Fund Investment Objectives

Kayne Anderson MLP Fund, L.P. (KAMLP or the Fund) seeks to generate attractive risk-adjusted absolute returns through various energy infrastructure investment vehicles. The Fund's investments in the midstream energy sector are principally in publicly-traded master limited partnerships (MLPs), as well as owners and other affiliates of MLPs and other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. Focus is on broader and more diversified areas where we seek to take advantage of our firm-wide energy expertise as we strive to exploit investment opportunities within the asset class. The Fund employs various hedging strategies to attempt to protect against company, market and interest rate risk by utilizing direct MLP shorts, U.S. Treasury and ETF shorts, options, index ETFs and credit default swaps. Over the past decade, Kayne Anderson has assembled what we believe to be the largest and most experienced team of energy investment professionals to identify and exploit opportunities in energy infrastructure.