 (+15.2%) Shares 13,031,597 (-2.4%) Est. Cost $40.19 Unrealized —

MNR MACH NATURAL RESOURCES LP 5.1%

Value ($000) $265,440 (+25.3%) Shares 18,960,034 (-1.2%) Est. Cost $13.18 Unrealized —

TRGP TARGA RES CORP 3.7%

Value ($000) $194,968 (+22.2%) Shares 777,603 (-10.1%) Est. Cost $26.23 Unrealized +669.1%

WMB WILLIAMS COS INC 9.4%

Value ($000) $487,862 (+6.1%) Shares 6,703,243 (-12.4%) Est. Cost $21.96 Unrealized +202.1%

KMI KINDER MORGAN INC DEL 7.0%

Value ($000) $367,290 (+5.9%) Shares 10,954,067 (-13.2%) Est. Cost $17.21 Unrealized +72.8%

AM ANTERO MIDSTREAM CORP 1.9%

Value ($000) $96,871 (+20.1%) Shares 4,248,708 (-6.3%) Est. Cost $12.65 Unrealized +50.8%

DTM DT MIDSTREAM INC 1.7%

Value ($000) $87,532 (-15.3%) Shares 649,976 (-24.7%) Est. Cost $52.02 Unrealized +142.1%

ETR ENTERGY CORP NEW 1.3%

Value ($000) $67,686 (+19.6%) Shares 602,401 (-1.6%) Est. Cost $66.99 Unrealized +45.4%

SRE SEMPRA 1.4%

Value ($000) $75,443 (-10.8%) Shares 776,402 (-19.0%) Est. Cost $72.38 Unrealized +23.7%

TRP TC ENERGY CORP 5.8%

Value ($000) $301,586 (+2.5%) Shares 4,817,663 (-9.9%) Est. Cost $41.31 Unrealized +40.9%

PPL PPL CORP 0.1%

Value ($000) $7,642 (-42.0%) Shares 200,042 (-46.8%) Est. Cost $33.88 Unrealized +7.0%

PBA PEMBINA PIPELINE CORP 1.4%

Value ($000) $71,908 (+7.0%) Shares 1,606,533 (-9.0%) Est. Cost $28.10 Unrealized +45.9%

EE EXCELERATE ENERGY INC 0.4%

Value ($000) $21,607 (-15.5%) Shares 646,535 (-29.0%) Est. Cost $26.61 Unrealized +35.5%

MPLX MPLX LP 7.5%

Value ($000) $389,592 (+1.0%) Shares 6,826,567 (-5.5%) Est. Cost $40.49 Unrealized —

TLN TALEN ENERGY CORP 0.1%

Value ($000) $3,687 (-37.6%) Shares 11,549 (-26.7%) Est. Cost $198.00 Unrealized +86.0%

CTRI CENTURI HOLDINGS INC 0.1%

Value ($000) $2,888 (-42.3%) Shares 98,861 (-50.1%) Est. Cost $22.36 Unrealized +28.4%

HESM HESS MIDSTREAM LP 1.1%

Value ($000) $58,736 (+3.5%) Shares 1,511,093 (-8.2%) Est. Cost $29.64 Unrealized +18.7%

POWL POWELL INDS INC 0.0%

Value ($000) $1,698 (-51.8%) Shares 3,139 (-71.6%) Est. Cost $336.55 Unrealized +40.0%

GEV GE VERNOVA INC 0.1%

Value ($000) $5,999 (+10.7%) Shares 6,873 (-17.1%) Est. Cost $191.14 Unrealized +285.5%

PWR QUANTA SVCS INC 0.1%

Value ($000) $4,595 (+5.2%) Shares 8,369 (-19.1%) Est. Cost $281.53 Unrealized +72.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EPD	ENTERPRISE PRODS PARTNERS L	13,031,597 (-2.4%)	$493,116 (+15.2%)	9.5%	$40.19	—	COM	293792107
MNR	MACH NATURAL RESOURCES LP	18,960,034 (-1.2%)	$265,440 (+25.3%)	5.1%	$13.18	—	COM UNIT LTD PAR	55445L100
TRGP	TARGA RES CORP	777,603 (-10.1%)	$194,968 (+22.2%)	3.7%	$26.23	+669.1%	COM	87612G101
WMB	WILLIAMS COS INC	6,703,243 (-12.4%)	$487,862 (+6.1%)	9.4%	$21.96	+202.1%	COM	969457100
KMI	KINDER MORGAN INC DEL	10,954,067 (-13.2%)	$367,290 (+5.9%)	7.0%	$17.21	+72.8%	COM	49456B101
AM	ANTERO MIDSTREAM CORP	4,248,708 (-6.3%)	$96,871 (+20.1%)	1.9%	$12.65	+50.8%	COM	03676B102
DTM	DT MIDSTREAM INC	649,976 (-24.7%)	$87,532 (-15.3%)	1.7%	$52.02	+142.1%	COMMON STOCK	23345M107
ETR	ENTERGY CORP NEW	602,401 (-1.6%)	$67,686 (+19.6%)	1.3%	$66.99	+45.4%	COM	29364G103
SRE	SEMPRA	776,402 (-19.0%)	$75,443 (-10.8%)	1.4%	$72.38	+23.7%	COM	816851109
TRP	TC ENERGY CORP	4,817,663 (-9.9%)	$301,586 (+2.5%)	5.8%	$41.31	+40.9%	COM	87807B107
PPL	PPL CORP	200,042 (-46.8%)	$7,642 (-42.0%)	0.1%	$33.88	+7.0%	COM	69351T106
PBA	PEMBINA PIPELINE CORP	1,606,533 (-9.0%)	$71,908 (+7.0%)	1.4%	$28.10	+45.9%	COM	706327103
EE	EXCELERATE ENERGY INC	646,535 (-29.0%)	$21,607 (-15.5%)	0.4%	$26.61	+35.5%	CL A COM	30069T101
MPLX	MPLX LP	6,826,567 (-5.5%)	$389,592 (+1.0%)	7.5%	$40.49	—	COM UNIT REP LTD	55336V100
TLN	TALEN ENERGY CORP	11,549 (-26.7%)	$3,687 (-37.6%)	0.1%	$198.00	+86.0%	COM	87422Q109
CTRI	CENTURI HOLDINGS INC	98,861 (-50.1%)	$2,888 (-42.3%)	0.1%	$22.36	+28.4%	COM SHS	155923105
HESM	HESS MIDSTREAM LP	1,511,093 (-8.2%)	$58,736 (+3.5%)	1.1%	$29.64	+18.7%	CL A SHS	428103105
POWL	POWELL INDS INC	3,139 (-71.6%)	$1,698 (-51.8%)	0.0%	$336.55	+40.0%	COM	739128106
GEV	GE VERNOVA INC	6,873 (-17.1%)	$5,999 (+10.7%)	0.1%	$191.14	+285.5%	COM	36828A101
PWR	QUANTA SVCS INC	8,369 (-19.1%)	$4,595 (+5.2%)	0.1%	$281.53	+72.7%	COM	74762E102

Unchanged Positions (4)

WES WESTERN MIDSTREAM PARTNERS L 3.1%

Value ($000) $161,308 Shares 3,918,091 Est. Cost $34.67 Unrealized —

CNP CENTERPOINT ENERGY INC 1.0%

Value ($000) $53,700 Shares 1,244,218 Est. Cost $38.86 Unrealized +3.0%

— KAYNE ANDERSON ENERGY INFRST 0.2%

Value ($000) $11,549 Shares 808,748 Est. Cost $8.78 Unrealized —

GLP GLOBAL PARTNERS LP 0.0%

Value ($000) $1,344 Shares 31,925 Est. Cost $23.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WES	WESTERN MIDSTREAM PARTNERS L	3,918,091	$161,308	3.1%	$34.67	—	COM UNIT LP INT	958669103
CNP	CENTERPOINT ENERGY INC	1,244,218	$53,700	1.0%	$38.86	+3.0%	COM	15189T107
—	KAYNE ANDERSON ENERGY INFRST	808,748	$11,549	0.2%	$8.78	—	COM	486606106
GLP	GLOBAL PARTNERS LP	31,925	$1,344	0.0%	$23.34	—	COM UNITS	37946R109