Kayne Anderson Infrastructure Income Fund, L.P. (KAIIF or the Fund) seeks to generate high income by investing in below investment-grade debt issued by energy infrastructure companies, with an emphasis on the bonds issued by master limited partnerships (MLPs), and to a lesser extent the bonds issued by upstream energy companies. We believe the debt securities of these companies offer a stable and significant current income component with the potential for capital appreciation as these companies improve their credit quality. Kayne Anderson has significant experience in these niche sectors, and through its managed investment partnerships and closed-end funds, oftentimes owns the equity securities of many of these issuers. In addition, Kayne Anderson enjoys a strong reputation in the energy sector and maintains many long-term relationships with industry managers which can provide an important advantage in sourcing and assessing investments. KAIIF is actively hedged, employing a variety of strategies and financial instruments, the goal of which is to mitigate market volatility and to provide a source of incremental return.