Tortoise Capital Advisors Announces Distribution Dates and Amounts for Closed-End Funds
August 08 2014 - 7:12PM
Business Wire
The closed-end funds managed by Tortoise Capital Advisors
declared the following distributions today:
Fund
Ticker
DistributionAmount
% Changefrom
PriorDistribution
% Changefrom
PriorYear
Tortoise Energy Infrastructure Corp. TYG $0.61000 5.2% 6.6%
Tortoise MLP Fund, Inc. NTG $0.42125 - 0.6% Tortoise
Pipeline & Energy Fund, Inc. TTP $0.40750 - - Tortoise
Energy Independence Fund, Inc. NDP $0.43750 - -
TYG, TYY and TYN merger
As a reminder, effective June 23, 2014, Tortoise Energy Capital
Corp. (TYY) and Tortoise North American Energy Corp. (TYN) ceased
their operations and were merged into TYG, and TYY and TYN
stockholders became stockholders of TYG. Today’s declared TYG
distribution of $0.61 per TYG common share ($2.44 annualized) for
the fiscal 3rd quarter of 2014 reflects the combined fund’s
expected distributions from investments, the lower operating
expenses per share and the combined costs of leverage.
The TYG, NTG, TTP and NDP distributions are payable on Aug. 29,
2014, to stockholders of record on Aug. 22, 2014. The ex-dividend
date is Aug. 20, 2014.
Fund Ticker
MonthlyDistributionAmount
Tortoise Power and Energy Infrastructure Fund, Inc. TPZ
$0.12500
The TPZ monthly distributions are payable on Sept. 30, 2014,
Oct. 31, 2014, and Nov. 28, 2014, to stockholders of record on the
respective dates of Sept. 23, 2014, Oct. 24, 2014, and Nov. 21,
2014. The respective ex-dividend dates are Sept. 19, 2014, Oct. 22,
2014, and Nov. 19, 2014.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100 percent return of capital, and the source of
distributions for NDP is estimated to be approximately 65 to 75
percent ordinary income, with the remainder as return of capital.
For tax purposes, the characterization will not be made until
determination of earnings and profits after year end.
TPZ will report the sources for its monthly distributions at the
time of payment in the applicable Section 19(a) Notice. TTP will
begin to report the sources for its quarterly distributions at the
time of payment in the applicable Section 19(a) Notice.
You should not draw any conclusions about TPZ’s or TTP’s
investment performance from the amount of these distributions or
from the terms of TPZ’s or TTP’s distribution policy.
TPZ and TTP estimate that they have distributed more than their
income and net realized capital gains; therefore, a portion of the
distributions may be a return of capital. A return of capital may
occur, for example, when some or all of the money that you invested
in TPZ or TTP is paid back to you. A return of capital distribution
does not necessarily reflect TPZ’s or TTP’s investment performance
and should not be confused with “yield” or “income.”
The amounts and sources of distributions TPZ and TTP report are
only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon TPZ’s and TTP’s investment
experience during the remainder of their fiscal years and may be
subject to changes based on tax regulations. TPZ and TTP will each
send you a Form 1099-DIV for the calendar year that will tell you
how to report these distributions for federal income tax
purposes.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy investments. As of July 31, 2014, the
adviser had approximately $17.9 billion of assets under management
in NYSE-listed closed-end investment companies, open-end funds and
other accounts. For more information, visit
www.tortoiseadvisors.com.
Forward-Looking Statement
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although the funds and Tortoise Capital Advisors believe that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the funds’ reports that are filed with
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required by law,
the funds and Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Tortoise Capital Advisors, L.L.C.Investor Relations:Pam Kearney,
866-362-9331pkearney@tortoiseadvisors.com
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