Tortoise Capital Advisors Announces Distribution Dates and Amounts for Closed-End Funds
November 10 2014 - 4:18PM
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 $0.61500 0.8% 7.0%
Tortoise MLP Fund, Inc. NTG $0.42125 - 0.3% Tortoise
Pipeline & Energy Fund, Inc. TTP $0.40750 - - Tortoise
Energy Independence Fund, Inc. NDP $0.43750 - -
The TYG, NTG, TTP and NDP distributions are payable on Nov. 28,
2014 to stockholders of record on Nov. 21, 2014. The ex-dividend
date is Nov. 19, 2014. For tax purposes, we currently expect 80 to
100 percent of TYG’s and NTG’s 2014 distributions to be
characterized as qualified dividend income (“QDI”), with the
remainder, if any, as return of capital; and 80 to 100 percent of
TTP’s and NDP’s 2014 distributions to be characterized as dividend
income and capital gain, with the remainder, if any, as return of
capital. A final determination of the characterization will be made
in January 2015.
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.
TTP will report the source for its quarterly distribution at the
time of the payment in the applicable Section 19(a) Notice.
Fund Ticker
MonthlyDistributionAmount
Tortoise Power and Energy Infrastructure Fund, Inc. TPZ
$0.12500
The TPZ monthly distributions are payable on Dec. 31, 2014, Jan.
30, 2015 and Feb. 27, 2015 to stockholders of record on the
respective dates of Dec. 24, 2014, Jan. 23, 2015 and Feb. 20, 2015.
The respective ex-dividend dates are Dec. 22, 2014, Jan. 21, 2015
and Feb. 18, 2015. For tax purposes, we currently expect 80 to 100
percent of TPZ’s 2014 distributions to be characterized as dividend
income and capital gain, with the remainder, if any, as return of
capital. TPZ will report the sources for its monthly 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.
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.
2014 Year-End Closed-End Fund Conference Call
NDP, NTG, TPZ, TTP and TYG will host a year-end conference call
on Dec. 17, 2014 at 3:30 p.m. Central, to discuss current U.S.
energy industry market conditions and Tortoise closed-end funds’
2014 year-end results.
Participants can access the conference call by dialing (877)
407-9210.
A replay of the call will be available on the company’s Website
at www.tortoiseadvisors.com or by dialing 877-660-6853 (Conference
ID # 13594177) until 11:59 p.m. Central on Dec. 17, 2015.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy investments. As of Oct. 31 2014, the
adviser had approximately $18.1 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.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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