GLOBAL GROWTH OPPORTUNITY

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

GROWTH INCREASINGLY DRIVEN BY MARKETS, NOT SUBSIDIES

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

EMERGING ASSET CLASS IN PUBLIC MARKETS

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

ATTRACTIVE INVESTMENT CHARACTERISTICS

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

HAVING AN IMPACT

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

As of 9/30/24. Reflected as a percentage of long-term investments. Geographic and sector allocations are subject to change at any time.

Top 10 equity Holdings as % of Total NET ASSETS: 45%

As of 9/30/234 Fund holdings are subject to change at any time and are not recommendations to buy or sell any security. Current and future holdings are subject to risk. The Fund may also hold positions in other types of securities issued by the companies listed above.

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

2023 Year-End Capital Gains Distribution

2022 Year-End Distribution Estimates

2021 Year-End Capital Gains Distribution

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

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

Kayne Anderson Renewable Infrastructure Fund
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

Administrator, Transfer Agent and Fund Accountant

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